Revamped Pricing Recommendations in Verba Compete

Today we’re launching a major overhaul to Verba Compete’s core pricing recommendations functionality. The update runs deep: from the algorithm we use to generate the recommendations, to the way users view and implement recommended price changes, we’ve incorporated lessons learned over the last year to bring clients a more accurate (and practical) pricing experience.

For the short version, just take a look at the following video:

For details and pretty pictures, read on…

The Algorithm

We’ve always known that the average student is willing to pay a slight premium for the comfort and convenience of buying from a physical campus retailer. With nearly 100 stores providing totally price-transparent shopping environments through Verba Compare, we now have a ton of great data about what that premium is, and how it differs by price point.

These student preference insights have been fully integrated into our recommendation algorithm, resulting in substantially more accurate competitive pricing recommendations for our entire client base.

Simplified, Stored Pricing Parameters

In addition to student preference data, we’re incorporating some ‘best practices’ that our clients have developed directly into our pricing algorithm. Integrating these practices cuts down on the number of pricing parameters clients must address.

Also worth noting, these pricing parameters are now found and stored on the Settings page, where they can be revised and updated at any time.

Introducing Status Indicators

Since we’re now storing client pricing parameters, we can also store the recommendations the engine produces for each book, which allows us to organize books into three categories:

Once clients have stored their pricing parameters, top-line item counts for each status category will appear on the Dashboard. Each status has a link to check out all books with that status in Quick View.

Status Indicators and Recommendations in Quick View

We rolled out Quick View a few months ago so users could rapidly jump between books in their catalog. With status indicators and recommendations, Quick View becomes even more effective.

Each book in the left-hand panel now carries a status indicator, as shown below, so it’s easy to see which books need some sort of adjustment, and how drastic a change they require.

At the top of the page, you’ll now see the Status Bar, which is comprised of green, yellow, and red segments.

The width of each color segment represents the percentage of your catalog that falls under that status level. To see all books with a given status, just click one of the color segments.

For example, clicking the yellow segment will reveal all books for which Verba has a recommendation on your new or used pricing.

From there, it’s now easier than ever to find and lock in Verba’s recommended price:

Once a recommendation has been accepted, the variant’s status immediately turns green.

Jump to the next book to rinse and repeat. Just like that, Compete clients can now quickly establish competitive, market-based pricing for the majority of their inventory.

Wrapping Up

We hope our current clients enjoy the big update! Future clients can check things out at the Verba Compete Sandbox. Feel free to give us a ring at 415-738-2374, or shoot us a note at help@verbasoftware.com.