Smart Pricing Insights Benefit Pool Supplier Businesses

Are you the mind behind a pool supply business? Want to stay competitive year-round, whether it’s summer or winter, but struggling big time? You aren’t the only one!

The market you are in is changing fast, with research showing that in just four years (2024 - 2028), the smart pool system market will expand by 7.4 billion US dollars. That’s because utility and luxury aren’t the only two considered factors. We now have technology-driven solutions, AI tools for pricing, and sustainability concerns in the picture, too!

Did you know that more than half of the homeowner clientele (52%) is ready to pay businesses like yours that can offer them eco-friendly options? That means you now have a great opportunity to use the smartest price strategy that will work well for your profits and customer preferences.

How can a smarter pricing strategy or auto pricing via dynamic pricing tools keep your pool supply business profitable all seasons? Read along and find your answers.

First, What is a Smart Pricing Strategy?
To get the basics right, a smart pricing strategy is simply one that uses data analytics and factors in real-time market trends and insights to set the dynamic prices of the products or services you’re selling. That’s not all; this strategy also considers factors like demand changes, competitors' prices for similar offerings, and consumer behaviour.

It’s quite different from traditional pricing methods, where your business would simply rely on fixed prices no matter what; smart pricing helps your business adjust the prices of your offerings in real time to stay profitable and ensure customer satisfaction at the same time. So, if you own a pool supplier business or manage its marketing and finance side, understandably, this way of pricing is especially beneficial for you since you’ve to deal with seasonal demand and changing competition levels.

Charging the same for your pools in winter as you do in summer will only keep your profits low as long as the temperature stays low. However, with a smart pricing strategy for pool suppliers, you can adjust your prices to attract customers and stay profitable even outside of peak season for your niche.

Smart Pricing in the Pool Supply Industry – How Does It Work?
In the pool supply industry, if you have to use smart pricing, you’ll start by analysing data from different sources, such as sales trends, stock or inventory levels, competitor quotes, and historical pricing data, to decide on different price points that ensure the security of your profit margin.

For example, during peak swimming season or summertime, when the demand for pool supplies usually increases because of more outdoor sitting and fun, you can increase your prices slightly to capitalise on this rising demand and interest. In contrast, in off-peak times like late fall or winter, you can give discounts to keep your sales volume from dipping drastically and keep your inventory moving. This approach will keep your business competitive in a fluctuating market.

Add dynamic pricing tools to that, and you can automate these price adjustments by setting some predefined rules. These tools can do all the data fetching and analysis jobs for you and adjust your prices on the go, saving both your time and effort.