Competera is a new generation AI-driven SaaS product that provides online retailers with recommendations on their pricing policy to maximize the ratio of profits-to-clients
How does it work?
Adjusting prices is one of the biggest issues in online retail. While big companies have internal teams for scraping pricing data, Competera is able to scrape data on sales, mark-ups and profit margins. It also indexes e-commerce websites a couple of times a day. Competera’s clients can access personalized dashboards that reflect information on their company’s market position. Whenever the market position is changed the system provides recommendations on how to be back on track. This product allows managers and analysts to save time and make more informed decisions. While dashboards are mostly used by smaller companies, the bigger companies prefer to integrate the service into their own solutions through API.
Competera also has a product for manufacturers to help them track goods, analyze their position in various national markets and receive important analytics and insights.
Competera was founded in 2014 by Alexandr Galkin with auditing and IT-consulting background, Andrey Mikhailov who had worked in the IT outsourcing industry with SaaS products and Alexandr Sazonov who had been involved in mergers&acquisitions and the development in real-estate projects before joining the startup.
The idea was born after Andrey Mikhailov, who had an online store before Competera, noticed a 50 % price gap of a product between his store and the competitor. The founders started learning more about this issue and found out that there were not so many services out which help companies deal with it. Interviews with other online retailers showed that around 80 % of them had the very same problem.
The team created a prototype in just a couple of months, got their first client only 5 months after the finalization of the company’s concept and received the first payment 6 months after the launch.
It is one of the startups that is doing really well and mostly grew using its own funding. Nevertheless, the company has gained clients from over 12 countries, employs 100 people and generates over $1 million in revenue a year.