Zenfolio ‘Smart Pricing’ uses data analytics to price photo prints
Zenfolio announced what it calls Smart Pricing, an “advanced data-driven technology” that uses aggregated historical transactions to help photographers price their prints and photo products competitively.
Zenfolio is a photography website hosting platform as well as a business solutions provider that makes it easy for photographers to show, share and sell their photos. He recently acquired Format and the company is now expanding into business analytics.
The photography platform claims it is the first to produce a data-driven price recommendation system. Smart pricing recommendations are based on hundreds of thousands of transactions, a photographer’s genre of photography and geographic location in which they sell, and other key market factors.
“Smart Pricing is a Big Data solution based on transaction history collected and analyzed over a rolling 12-month period across all Zenfolio platforms,” the company explains. PetaPixel.
“The algorithm evaluates the types of products and the price points at which those products were sold, as well as the business zip code and the genre of photograph. It also includes Zenfolio partner lab fees ensuring that the suggested price takes into account the cost structure of the different products and laboratories.
The company says smart pricing will help photographers who it says often struggle to balance competitive pricing with profitability.
“Pricing for products and services is often one of the biggest business challenges a photographer faces, whether they are aspiring, part-time, or seasoned professionals,” the company states. “Photographers tend to focus on the creative aspects of their business and lack the resources to do the extensive research needed to ensure they charge competitively.”
Although it’s what Zenfolio describes as a “big business” solution, the data-driven analytics here are pared down to best help local small businesses.
“The exclusive Zenfolio Smart Pricing tool saves photographers hours of researching local market pricing, calculating margins, and worrying about setting appropriate prices for optimal revenue and profit. Photographers have full control with the ability to create multiple price lists for different types of customers or genres of photography, and adjust prices at any time based on their needs,” the company claims.
Smart Pricing is added at no additional cost to Zenfolio PortfolioPlus and ProSuite plans that include eCommerce starting today.