Today, fuel retail is a fast-moving, turbulent industry to operate in. So, as a fuel retailer, dynamically managing your pricing can be increasingly complex and time-critical. To keep up with the competition, savvy retailers are turning their attention to data insights, AI, and machine learning to develop and execute more effective pricing strategies and eliminate the guesswork. And if that wasn’t difficult enough, increasing levels of compliance and regulatory requirements elevate the risks of not getting it right.To arrive at the optimum price and implement quickly, you must consolidate intelligent pricing analytics capabilities with efficient execution in a single platform that works across your entire network of fuel sites. So the real question? Should you build your own pricing system or buy one from a specialist provider?
First, we’ll assess the merits and drawbacks of building your own pricing platform. To read more about buying a platform, check out part two of this blog.
So, if you’re considering building or outsourcing your pricing platform, ask yourself the following: