Why Nui?

Enriched market info

Published on 17 August 2021

A case study

Overview

Nui platforms take the guesswork out of pricing new products.

The problem

As a seller, it is difficult to predict what price point you should be selling a new product at. If you misjudge the level of market demand, the consequences could be significant. You could miss out on potential revenue (if you set a price that is too low) or fail to sell the product completely (if you put a price that is too high).

Our solution

Nui platforms give sellers the ability to "test the waters" with new products and accurately gauge the level of market demand. A seller can create open price offers on the marketplace module whereby they do not set a price for a product but rather allow buyers to make counterbids. The seller is under no obligation to accept any of these counterbids but crucially can get a good indication of the price the market is willing to pay for the product. Equipped with this knowledge, the seller can set future marketplace offer prices and tender starting prices at a level that reflects market demand.

Our impact

Sellers like Milk Specialties Global have frequently used open price offers on their Nui platform to determine price points for new products.

For any business, accurate market information is paramount, especially regarding the price. Nui is proud that we play an important role in facilitating price discovery, which provides that crucial market information to our customers.

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