Dynamic
pricing, also referred to as surge pricing, demand pricing, or time-based pricing is a pricing strategy in which
businesses set flexible prices for
products or service based on current market demands.
The dynamic pricing isn’t
just for airlines anymore. Other industries, such as auto and real estate, will
also rely on the model so that they can better manage available inventory and
reduce production costs. It could also have implications for the customer
journey, as it allows users to get better deals depending on when they purchase
and how much stock is available at the time.
Companies such as Merest are already providing
solutions that are able to give instantaneous pricing intelligence and help the
retailer fight back. By compiling key information including product costs,
stock levels and margins, and then analysing and comparing with other online
and offline marketplace prices, shops can respond more quickly and adjust their
prices with optimised promotions and offers.
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