LEVERAGE ALL YOUR DATA WITH DYNAMIC PRICING STRATEGIES
Dynamic Pricing for e-stores and online retailers
Dynamic Pricing is a pricing strategy in which prices are changed based on predefined rules and market conditions. Dynamic pricing (also referred to as repricing), is an increasingly frequent solution that is extremely helpful on daily basis, as well as during rush hour. More and more online stores use dynamic pricing software to fully use their margin potential – maximize profits and improve positioning on price comparison websites. This kind of pricing strategy in e-commerce is one of the most profitable and useful in the current market circumstances.
Implementing Dynamic Pricing is a must-have for every retailer that wants to stand out from competitors and attract new customers with luring prices. With machine learning-supported Dynamic Pricing strategy conquering even the most competitive landscape becomes much easier and effective. It also takes care of things like price discrimination, price elasticity, real time price adjusting and so on. Still wondering what are the pros and cons of the dynamic pricing strategy? Keep reading.