Retailers with physical stores tend to get a little glossy-eyed when the conversation shifts to dynamic pricing. They question the cost-effectiveness of hiring enough staff members to change prices on thousands of items every day. The impracticality of it negates the promise of higher profits and increased revenues.
Pricing is one of those tasks that frequently gets left behind. Pricing managers or small business owners have been doing it their way for so long that they can’t imagine working any other way
Adopting a dynamic pricing model means selling products at different prices throughout the day. While the model can easily be applied to online stores that aren’t limited by physical properties, brick-and-mortar outlets are often hesitant to introduce dynamic pricing to their stores.
Unquestionably, dynamic pricing increases revenues and profit margins. Our customers can expect to see a 30% increase in revenues and a 10% increase in profits
Retailers looking to increase sales are often tempted by untapped international markets. Advanced marketers may develop new landing pages using culturally appropriate imagery and messaging, while less sophisticated brands simply increase their ad spend in new regions.
At Quicklizard, we pride ourselves in putting a price on everything, but we find the notion of equality to be beyond the reach of our AI-driven platform.
Amazon, Facebook, and eBay have all taken steps to fight the rising price of hand sanitizers and face masks, two weapons in the battle against coronavirus.
For sophisticated retailers and eCommerce merchants, product pricing is a delicate tool used to both encourage customers to shop and generate profits.