Retailers should be open to changing their prices as often as needed
The taxi’s surge charge is designed to maintain a balance between supply and demand. As the surge price multiplier increases, the number of people willing to pay the surge fee decreases. When done right, the result creates a perfect marketplace, where there are enough taxis to satisfy the demand.
The holidays are just a few weeks away. Before you know it, Black Friday, Cyber Monday, and 5 weeks of intensive retail activity will be here
Calculating the exact commission level to maximize profits is anything but simple
Pricing strategy, employee roles, and process workflows all must evolve for the transformation to yield its benefits.
Dynamic prices uses different algorithms to help organizations reach their profit and sales targets
savvy retailers are embracing the digital transformation to their pricing
The five stages of pricing maturity run from manually calculating prices by hand all the way through AI and machine-learning generated pricing
Getting involved in a race to the bottom can only spell disaster for an SMB
From a profit perspective, brands want to find the optimal price point where profits are highest
The theory goes that if you advertise a deeply discounted price on milk, customers will not only come into your store to buy the milk, but they’ll use their savings to increase spending on other grocery items
Exciting dynamic pricing platforms allow retailers to price-manage huge stocks of countless items, in real-time, knowing that their pricing is optimal
Trial and error is important, yet in order for retailers to gain valuable insights, they need to conduct an immaculate process with zero deviation for a designated time frame
