Advantages of dynamic pricing strategy
E-commerce pricing strategy intends to find a competitive advantage and profit maximization for an online store.
Dynamic pricing as a pricing strategy can be adopted in different industries by relevance. A good pricing strategy in the online retail industry should bring the best pricing position towards the main competitors, and win customers using actual market insights.
Dynamic pricing in e-commerce retail is specific because it proceeds from a product-oriented approach to pricing. In other words, dynamic pricing in retail lies in price adjustment for a product for all customers at that moment.
This means all consumers need to see the same price at the same time. Hence, therein lies a question - what are the key criteria for price adjustment in dynamic pricing?