Without a doubt, the price is one of the most effective turnover and sales levers in retail. However, large product ranges and complex framework conditions make it virtually impossible for category managers to guarantee ideal pricing for each individual product. Modern pricing tools such as the prudsys Realtime Decisioning Engine (prudsys RDE for short) can automatically adapt prices in real time to both customer behavior as well as to constantly changing market, environmental and competitive situations.
The topic of “Dynamic Pricing” has garnered much attention and triggered some controversial discussions. Actually, intelligent pricing has been one of the hottest topics since 2016. However, what is missing from the debate is a clear definition of what Dynamic Pricing is and what it is allowed to do.
Our white paper provides information about how intelligent pricing functions, the different types of pricing and which retail use cases are promising.
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The potential of automated pricing methods
In the white paper our pricing expert Boris Schuler explains the enormous potential of Dynamic Pricing for both eCommerce and offline business. And it is not only advantageous for the retailers – customers also benefit from the use of automated pricing methods.
The methods used boast a completely new quality compared to conventional pricing strategies thanks to the interplay between continuous environmental analysis (competitive prices, weather, season etc.) and price response. It is clear that this type of pricing has become firmly established in eCommerce. Dynamic Pricing has been common practice with flight and hotel suppliers for years but even generalists like Amazon change their product prices several times a day. Read our white paper to find out what type of Dynamic Pricing is best for your business.