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It is the idea of Dynamic pricing
Dynamic pricing is a pricing strategy that replaces fixed prices with variable ones. The core idea behind the dynamic pricing model is to provide the same product to different consumer segments at different prices.
Dynamic pricing:
Real-time fluctuations in product supply & demand serve as the foundation for dynamic pricing. It considers the market's price competition activity, and the demand and supply for certain products. This provides you with the accurate statistics and knowledge to establish the best possible product prices and maintain profitability in spite of price changes.
Dynamic pricing is a method of setting product prices based on a variety of external variables, such as seasonality, supply changes, and price bounding. Within minutes, prices may change dynamically. Dynamic pricing's main tenet is that it is adaptable and based on current information.
Why it is Important?
Utilizing dynamic pricing helps you outperform your rivals. Using software for price optimization, you can keep tabs on your rivals in real time to assess trends and decide on any pricing adjustments they want to make.
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