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and demand. The price of a product becomes more like the price of a stock on
a stock exchange... adjusting constantly, a perfect reflection of market
conditions at any given moment (real-time).
Dynamic pricing has the ability to drive the final price point of every transaction
to yield optimal value for both buyer and seller. The result?...
More customers buy more product at a price that makes the most
sense to them.
For example, a #1 selling book, priced dynamically, would earn more money for
the merchant when the demand is high and the inventory is low (i.e., when the
book is first released). The “must-have” customer would buy at a higher price,
while the more price-sensitive buyer could wait for the price to come back down,
or could “bid” a lower price to catch the “ebb” in the demand flow.
The inventory moves.
The vendor’s target market is extended.
It’s a win-win situation for all.
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Make Your Price Sell!
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A bookseller is a good example of B2C (business to consumer), transactionbased
sites. These kinds of sites are still using the old fixed model of pricing
that they inherited from the Industrial Revolution. That will change soon.
Not only is dynamic pricing more efficient, not only does it extend the vendor’s
market, not only does it maximize value for both merchant and consumer...
Dynamic pricing provides another competitive advantage. It enhances the
customer’s buying experience, by adding excitement, personalization and a
sense of community.
A dynamic sales transaction requires involvement... What price are you willing
to pay for a product in relation to other buyers? What is this product worth to
you? How long are you willing to wait to buy it? What are others bidding?