What is dynamic pricing in eCommerce?
Dynamic pricing is a strategy where prices fluctuate based on market demand, competition, and other factors.
How does it work in practice?
In practice, algorithms analyze data like customer behavior and competitor pricing to adjust prices in real-time.
What are the benefits of using dynamic pricing?
Benefits include maximizing profits, improving inventory turnover, and enhancing customer satisfaction through personalized pricing.
Are there any risks associated with it?
Yes, risks include customer backlash, price wars with competitors, and potential loss of brand value if not managed carefully.
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