Many businesses keep on changing the prices of their products multiple times in a day to boost sales. Dynamic pricing is a key strategy that is used by every business.
Define dynamic pricing
Dynamic pricing is the environment where the pricing of the product is adjusted. You can adjust the price based on supply and demand, changing it in a matter of minutes to optimize the price. Amazon, the biggest eCommerce store, utilizes this strategy, as their product prices keep changing overtime to drive sales.
Dynamic repricing benefits:
- Boost sales
Many eCommerce companies have seen a spike in sales with the use of a dynamic repricing strategy. When you take a look at Wal-Mart, the prices of the products in the store keep on changing. The pricing changes 50,000 times a month. This strategy helps them to boost sales by 30%. Repricing is what brings a difference in the success rate of products.
- Control the price
When you use Pricechecker, you will have access to real-time pricing trends in the market. You can also keep a tab on the price changes that are made by the competitors, helping you learn about the market. When you have the pricing information, it allows you to change the pricing strategy accordingly.
- Reduce the percentage of the stock that is not sold
With the help of dynamic pricing, it becomes easy for the company to predict the fall in demand for the products. Smartfeed makes this easy for you by spotting these trends and reducing prices on produce products that are tough to sell.
- Will dynamic pricing have an impact on the brand?
Dynamic repricing is a powerful tool that is used by businesses to introduce promotional and seasonal offers to boost brand reputation. It increases product sales, offers promotions, and provides catchy incentives for customers.
How will pricechecker help?
pricechecker reduces the manual work and number of hours that you spend on estimating prices. When you use dynamic repricing software such as pricechecker, this software will keep a tab on the competitive marketplace to help you stay competitive.
By using the dynamic repricing software, you can track the prices of the competitors who are selling the products similar to yours. Based on their pricing, you can adjust your product pricing. Using pricechecker will help you cement the gap between the buyer and seller.