Dynamic Pricing 101: The Ultimate Guide
The airline industry pioneered the practice of dynamic pricing in the 1980s. With the evolution of retail from brick-and-mortar stores to e-commerce, dynamic pricing has quickly become a prominent factor that determines the success of online sales. This pricing strategy, also known as Real Time Pricing, reprices products based on consumer insights, market movements and competitive pricing. Earlier repricing was done manually, but with the advent of machine learning, this job has been handed over …