Dynamic pricing
Dynamic pricing is a strategy that involves adjusting prices in real-time based on factors such as supply and demand, competitor prices, and customer behavior. It is a popular strategy used by ecommerce and retail businesses to optimize their pricing and increase revenue and profitability. Dynamic pricing in ecommerce and retail In ecommerce, dynamic pricing can […]
Value based pricing
Value based pricing is a pricing strategy that focuses on the value that a product or service provides to the customer. It’s about understanding what the customer is willing to pay for the benefits that the product or service offers. Instead of just looking at the cost of production, value-based pricing takes into account the […]
Price differentiation
Pricing is a crucial aspect of any business, particularly ecommerce and retail. Why? It affects both customer acquisition and retention. One concept that has gained traction in recent times is “price differentiation.” This involves the practice of offering different prices to different segments of customers, based on factors like location, demographics, and buying behavior. […]
Wholesale price
The wholesale price refers to the cost of a product from the manufacturer or distributor to the retailer. It plays a vital role in determining the final retail price of a product and the profitability of a business. These prices are generally lower than the retail prices as the retailer aims to make a profit. […]
Pocket pricing
Pocket pricing refers to the pricing strategy used in retail and ecommerce businesses that is based on the idea that consumers are willing to pay more for a product if it is small and convenient enough to fit in their pocket. This concept is most commonly used for products like snacks, drinks, and personal care […]
Custom value in pricing
Custom value in pricing refers to the practice of tailoring prices to meet the specific needs and preferences of individual customers. In ecommerce and retail businesses, this can be achieved by using data and analytics to gain a deep understanding of customer behavior, preferences, and buying patterns. This information can then be used to personalize […]
Evolving technologies
The world of ecommerce and retail is constantly changing and adapting to new technologies. From online shopping to artificial intelligence, the advancements in technology have had a major impact on how businesses price their products. In order to stay ahead of the curve and remain competitive, it is important for companies to understand how these […]
Profit optimization
One of the key concepts to grasp when it comes to pricing within the ecommerce and retail space is profit optimization. It refers to the process of maximizing profits by finding the optimal balance between the prices of products or services and the costs associated with producing and selling those products or services. This involves […]
Omnibus price
An Omnibus Price is the lowest price that a consumer has been able to buy a specific product for during the past 30 days prior a campaign takes place. As the EU’s new Omnibus Directive is in force, the legal requirements mean retailers must change the way they display their product prices on their websites, especially […]
Incremental customer value
Pricing is one of the most crucial aspects of running a successful ecommerce or retail business. One concept that is becoming increasingly important for companies to understand is the idea of incremental customer value. This idea focuses on the additional value that a customer brings to a business over and above the initial transaction. By […]