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• Dynamic_pricing abstract "Dynamic pricing is a pricing strategy in which businesses set highly flexible prices for products or services based on current market demands. Business are able to stay competitive by changing prices based on algorithms that take into account competitor pricing, supply and demand, and other external factors. Dynamic pricing is a common practice in several industries such as hospitality, travel, entertainment, and retail. Each industry takes a slightly different approach to repricing based on its needs and the demand for the product. One commonality, however, is the use of dynamic pricing to increase revenue and profits, whether to fill a stadium, flight, or sales quota.HospitalityHotels and other players in the hospitality industry use dynamic pricing to adjust the cost of rooms and packages based on the supply and demand needs at a particular moment. The goal of dynamic pricing in this industry is to find the best price that consumers are willing to pay. Another name for dynamic pricing in the industry is demand pricing and is a form of price discrimination, which is used to try to maximize revenue based on the willingness to pay of different market segments. They feature price increases when demand is high and decreases to stimulate demand when it is low. Having a variety of prices based on the demand at that point in the day makes it possible for hotels to generate more revenue by bringing in customers at the different price points they are willing to pay.TravelAirlines change prices often depending on the day of the week, time of day, and number of days before the flight. For airlines, dynamic pricing factors in different components such as: how many seats a flight has, departure time, and average cancellations on similar flights.EntertainmentSports ticketing is a segment of the entertainment industry that effectively uses real-time pricing to boost revenue. Dynamic pricing is particularly important in baseball because MLB teams play around twice as many games as some other sports and in much larger venues.Sports that are outdoors have to factor weather into pricing strategy, in addition to date of the game, date of purchase, and opponent.Ticket retailers have much more flexibility with dynamic pricing because tickets for a game during inclement weather will sell better at a lower price; conversely, when a team is on a winning streak, fans will be willing to pay more.RetailRetailers, and online retailers in particular, adjust the price of their products according to competitors, time, traffic, conversion rates, and sales goals. The aim of dynamic pricing is to increase revenue and profit. There are three basic ways to do this. First, retailers can use price intelligence to reprice based on the prices of their competitors. Second, retailers can drop prices when demand is low. Third, retailers can increase prices while demand is high.Pricing Based on Competitors Businesses that want to price competitively will monitor their competitors’ prices and adjust accordingly. Amazon is a market leader in retail that reprices often, which encourages other retailers to alter their prices to stay competitive. Competitor-based dynamic pricing can increase sales, especially if they take advantage when other retailers run out of stock.Time Based Pricing Many industries change prices depending on the time of day, especially online retailers, whose customers usually shop the most in the evening. Dropping prices during the morning and afternoon can be an effective way to increase sales during typically slow times of the day. Raising prices during the evening is a way to generate more revenue and profit because demand is highest then.Transportation is another area where prices vary based on the time of day. The San Francisco Bay Bridge charges a higher toll during rush hour and on the weekend, when drivers are more likely to be travelling. This is an effective way to boost revenue when demand is high, while also managing demand since drivers unwilling to pay the premium will avoid those times. Dynamic pricing in transportation is also called peak-load pricing.Conversion Rate Pricing Pricing based on conversion rates is a way to turn window shoppers into buyers. When conversion rates of viewers to buyers is low, dropping the price can help turn it around.Future of Dynamic Pricing Dynamic pricing is becoming an important factor for retailers, as many have already adopted some form of it in order to counteract showrooming. The concept of dynamic pricing has been around for many years, particularly in the airline and hotel industries, but retail is one of the newer industries to adopt this pricing strategy. Nonetheless, adoption has accelerated recently as retailers have seen the impact on revenue and profits.".
• Dynamic_pricing wikiPageID "8786058".
• Dynamic_pricing wikiPageRevisionID "606392954".
• Dynamic_pricing subject Category:Pricing.
• Dynamic_pricing comment "Dynamic pricing is a pricing strategy in which businesses set highly flexible prices for products or services based on current market demands. Business are able to stay competitive by changing prices based on algorithms that take into account competitor pricing, supply and demand, and other external factors. Dynamic pricing is a common practice in several industries such as hospitality, travel, entertainment, and retail.".
• Dynamic_pricing label "Dynamic pricing".
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• Dynamic_pricing sameAs Q17009728.
• Dynamic_pricing sameAs Q17009728.
• Dynamic_pricing wasDerivedFrom Dynamic_pricing?oldid=606392954.
• Dynamic_pricing isPrimaryTopicOf Dynamic_pricing.