Dynamic Pricing Boosts Revenue When Timed Right

BURLINGTON, Mass. - Jan. 31, 2020 - PRLog -- The retailer accepted our price change recommendation of once every 30 days (or monthly). Sales for the updated prices grew 36% on average within the first 10 days following each refresh. However, sales declined consistently from days 10 through days 30 before the next refresh. This proved the value of dynamic price changes in order to remain competitive.

So, if you are wondering why your sales have no growth impact even though you are making price changes, then the frequency of price change or inability to price dynamically may be the reason. Keeping prices flat when competitors are pricing dynamically is a bad strategy. To stay ahead, you need to change the price as much as required by the market — especially in a volatile market.

Remain competitive and exceed the frequency of price changes intelligently by tracking your top competitors. If your competitor changes price twice a day, then you should change thrice to stay ahead. That's the way to be on top.

However, do not ignore your Profit Margins while making price changes. You must track your costs as well as prices and not go below a floor price, even if your competitors do. This is counterproductive. If you want the same level of success our existing client is achieving,
You can check out https://growbydata.com/dynamic-pricing-bags-more-revenue/ for more details on it.