Why Do Companies Use Price Discrimination?
What is price discrimination? Price discrimination is a strategy where businesses charge different prices for the same product or service based on specific criteria, allowing companies to capture maximum revenue by tailoring prices to various consumer groups. At its core, price discrimination is about identifying what each customer segment is willing to pay and adjusting […]
Price Elasticity – A Simple Explanation
Determining the right price can be one of the most challenging decisions in business because of its direct impact on your bottom line. One critical concept to understand when setting prices is price elasticity. What is price elasticity? Price elasticity of demand measures how sensitive customer demand is to changes in price. In other words, […]
What is Surge Pricing – and is it Appropriate For My Business?
What is surge pricing? Surge pricing happens when a company raises its prices due to an increase in demand — and lowers them when demand weakens. It’s a dynamic strategy that adjusts pricing in real time based on the current market environment. Let’s explore two examples to understand where surge pricing works best and why […]
What is Ecommerce Dynamic Pricing?
Ecommerce dynamic pricing is a strategy that automatically adjusts product prices in real-time based on factors like market demand, competitor pricing, and customer behavior. This pricing approach helps businesses remain flexible and competitive by continuously optimizing prices to reflect market conditions. What does dynamic pricing mean in ecommerce? Dynamic pricing adjusts prices for products and […]
Why You Should Be Price Tracking Your Resellers
Your pricing strategies aren’t the only ones that matter — what your resellers do with your products is equally important. Resellers play a significant role in how your brand is perceived in the market, and if they are not pricing products correctly, it can lead to issues that impact your bottom line. That’s where reseller […]
How to Track Competitor Prices for Your Shopify Store
If you’re serious about scaling your Shopify store and increasing profitability, tracking prices and utilizing dynamic pricing is a must. Whether you’re running a small Shopify store or managing a large enterprise, having a system in place for competitor price tracking, tracking your own prices, and adjusting them based on real-time market data is essential. […]
How to Create Dynamic Pricing on Shopify
Creating a dynamic pricing strategy on Shopify doesn’t have to be complicated. By understanding the basics, setting up your system properly, and using best-in-class tools like Intelis, you can ensure your Shopify store stays competitive and profitable. What is dynamic pricing? Dynamic pricing is a strategy that allows you to adjust your product prices in […]
How to improve your ROI with dynamic pricing?
Working in an online or E-commerce business and sustaining a satisfactory return on investment (ROI) is not an easy task. The competition is quite high, and even it will become tougher as the demand is rising, that’s when dynamic pricing comes into the picture. The key factor in ROI is basically dynamic pricing. That means […]