Dynamic Pricing Gives Magento Retailers An Edge Over The Competition
Pricing is one of the most difficult tasks facing online retailers. Customers are willing and able to go to significant lengths to compare prices, and there are many comparison marketplaces that will do the job for them. Set prices too high, and sales will be lost to the competition. Set them too low, and retailers miss out on potential profits. Following a fixed price set-it-and-forget-it strategy leaves retailers vulnerable to being undercut by competitors.
Dynamic pricing is the answer. Dynamic pricing — the alteration of prices to reflect demand, supply, and the competitive environment — can help retailers set prices at just the right point to maximize sales without cutting too deeply into profits. Read More »