Feature: The Price is Right

What's Dynamic Pricing?
The varying retail industry definitions of dynamic pricing have resulted in a fair bit of misunderstanding, so before we delve deeper into the subject, it's important to get on the same page.

Some people think that dynamic pricing is the deployment of technology to implement pricing rules that automate repricing, but implementing rules alone is merely a way of executing price changes. Dynamic pricing is more than just a set of rules; it's a construct aimed at understanding the relationship between your price, competitors’ prices, transactional and third-party data, and consumer signals to sense and predict consumer behavior to apply the price the consumer is willing to pay which also meets your business objectives.