Question

What is dynamic pricing and how is it used in e-commerce?

Answer 1

Answer:

Dynamic pricing, it seems, is the latest pricing trend that has taken the ecommerce industry by storm. While it is not an entirely new concept and companies have been using it randomly over the years, it is certainly something that is much more relevant in the new age of ecommerce companies.

Simply put, dynamic pricing is a strategy in which product prices continuously adjust, sometimes in a matter of minutes, in response to real-time supply and demand. For example: Amazon, the global ecommerce giant, is one of the largest retailers to have adopted dynamic pricing and updates prices every 10 minutes.

If you own an ecommerce company, you should seriously consider adopting this pricing model since it has several benefits for your business.

Explanation:

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