Over the years, there have been many factors that have impacted and ultimately shaped the way we do our weekly food shop. Gone are the days of walking down a local high street visiting the butcher, fishmonger, and greengrocer. Supermarkets changed all of that. And have continued to change the way we shop since their emergence.
With dynamic pricing infiltrating so many aspects of our lives, it is less surprising each time a new industry joins the bandwagon.
Given the popularity of dynamic pricing in travel costs (read more with Pricing Strategies for Tour Operators and Online Travel Agents), it is not a shock that hospitality as a whole appears to be looking at stirring up how they price their businesses.
This is true of hotels and also restaurants, the newest thread of hospitality to join in with dynamic pricing in a bid to increase profits and sustainability.
Chris Pople, Group Pricing Manager at Cromwell (Holdings) Ltd, has huge knowledge and expertise in the area of pricing, having over 12 years of experience in just pricing behind him.
Outside of pricing, Chris loves to stay active, having recently got on his bike. In just 3 years, Chris has clocked up over 12,000 miles and formed the accredited Kibworth Velo Club.
Dinaz Zaq is a Revenue Management and Pricing Strategy Consultant within travel and hospitality. She has worked within pricing for many years, and garnered a wealth of talents and knowledge. Dinaz's other passion is music, in particular she has a love for Blues, Rock and Country.
Once again, this week has been a busy week at my internship at BlackCurve. After my supervisor being away, I spent some time showing and explaining the different things I had been working on while he was away.
Imran Maqbool, currently Pricing Manager at VWR, has many years of experience within the pricing sector. Despite hating maths during his school years, describing anything to do with numbers as "mind-numbingly boring", Imran has been excited by pricing, and now successfully helps companies grow their profits.
Dynamic pricing strategy is incredibly important when it comes to pricing your products. It allows real time pricing, whilst factoring in a wide range of different elements that could impact the price of your product.
However, while pricing software becomes increasingly sophisticated and advanced, there are still certain pricing tricks that speak to our inherent value-minded brains.