Want to change your prices in real time to adjust to market conditions? Want to keep up with your competitors at all times? Well, dynamic pricing might be the answer.
Dynamic pricing, also referred to as surge pricing, demand pricing, or time-based pricing is a pricing strategy in which businesses set flexible prices for products or services based on current market demands.
Ecommerce companies are able to change prices based on algorithms that take into account competitor pricing, supply and demand and other external factors in the market.