Some month ago we talked about the possibility of introducing dynamic pricing in supermarkets in order to boost sales and reduce waste.
Now it is also possible to use Dynamitick’s dynamic pricing technology in physical stores. Offering a product at the right price at all times, even on the shelves, taking into account a variety of factors such as availability in stock, margins, day and time, weather, competitor prices and scheduled events, could be the solution to make brick-and-mortar stores more competitive compared to e-commerce.
By combining the Electronic Shelf Labels (ESL), our sophisticated dynamic pricing engine and store IT environment, retailers can use the power of the Internet of Things, Big Data and Artificial Intelligence to optimize sales performance.
Pricing managers can also use Dynamitick’s data analysis and data enrichment technologies to support strategic pricing decisions.
Using dynamic pricing also within physical stores would lead retailers to:
- Increase revenue through more effective pricing management;
- Improve efficiency in-store logistics management;
- Expand the number of variables analyzed to define the price.