The New Pricing Paradigm

Amazon may be turning dynamic pricing on its head and you can too. Determining a pricing strategy for your products and services is one of the most complex processes you will engage in, particularly if you are an online retailer. Set prices too high, and customers won't bite. Set them too low, and you could end up loosing money. In order to establish the correct pricing, you should take into account the following:

• Compare price differences to your competitors' prices 
• If you use a pricing algorithm, update your prices every morning
• Collect regular data and benchmarks about products and pricing, then map them to your competitors
• Conduct regular AB testing or different prices in the same or different markets, to determine pricing elasticity for a set of products

Explore how Stratinis can help you manage and optimize prices