What if every retailer could implement surge pricing for products on their physical shelves or online stores based on who you are, what you like and the other data they have collected (or purchased) about you? It is a new world where every interaction you have as a brand could be tailored not only from a personalization point of view, but also from a deep number crunching analysis of exactly what any transaction might be worth to you. This detailed article takes a deep look at the promising and scary opportunities that real time data will offer to dynamically change pricing to maximize revenue from consumers while offering them exactly what they are looking to buy.
Here’s an excerpt from this interesting article:
“If you are an impulse buyer, or a full-price shopper or a bargain hunter, online retailers are increasingly likely to see you coming. Not only that: there is evidence to suggest that calculations about what you will be prepared to pay for a given product are made from knowledge of your postcode, who your friends are, what your credit rating looks like and any of the thousands of other data points you have left behind as cookie crumbs in your browsing history.”
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