While the recent Wendy's controversy highlighted concerns around "surge pricing," a different form of dynamic pricing is emerging for brick-and-mortar stores. This approach utilizes advanced technology to offer localized price adjustments and promotions, benefiting both retailers and customers.
This article explores three ways dynamic pricing can revolutionize in-store experiences:
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Product Drops: Similar to online drops, stores can utilize dynamic pricing to manage limited-edition items and adjust offerings based on real-time demand.
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Entertainment Events: Dynamic pricing allows retailers to adapt to local events like concerts, fine-tuning promotions and tailoring product offerings to meet fluctuating demand.
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Weather Events: Stores can react to unpredictable weather patterns by adjusting prices and promotions based on real-time conditions, minimizing inventory risks and catering to unexpected needs.