eCommerce and Dynamic Pricing
In the context of e-commerce, dynamic pricing is the practice of using algorithms to adjust the price of a product or service in real-time based on a variety of factors such as the customer's location, browsing history, purchase history, and the availability of the product or service. This allows e-commerce businesses to better match the price of their products or services to the demand for them, and to respond to changes in the market more quickly. Some e-commerce businesses may also use dynamic pricing to offer personalized pricing to different customers based on their perceived willingness to pay. This can help the business to increase profits by charging higher prices to customers who are willing to pay more for the product or service.