WBSRocks: Business Growth with Enterprise Software and Digital Transformation
WBSRocks podcast features in-depth conversations on customer experience, digital transformation, supply chain, eCommerce, industry 4.0, and enterprise software categories such as CRM, ERP, or analytics suites. The purpose of the show is to help CFOs, COOs, CEOs, and business owners with their daily commercial, operational, or financial challenges by taking a deep dive into business cases and processes, technology strategy and architecture, transformation initiatives, and business models. The show also offers an independent analysis of technology trends, various enterprise software vendors and solutions, and their mergers and acquisitions. Subscribe today to stay on top of digital transformation trends!
WBSRocks: Business Growth with Enterprise Software and Digital Transformation
WBSP294: Grow Your Business by Learning eCommerce Dynamic Pricing Strategies, a Live Interview w/ a Panel of Experts
Most businesses struggle with providing consistent pricing across channels. Even when we think of static pricing, the systems and departments are not connected in how they price the product. The accounting may set the cost standards. But sales and marketing might maintain the pricing completely separately in a siloed manner in eComm. The inconsistent pricing experience can come across as alarming for customers. If you charge too high, then you will be missing opportunities. If you charge too low, then you will be setting the wrong expectations that they can expect these products at this price even in the future. The dynamic pricing trends require systems and inventory to be connected for the algorithm to work. Incorrect dynamic pricing may be worse than static or fake pricing. But how difficult is it to implement dynamic pricing and improve customer experience through that?
In today's episode, we invited a panel of cross-functional experts for a live interview on LinkedIn who brings significant expertise to discuss dynamic pricing. We discussed various topics, such as how different industries and systems handle dynamic pricing and the factors that drive dynamic pricing. Finally, we discussed the customer experience implications of dynamic pricing, how that is perceived by the consumers and the risks that brand managers need to be aware of before incorporating dynamic pricing as part of their strategy.
For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.