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.
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