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DYNAMIC PRICING: THE FUTURE OF RETAIL BUSINESS

Proceedings of International Scientific Conference Business Logistics in Modern Management

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Field Value
 
Title DYNAMIC PRICING: THE FUTURE OF RETAIL BUSINESS
 
Creator Pupavac, Drago
 
Description Dynamic pricing is a pricing strategy in which businesses set flexible prices for products or services based on current market demands. Businesses are able to change prices based on algorithms that take into account competitor pricing, supply and demand, and other external factors in the market. Dynamic pricing can be found in a wide variety of industries such as hospitality, travel, entertainment, and retail. The practice is spreading to physical retailers, which are installing electronic price displays and borrowing pricing models from e-retailers. The aim of dynamic pricing is to increase revenue and profit. Accordingly, the fundamental objective of this paper is to investigate effects of dynamic pricing in retail industry i.e. how demand responds to changes in price. This paper is dedicated to simulation models in terms of competition systems. Findings of this study should represent real-life situations, and provide a realistic way that leads to the maximum expected revenue and profit. Key words: retailers, dynamic pricing, demand, revenue, profit
 
Publisher Faculty of Economics in Osijek
 
Contributor —
 
Date 2016-10-26
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://hrcak.srce.hr/ojs/index.php/plusm/article/view/4673
 
Source Business Logistics in Modern Management; 2016: Proceedings of The 16th International Scientific Conference Business Logistics in Modern Management
Zbornik međunarodne znanstvene konferencije Poslovna logistika u suvremenom menadžmentu; 2016: Proceedings of The 16th International Scientific Conference Business Logistics in Modern Management
1849-6148
1849-5931
 
Language eng
 
Relation http://hrcak.srce.hr/ojs/index.php/plusm/article/view/4673/2525
 
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