Ecommerce is growing and information technology is becoming more robust. As a result, some innovative pricing strategies have come into play.
Dynamic pricing is one that has been applied more broadly across a variety of industries, and its usage is growing among retailers.
Let’s take a closer look at price discrimination and how it has evolved, the legality and ethical implications, and why many companies see it as an effective tactic.
If you’re in the online retail business, you know. Or you should know.
The Internet Sales Tax, more officially known as the Marketplace Fairness Act of 2013 (MFA 2013), is well on its way to becoming codified and standardized: on May 6th of this year, the Senate passed the bill.
Online price discrimination has attracted immense popularity and heat in the last few months when the Wall Street Journal revealed some websites that used variable prices based on users’ location and other statistics.
This came as breaking news for those who used to think of the ecommerce market as a reliable and fair shopping arcade.
So, let’s see how this thing works, and how you can save yourself from this manipulation.
When it comes to pricing, there is one constant to keep in mind. People do not know how much things are worth.
We will reiterate that point because it bears repeating, people really do not know how much things are worth.
The fact that a game show such as The Price is Right can actually exist definitely bears out that point.
First the $1 trillion part: According to a recent report from eMarketer, ecommerce topped the trillion-dollar mark for the first time in 2012.
This was not a one-time fluke, or even something unexpected, on the contrary, this number is expected to rise: The National Retail Federation and Shop.org both reported that eRetail spending grew by 15% over 2012.
ComScore recently reported that ecommerce represented 10% of all discretionary dollars spent in 2012 and that web sales for 2013 are expected to increase from 9 to 12%
How can you get your slice? Truly, a trillion dollar question. We have prepared some tips that can help you on your way to having your pie and eating it as well.
Pricing items in online retail store can be a pain. It can take hours of tedious manual work, and it's always a trial and error experiment as you never know which price is just the right one for your products.
You know that you need to have some sort of pricing strategy in place for you online store and we know that you do, but is that strategy costing you?