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Repricing is no more than the effect to apply dynamic pricing techniques above the price of a product or service. In particular, repricing refers to the change or actualisation of a price that has been previously determined by a dynamic pricing algorithm. When is it appropriate to use repricing?
The answer is in high competitive markets, and/or in those sectors where the price is a key element for the client. A common example of use is the job developed by traders who work in marketplaces, where they compete to be the cheapest option and therefore to be the sale option by default in the marketplace.
In Amazon, for example, this process is known as “win the buy box”. That trader who has the buy box will be the one who receive all the marketplace sales. For that reason, if we want a profitable presence in the market place, it is extremely necessary to have software which allows the repricing and to fix our price in function of the rest of traders.
The application of intelligent dynamic pricing and repricing can be translated into billing growths around 20 per cent.
Find out how Minderest can take your business to the next level.
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