Exploring dynamic pricing using DecisionRules
Dynamic pricing is a strategy that uses variable prices instead of fixed ones. Dynamic pricing concept, as such stands unsurprisingly in opposition to what we might call Static pricing. With static pricing a fixed price might stay for a very long time, even if it is no longer competitive, until someone comes and changes it. With dynamic pricing, it is possible to adjust prices continuously and automatically, based on many different factors. This allows you to always keep the prices of your product relevant and competitive. Please note, Dynamic Pricing is different from the concept of what we would call Personalized Pricing, which is a strategy that uses clients' data to set the prices and could be considered, at the very least, controversial or even dangerous for the customer's trust.
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