An example of smart pricing is dynamic pricing, where prices are adjusted in real-time based on factors such as demand, competition, and market conditions. For instance, ride-sharing companies like Uber and Lyft use smart pricing algorithms to increase fares during peak demand periods and decrease them during off-peak hours. This enables them to balance supply and demand more effectively, optimize driver earnings, and enhance customer satisfaction while maximizing revenue.
Discover the power of skyrocketing your eCommerce sales – Talk to an expert