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What is personalized pricing in ecommerce?

Personalized pricing in e-commerce is a strategy where prices are adjusted based on the individual characteristics, behaviors, or purchasing history of each customer. This approach uses data analytics and customer insights to determine the optimal price point for different segments of customers, aiming to maximize sales and profits. Factors influencing personalized pricing include previous purchases, browsing behavior, customer loyalty, and demand elasticity. By dynamically adjusting prices, e-commerce businesses can offer more targeted, competitive prices, improving customer satisfaction and increasing revenue.

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