Nearly half of what U.S. consumers purchase today is influenced by a smartphone or tablet — a mobile device that’s now a necessary companion on just about any shopping trip. So it’s also no surprise that the mobile environment is also influencing the growth and expansion of “dynamic pricing,” a model by which retailers adjust prices dynamically — sometimes several times a day — in response to what consumers are searching for online and on their mobile devices.
Mobile Marketer takes a look at Walmart’s recently announced move to match Amazon.com prices during this holiday season. The full story: “Walmart’s move to match Amazon deals spotlights mobile’s role in dynamic pricing”. Vanessa Horwell, founder and chief visibility officer of Miami-based ThinkInk, is quoted: “Dynamic pricing isn’t new, with prices in the airline industry based on the premise of real-time, dynamic pricing for a while. What’s different today is that consumers are searching in the mobile environment, not tethered to a desktop computer….
“As the interest in and demand for certain products goes up, the ability for a marketer to adjust prices at the moment becomes more important,” Ms. Horwell said. “If they know that more customers are interested in that product, they can either reduce the price to clear out extra stock or raise the price to take advantage of the demand.”