IBM Comes Up With Dynamic Pricing

IBM unveils Dynamic Pricing to assist in E-commerce

As per the cloud computing giant, Dynamic Pricing is an extremely simple concept. The new service by IBM is designed in a manner that enables the corporate entities and retailers to keep an eye on the changes in pricing made by competitors so that changes can be made accordingly. Moreover, insights will also be given to the seller along with reasons why buyer did not proceed to the checkout after filling the cart.

Dynamic Pricing offers services that are extremely diversified. The service makes use of cloud computing that enables it to analyze, respond and then add discounts. Moreover prices can also be lowered in case competitors do.

The International Business Machines Corp. makes use of the Dynamic Pricing which is a pre-configured performance data tool that makes use of various analysis and combinations. This platform ensures price stability, browsing history, inventory management, sales stats and competitive pricing.

The company made use of an example to show the potential of Dynamic Pricing so that they can acknowledge users in case the competitor decided to come up with a promotion that will result in the price deduction of a particular product line. In such scenarios, the Dynamic Pricing which is a cloud based technology will react aggressively.

“At any given moment, a retailer is no more than one click away from losing a customer online. IBM Dynamic Pricing executes real-time pricing recommendations at the scale and speed needed to ensure competitiveness in a volatile shopping environment,” stated Stephen Mello, the Vice President, of the E-Commerce and Merchandising business of IBM. “This intuitive and dynamic pricing system improves visibility into what’s happening in the market, allowing retailers to make decisions that are best for their businesses and customers alike.”

Dynamic Pricing is expected to be used by commercial companies that are also using the Internet for online services. This will assist them in keeping their pricing virtually along with merchandising simultaneously on the same price.  Moreover, the online operators will also be enabled to make use of Dynamic Pricing in the best possible manner. The predictive intelligence technology can be used to adjust the pricing, along with boosting the consumer demand and bolster the revenues.

Hence in a nutshell, when shopping online has become part and parcel of our everyday life such a tool is extremely important to understand the dynamics of the industry and then design your offering accordingly. This will assist sellers to remain on par with the constantly evolving market.