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Algorithmic pricing is the practice of automatically setting the requested price for items for sale, in order to maximize the seller's profits. Dynamic pricing algorithms usually rely on one or more of the following data. Probabilistic and statistical information on potential buyers; see Bayesian-optimal pricing. Prices of competitors.
Amazon Hacks: 100 Industrial-Strength Tips and Tools, O'Reilly Media. ISBN 0-596-00542-3. Jason Levitt (2005). The Web Developer's Guide to Amazon E-commerce Service: Developing Web Applications Using Amazon Web Services And Php, Lulu Press. ISBN 1-4116-2551-X.
Discovery - Finding the product pages on various competitor websites. Matching - Determining through algorithms or human intelligence, whether or not the product matches exactly, or if it is a comparable product. Extraction - Process of gathering the price, shipping information, and availability data from the competitor website.
The company's price limits include $8 for jewelry, $13 for guitars and $20 for sofas, according to the report, which cited messages from Amazon to merchants. The messages included a list of 700 ...
Amazon Marketplace is an e-commerce platform owned and operated by Amazon that enables third-party sellers to sell new or used products directly to consumers on a fixed-price online marketplace alongside Amazon's regular offerings. Using Amazon Marketplace, third-party sellers gain access to Amazon's customer base, and Amazon expands the ...
Price optimization utilizes data analysis to predict the behavior of potential buyers to different prices of a product or service. Depending on the type of methodology being implemented, the analysis may leverage survey data (e.g. such as in a conjoint pricing analysis [7]) or raw data (e.g. such as in a behavioral analysis leveraging 'big data' [8] [9]).
Popularized by the reverse auction pioneer, Priceline.com, such pricing strategy asks consumers to 'name their own price' for various products and services like air tickets, hotels, rental cars, etc. [4] The first bid a consumer places and the subsequent bid increments express the consumer's willingness or unwillingness to haggle. "The economic ...
One organization of the types of technology is to consider (a) general purpose tools used to implement some Pricing Science techniques; (b) use of localized technology, typically standard office tools, configured to utilize Pricing Science methods; and (c) specialized, enterprise-class software designed and developed for this purpose.