Is Your Business Ready for Personalized Pricing?

Finance expert Mike Periu on the latest technology that helps retailers customize prices.
President, Proximo, LLC
November 26, 2012 Retailers have access to technology that allows personalized pricing for each customer. Using a combination of historical purchasing data as well as purchased information about consumers, retailers can modify offers and pricing based on the specific preferences of each customer. Offering regular customers special discounts for their loyalty is a common example of this practice; however, combining these practices with data-mining allows for even more sophisticated uses. For example, retailers could share consumer profile data with one another, ensuring that consumers are charged the most they are willing to pay for a product regardless of where they buy it. Consumers, on the other hand, could have personal configurations (like clothing sizes, favorite colors, etc.) available to them wherever they shop. While the technology is available, privacy laws and consumer sentiment is still behind.

Learn more at the BBC News.

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