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In the previous article, we provided an introduction to dynamic pricing, explaining what it is, with examples, and discussing its benefits and implementation methods. In this article, we aim to delve into the more technical aspects in as clear terms as possible.
What is Dynamic Pricing? It refers to the practice of adjusting prices based on the demand for a product. For example, when a product is not selling well, the price may be reduced to stimulate sales. Conversely, when the product is selling too well and there is a risk of running out of stock, the price may be increased to maximize profits.