Hash #76: Dynamic/Surge Pricing in different industries
π Wendy's: Exploring dynamic pricing, Wendy's plans to adjust menu prices with AI, based on factors like weather and time, to optimize sales during peak and off-peak hours. Fast Company, Retail Mashup, RetailWire.
π Uber and Lyft: Known for surge pricing, these ride-sharing platforms increase fares during high demand times to balance demand and supply. Inc.
π Amazon and Retailers: E-commerce giants like Amazon utilize dynamic pricing algorithms to adjust prices based on factors such as competitor pricing and inventory levels, aiming for competitive pricing and efficient inventory management. Pragmatic, iNode.
ποΈ Event Ticketing: Platforms like Ticketmaster adjust ticket prices based on demand and seat availability, which can fluctuate significantly for high-demand events. Access.
βοΈ Airlines: Airline companies use dynamic pricing extensively, altering ticket prices based on booking timing, seat availability, and demand, with passengers often facing different fares at different times. Yale Insights.