In today’s fast-paced world of retailing, many retailers now track competitors’ prices via systems that scrape rivals’ websites and use this information as an input to set their own prices manually or automatically. A common strategy is to charge a certain per centage less than specific competitors, thereby differentiating one’s business based on an ability to revise prices swiftly and on a large scale.
However, Remi Dada (Founder & CEO, Spacefinish) has a very interesting perspective, arguing that businesses that use such simplistic and perhaps limiting pricing heuristics may be missing out on significant opportunities. Hear him out: