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Price smarter on the Net.

W Baker1, M Marn, C Zawada

  • 1McKinsey & Company, Atlanta, USA.

Harvard Business Review
|February 24, 2001
PubMed
Summary
This summary is machine-generated.

Companies can optimize online pricing by leveraging the internet's capabilities for precise price setting, rapid adjustments, and accurate customer segmentation. This strategic approach drives e-business success.

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Area of Science:

  • Business Strategy
  • E-commerce
  • Pricing Optimization

Background:

  • Traditional online pricing strategies often involve unsustainable low prices or static pricing mirroring offline models.
  • These approaches fail to capitalize on the unique opportunities presented by the internet for dynamic pricing.

Purpose of the Study:

  • To highlight the internet's potential for optimizing business pricing strategies.
  • To demonstrate how companies can achieve greater profitability and e-business success through advanced online pricing techniques.

Main Methods:

  • Analyzing the internet's capabilities for precise price setting and testing.
  • Examining the use of real-time data for rapid price adjustments based on market dynamics.
  • Investigating customer segmentation using clickstream data and purchase history for targeted pricing.

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Main Results:

  • The internet enables precise price setting and announcement, allowing for immediate customer response collection and demand discovery.
  • Dynamic pricing is facilitated by the ease of price changes, enabling swift adaptation to market fluctuations.
  • Customer segmentation through online data allows for immediate, targeted pricing and promotional strategies.

Conclusions:

  • Companies can significantly improve their pricing by utilizing the internet for precision, adaptability, and customer segmentation.
  • Effective online pricing is a critical driver for overall e-business success.