Today’s episode is about dynamic pricing – what it is, how it works, who uses it and whether it will it work in non-conventional industries. So what is dynamic pricing? In a general sense, dynamic pricing is also referred to as surge pricing, demand pricing or time-based pricing and it is a pricing strategy in which businesses set flexible prices for products or services based on the current market demands. Chances are, you’re familiar with dynamic pricing in the airline and hotel industry. Airlines and hotels do this all the time and this that’s why rates fluctuate wildly for specific dates or itineraries. That’s because they are basing the pricing on demand. But what happens when other industries, such as restaurants, start to employ this method with their meal pricing as well? In this episode, we learn more about dynamic pricing, discover how restaurants in London are beginning to introduce this method and debate whether dynamic pricing is suited to these environments.
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