Chapter 20 Online Pricing Experimentation
Robert Phillips
Introduction
It is much easier and cheaper for an online seller or marketplace to change prices than it is for their offline, brick-and-mortar counterparts. For an online seller, changing a price usually requires only typing the new price into a computer system—or having an algorithm change it automatically—while for a physical retailer changing even a single price usually requires altering price tags and displays as well as reprogramming the transaction register. In addition, the online seller potentially has continual access to streams of data regarding competitive prices, costs, inventories, sales, and other information that can be used to power automated ...
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