What is flexible pricing?

Regarding the meaning of flexible pricing, mbaskool.com writes: “ It is a pricing strategy in which the final price at which the product or service being sold is open for negotiation between buyers and sellers.” “This strategy is common in services which are customized as per customer’s requests.” Most customers like flexible pricing.

What are examples of flexible pricing?

For example, a business might charge higher prices during peak hours or lower prices for customers who book in advance. Flexible pricing can be a great way to increase revenue and profits while still providing value to customers. Other examples of flexible pricing include:

How does a flexible pricing algorithm work?

“When prices can vary constantly with changes in supply and demand at little cost, buyers can more easily find the price at which they are willing and able to buy.” In the digital marketplace, flexible pricing algorithms can adjust prices in real-time, taking into account competitor pricing, inventory levels, and consumer behavior patterns.