understanding the value of dynamic pricing
Businesses with physical locations sell the same products or services at different prices depending on region. But until now ecommerce stores have had to sell their product for the same price, regardless of shoppers location or price sensitivity.
In Massachusetts a Big Mac cost $7.09. In Wyoming a Big Mac cost $4.19. McDonalds recognizes that consumers in different locations have varying price sensitivity.
If McDonalds sold Big Mac's in all locations for the median price of $5.64, they would miss out on profit earnings from Massachusetts consumers who would have paid more, and lose sales from Wyoming consumers who wouldn't pay this higher price.
pricing strategies to boost revenue
Set prices based on more than a dozen unique rule types
Implement pricing rules based on attributes like the shoppers operating system. Flex instantly detects the shoppers operating system (Android, iOS, macOS, Windows or other) and can display custom pricing based on the rules you create
Implement pricing rules based on the day of the week, time of day or for holidays
Combining census date with shoppers IP location allows Flex to instantly determine the likely income of a shopper on your ecommerce store. A shoppers price sensitivity closely correlates with the shoppers income. Implement a pricing rule raising prices for shoppers with a household income likely exceeding $250,000 per year, and lower price for shoppers with a household income likely below $75,000 per year.
Implement pricing rules based on stock levels (overstocked, understocked or normal) and the likely delivery location for the shopper
Let Flex Pricing's machine learning program to test and refine your pricing rules to maximize revenue and conversion rate
get started in as little as 10 minutes
Getting started is easy with a simple 3 step onboarding process.
Create a Flex Pricing account in seconds by entering basic contact and store information.
After creating your Flex account you will receive a zip file. Follow the instructions to upload through the plugins portal inside your WooCommerce admin portal.
Complete the connection by copying the unique API key from the store setting tab in your Flex account and pasting it in the plugin setting on WooCommerce.
Your Flex Pricing account will load with your full product catalog within 30 minutes of completing the connection. After your products load begin creating pricing rules using our pre-made rules, or create your own custom rules.
Activate the pricing rules you’ve created and apply the rules to the products you would like to dynamically price. Dynamic pricing will start instantly upon activation.