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What is dynamic pricing? It’s a marketing strategy in which the price of an item or service can change according to changing conditions such as supply and demand, demand elasticity and competitor pricing. Dynamic pricing can be used across all industries and brings benefits to the consumer, such as increasing revenue and customer satisfaction, reducing customer resistance to price increases and boosting profits for the business itself. The travel industry uses dynamic pricing in lots of ways, including airline ticket prices that rise as flights fill up to hotel rates that increase as more customers check in on a particular day or night.
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