According to Adobe, a record $4.45 billion was expected to have been spent online on Thanksgiving and Black Friday this year. One of the most popular categories during this time of year, thanks to the upcoming holiday season, is toys.
Ugam analyzed one of the hottest toys of the season, Pie Face, and found that pricing was no toying matter this Black Friday.
Instead of always matching prices, retailers can maximize sales by manipulating prices based on demand in the moment. That’s where dynamic pricing comes to play. Through the implementation of dynamic pricing, you can know when to raise, lower, or keep prices the same to increase profit margins.
Pricing your assortment during the holidays can be tricky. Make sure you take advantage of consumer demand signals and competitor data to maximize profits during this season.