Abstract
In supermarkets, rapid pricing adjustments are crucial due to the short shelf life of products. Adopting a multi-case study approach, this study examines the application of dynamic pricing strategies for perishable goods through the lens of a data-driven digital transformation (DD-DT) approach. We introduce a three-phase model of DD-DT for dynamic pricing: initiation, facilitation, and strategic adaptation. In the initiation phase, we identify essential frameworks for robust data collection and analytical processes, which form the backbone of informed pricing decisions. During the facilitation phase, the study integrates sophisticated algorithms and real-time analytics to process and interpret the collected data, facilitating its seamless integration into pricing strategies. The strategic adaptation phase is critical as it focuses on the ongoing refinement and enhancement of pricing strategies, enabling supermarkets to adapt swiftly to market fluctuations and consumer behaviour changes. By presenting a comprehensive DD-DT framework, this research significantly augments the existing literature on dynamic pricing and offers actionable insights for practitioners seeking to optimize pricing strategies in a digitally transforming marketplace.
Original language | English |
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Article number | 109405 |
Journal | International Journal of Production Economics |
Volume | 277 |
Early online date | 19 Sept 2024 |
DOIs | |
Publication status | Published - 1 Nov 2024 |
Keywords
- Data-driven digital transformation
- dynamic pricing
- perishable food
- supermarkets