Dynamic pricing for perishable goods: a data-driven digital transformation approach

Tahir Abbas Syed, Harris Aslam*, Zeeshan Ahmed Bhatti, Fahad Mehmood, Aseem Pahuja

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

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 languageEnglish
Article number109405
JournalInternational Journal of Production Economics
Volume277
Early online date19 Sept 2024
DOIs
Publication statusPublished - 1 Nov 2024

Keywords

  • Data-driven digital transformation
  • dynamic pricing
  • perishable food
  • supermarkets

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