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

Tahir Abbas Syed, Haris Aslam, Zeeshan Ahmed Bhatti, Fahad Mehmood and Aseem Pahuja

International Journal of Production Economics, 2024, vol. 277, issue C

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.

Keywords: Data-driven digital transformation; Dynamic pricing; Perishable food; Supermarkets (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:proeco:v:277:y:2024:i:c:s0925527324002627

DOI: 10.1016/j.ijpe.2024.109405

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