Dynamic pricing in retail shops has become a prevalent strategy that allows businesses to adapt to changing market conditions and maximize their revenue. This pricing model, often driven by sophisticated algorithms and real-time data analysis, enables retailers to adjust prices based on factors like demand, competition, time of day, and even weather conditions.
Before we dive deep into loyalty and self-service retail, we first need to understand why loyalty is important. Loyal customers are important because they offer repeat business, help you get new customers, generate high margins, increase your revenues and grow your business. It might sound obvious, but applying loyalty to self-service machines is not common yet. And that’s a pity because we know how to handle.