- An Educated Guess Is Still Just a Guess
- The Price Is Personal
- Wait! I'll Pay More!
- Concurrent Dynamic Pricing
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Wait! I'll Pay More!
Most of the pricing schemes used through the ages came down to this very important fact: Merchants compete against each other for the consumer's business. What's needed—and what Internet technology can provide—is a way for merchants to make consumers compete against each other for a merchant's business.
How, you ask? Simple. Make products and services sold on the Net act like the stock market. Give consumers the ability to place market orders, limit orders, and open orders, and participate in an IPO-type auction on any product or service offered on the Net.
No, I'm not daft. It can be done. Here's how:
Make the price of a product or service fluctuate up and down based on supply and demand.
Give consumers a way to make it known that they'll purchase a product or service if and when it reaches a certain price.
Give consumers a way to offer the price they'll pay and to get a response from the merchant if the merchant accepts that price.
Offer the product or service at auction.
You might be thinking about now that all these methods have been tried in one way or another by companies on the Net. True, to an extent. But here's the secret: To make this scheme act like the stock market, you must combine all four methods, applied to the same product or service at the same time—concurrently.
This is called concurrent dynamic pricing. And here's how it works.