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A design model for knowledge-based pricing services in the retail industry

abstract Marketing research has identified several benefits of dynamic pricing strategies in the retail industry. However, today’s retailers are limited to apply them in real-time to customer needs as corresponding pricing services provided by smart product infrastructures have not been adopted so far. In addition, dynamic pricing strategies rely on a business service ecosystem of retailers, suppliers, customers and regulatory bodies and thus, interoperability is required. Because unprecedented, our objectives are therefore to propose, implement and evaluate a design model for pricing services that rely on explicit semantics and rules, denoted as knowledge-based pricing services (KPSs). In this work, we propose a design model for KPSs and empirically evaluate their utility from a customer perspective with the help of a web-based application. We finally draw implications for business models in the retail industry and discuss tools that already exist to adopt KPSs in the near future.
   
type journal paper
   
keywords Pricing service, knowledge-based framework, retail industry, ecosystem, operational agility, interoperability, business model, semantic services, ontologies, web-based information system, adoption and diffusion, empirical study, experiment
   
language English
kind of paper journal article
date of appearance 31-10-2011
journal International Journal of Web Engineering and Technology
publisher Inderscience Publishers (Genf)
ISSN 1476-1289
ISSN (online) 1741-9212
DOI 10.1504/IJWET.2011.043436
volume of journal 6
number of issue 4
page(s) 302-319
review double-blind review
   
citation Kowatsch, T., & Maass, W. (2011). A design model for knowledge-based pricing services in the retail industry. International Journal of Web Engineering and Technology, 6(4), 302-319, DOI:10.1504/IJWET.2011.043436.