A design model for knowledge-based pricing services in the retail industry
Journal
International Journal of Web Engineering and Technology
ISSN
1476-1289
ISSN-Digital
1741-9212
Type
journal article
Date Issued
2011-10-31
Author(s)
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.
Language
English
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
HSG Classification
contribution to scientific community
Refereed
Yes
Publisher
Inderscience Publishers
Publisher place
Genf
Volume
6
Number
4
Start page
302
End page
319
Pages
18
Subject(s)
Division(s)
Eprints ID
71656
File(s)![Thumbnail Image]()
open.access
Name
Kowatsch Maass 2011 Design Model Pricing Services Retail.pdf
Size
474.3 KB
Format
Adobe PDF
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