Retailers have access to technology that allows personalized pricing. Finance expert Mike Periu on the technology that helps retailers customize prices.
Using a combination of historical purchasing data as well as purchased information about consumers, retailers can modify offers and pricing based on the specific preferences of each customer. Offering regular customers special discounts for their loyalty is a common example of this practice; however, combining these practices with data-mining allows for even more sophisticated uses. For example, retailers could share consumer profile data with one another, ensuring that consumers are charged the most they are willing to pay for a product regardless of where they buy it. Consumers, on the other hand, could have personal configurations (like clothing sizes, favorite colors, etc.) available to them wherever they shop. While the technology is available, privacy laws and consumer sentiment is still behind.
About small business finance expert Mike Periu
Mike Periu has experience in small business finance. He founded Proximo, LLC a company that offers consumer and small business training services focused on technology and money.
Mike Periu teaches individual empowerment through entrepreneurship and financial literacy. He has appeared 500+ times on television and radio. Visit the Reach and Media pages of his website to learn more about where he has appeared.
You can read more of Mike’s articles on his blog or at American Express OpenForum, Yahoo! Finanzas and the Huffington Post.
Mike has a degree in International Business and Finance which he received at Georgetown University in Washington, DC. He received a Fellowship from the Kauffman Foundation for the Labs for Enterprise Creation program in Kansas City.
