What is dynamic pricing in SAP WEC-APP-SLS - Web Channel Sales Application?

SAP Term: dynamic pricing

• Component: WEC-APP-SLS

• Component Name: Web Channel Sales Application

• Description: Method in which the price is determined based on multiple criteria instead of just being accepted or rejected, as in a fixed pricing scenario for example, list prices from the product catalog.

Smart SAP Assistant

• Key Concepts: 
  Dynamic pricing is a feature of the WEC-APP-SLS Web Channel Sales Application in SAP that allows businesses to adjust their prices in real-time based on customer demand and market conditions. This feature enables businesses to maximize their profits by setting prices that are competitive and attractive to customers. 
  
  How to use it: 
  To use dynamic pricing, businesses must first set up the WEC-APP-SLS Web Channel Sales Application in SAP. Once the application is set up, businesses can configure the dynamic pricing feature to adjust prices based on customer demand and market conditions. Businesses can also set rules for when prices should be adjusted, such as when a certain number of customers have purchased a product or when a certain amount of time has passed since the last price adjustment. 
  
  Tips & Tricks: 
  When setting up dynamic pricing, it is important to consider the customer’s perspective. Customers may be more likely to purchase a product if they feel they are getting a good deal, so businesses should consider setting prices that are competitive with other businesses in the market. Additionally, businesses should consider setting rules for when prices should be adjusted so that customers do not feel like they are being taken advantage of. 
  
  Related Information: 
  For more information about dynamic pricing and how to set it up in SAP, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/WEC_APP_SLS/latest/en-US/f9f8d7a2b3e14c8a9f3d7c6b2f5e4d1a.html