Black Friday is coming, watch out these traps

Forbes – Each year brings new sales and strategies, and 2016 is no different. Even Black Friday veterans might need some new tricks to navigate the day.

Dynamic Pricing

Data is king today and retailers use it for a lot of things including determining how much a consumer is willing, or able to pay for an item based on search or purchasing history.

So if you’ve been searching for 50 inch Ultra High Definition TVs by Samsung and noticed that the price changes with each search, that’s dynamic pricing.

Sometimes the price goes down, to entice you to buy. And sometimes the price goes up if the site determines a keen interest or need for the product. This is particularly true of travel-related goods such as airline tickets and hotel reservations. If someone needs to get home for a holiday or attend a conference, a merchant may well try to get the highest possible price.

Dynamic pricing could well come into play Black Friday weekend, particularly for shoppers whose browsing history suggests a desire for a specific item.

Surge Pricing

As Uber riders know, prices go up based on demand and peak times. Merchants have begun adopting surge pricing too, and this holiday season could bring some of our first solid examples of the practice.

There are several different software providers with platforms to help retailers utilize surge pricing. Restaurants and entertainment venues have been using and as consumers become more accustomed to the upcharges, the practice could creep into online sales, particularly for popular items bought at the last minute.