Geopricing is the practice of adjusting prices on the location or geographical location of the customer. This strategy allows retailers to tailor their pricing strategies to specific regions, taking into account factors such as local competition, cost of goods, and purchasing power.
There are several reasons why retailers may implement geopricing.
Firstly, helps to optimize pricing to maximize profits, as different locations may have varying levels of demand and price sensitivity. By analyzing local consumer behavior and market conditions, retailers can set prices that are both competitive and profitable.