Reprice Meaning: Definition, Examples, and Translations
๐ต
reprice
[หriหหpraษชs ]
Definition
business strategy
To reprice is to change the price of a product or service, often in response to market conditions or competitive factors. It can involve increasing or decreasing the price to better align with consumer demand or cost structures.
Synonyms
Examples of usage
- The company decided to reprice their products after a market analysis.
- We need to reprice our services to stay competitive.
- The retailer will reprice items during the holiday sales.
- After the supplier raised costs, it became necessary to reprice our offerings.
Translations
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Interesting Facts
Economics
- Repricing can be essential during sales events to attract consumers and increase sales volume.
- Inflation or changes in market demand often trigger businesses to reprice their goods to reflect current economic conditions.
Retail Strategy
- Retailers frequently reprice items during clearance sales to quickly move inventory that hasnโt sold.
- Dynamic pricing strategies use algorithms to automatically reprice products based on competitor pricing or consumer behavior.
Technology
- Software systems are now used to manage pricing with real-time data, enabling prompt repricing based on market shifts.
- Smartphones and apps allow consumers to compare prices instantly, pushing businesses to reprice competitively.
Psychology
- Perceived value can change with repricing; for instance, a higher price can sometimes lead consumers to believe an item is of higher quality.
- Discounts can create urgency; consumers often feel motivated to buy when they see a reprice as a 'limited-time' offer.
Origin of 'reprice'
Main points about word origin
- The term includes the prefix 're-', meaning 'again', and 'price', which comes from the Latin 'pretium' meaning 'value' or 'worth'.
- It began appearing in business English in the late 20th century as markets became more dynamic.
The term 'reprice' is derived from the prefix 're-' meaning 'again' and the word 'price.' The concept of changing prices has existed throughout history, particularly in commerce and trade. The origins of the word can be traced back to Middle English where 'price' (from Old French 'pris') refers to the cost or value of something. As businesses evolved, the need to adjust prices in response to various factors such as supply and demand, market competition, and inflation led to the introduction of the term 'reprice.' This term has become increasingly relevant in modern business environments, especially with the advent of dynamic pricing strategies in e-commerce.