Price Change Strategies for an eCommerce Platform and Marketplace

Setting product prices is a comprehensive way for businesses to define their service quality & performance of the business. Unfortunately, price decisions are plagued with unpredictability. The interconnection of retail and consumer characteristics makes quantifying the efficacy of a pricing strategy on retailers tricky. When rival price tactics can have the ability to affect the customer, consumers and competitors’ complexity rises and behavior. The research examines the influence of cost tactics or methods on merchants by agent simulations. The pricing concept methods are studied are interlinked with the promotion of the price. This explains the frequency and tentativeness of the promotions and the stage of the price drop. We can have two standard framework variants specify the agents i.e., consumers and retailers. The merchants utilize decent cost price technique homogeneity agents or alternative cost pricing policies (heterogeneous agents), whereas a customer has special and different purchasing preferences and optimistic utility rating scales. An operative product advertising market represents items that are pickup consistently for day-to-day needs, for example, foodstuff, fashion items, books and tech products and toiletries, etc. Mainly this paper study defines the report for the graphic illustration purpose. These reveal that each merchant and consumer have constrained method drives for the transpiring outcomes, and each product pricing method approach has a distinct effect on merchants in terms of market share. The research study defines the new predictive influence and distinctive effects of product cost pricing methods on retailers.