Dynamic Price Management System in a Distributed Cloud Environment

With the increase in the number of e-commerce applications on the internet, the demand and supply of commodities have increased. Though a static pricing system can be used in today's evolving market, prices of a commodity ought to be dynamically updated to improve revenues. The main challenge is to design a system dealing with real-time price updating based on the analysis of the available and complex data. The fundamental challenge is to design a dynamic price management system that meets the demand of customers and the availability of a commodity to maximize revenues with minimum cost and time involvement. In this paper, a Dynamic price management system (DPMS) for a flexible and connected smart nation has been designed to control and monitor the pricing of a commodity from selling platforms like retail, wholesale, the company's website, and e-commerce. Enormous pricing management system models have been researched, but in this paper, our objective is to provide a flexible, versatile, and intellectual pricing management system that handles the pricing of a commodity through a single interface for all the selling platforms. Smart pricing is the dynamic adjustment of prices or repricing of a commodity based on the market demand for a product. This model simplifies the vendors' problem of controlling a homogenous commodity's price component on different selling platforms like retail, wholesale, and e-commerce for a fully connected smart nation.