Dynamic pricing with historical data based analysis for online bargaining

This paper proposes bargaining for online transaction or for online purchase of a particular product that plays an important role in the benefit of the online retailers and customer as well, keeping profit margin into consideration. Customers get benefited by purchasing the product at its best possible value. Price of a particular product is set for a particular day, totally depends on the analysis made on the historical data of a product sold i.e. last seven days or last week, which is called as dynamic pricing. Online bargain is continuously ongoing process for which the price of the product for next day to be set is calculated at the end of each day. Calculation of the price to be set is done by the data gathered from different website into the main server. Wherein the processing takes place and compares the price set with amount entered by the customer for negotiation. Customer has two attempts for bargain that offers best price so as to deal or exit from the process. Process of bargain takes place if amount entered by the customer falls in the range of bargaining frame. In this proposed paper two types of profit will be attained by the retailer.