Real-Time Pricing

Real-Time Pricing (RTP) is a dynamic pricing strategy where the cost of a product or service changes frequently based on current market conditions, supply, and demand. For example, electricity rates may vary throughout the day depending on usage levels, encouraging consumers to adjust their consumption during cheaper periods. This approach helps suppliers optimize revenue and balance demand, while consumers can potentially save money by adjusting usage when prices are lower. RTP reflects the fluid nature of markets, ensuring prices are responsive and efficient, benefiting both providers and consumers overall.