I'd have to think about it more. However, my first thought (which is not always correct), if you know that it might rain, then raise the prices beforehand, not when it starts to rain. That just feels like an extra tax.
A lot of stores increase their prices when they're expecting something like bad/good weather, events, etc., and it's fine for me. But when prices are increased momentarily due to a sudden need, that just feels bad for the customers. And it's not just me. A lot of people feel that way. That's why there's such a negative connotation to surge pricing.
As a small scenario, if I came to your booth when it isn't raining and asked about umbrella prices and you quoted a price, would you respect that price if I came back later if it started raining? If yes, then great. If not, and you raise the price, do you think that I won't say negative things about your booth to others? You may gain a few dollars in the short term, but overall you may lose more than the few dollars you gained.
And a reason I said I'd have to think about it: A solo person selling to a small flea market affects a lot less people than a major grocery chain. Like even if you did raise the price to me when it started raining, I wouldn't feel bad, knowing that you're just a small seller. When a large multi-billion dollar revenue chain does it, it feels bad, since they're just taking advantage and don't give a damn.
Side note: I stopped using Uber during surge pricing due to the fact the driver doesn't actually get a good portion of it. If the driver got all or most of the extra pricing because they're the one's stuck in traffic, I probably wouldn't mind.
> But when prices are increased momentarily due to a sudden need, that just feels bad for the customers.
If 100 people come into your store to buy the 50 umbrellas you carry, isn't it better for everyone to raise the prices? Some of those 100 might not REALLY need an umbrella, and are just buying it because they think they should (or to resell later!). If you raise the prices, you drive those buyers away and leave more product for the people who need it the most.
A lot of stores increase their prices when they're expecting something like bad/good weather, events, etc., and it's fine for me. But when prices are increased momentarily due to a sudden need, that just feels bad for the customers. And it's not just me. A lot of people feel that way. That's why there's such a negative connotation to surge pricing.
As a small scenario, if I came to your booth when it isn't raining and asked about umbrella prices and you quoted a price, would you respect that price if I came back later if it started raining? If yes, then great. If not, and you raise the price, do you think that I won't say negative things about your booth to others? You may gain a few dollars in the short term, but overall you may lose more than the few dollars you gained.
And a reason I said I'd have to think about it: A solo person selling to a small flea market affects a lot less people than a major grocery chain. Like even if you did raise the price to me when it started raining, I wouldn't feel bad, knowing that you're just a small seller. When a large multi-billion dollar revenue chain does it, it feels bad, since they're just taking advantage and don't give a damn.
Side note: I stopped using Uber during surge pricing due to the fact the driver doesn't actually get a good portion of it. If the driver got all or most of the extra pricing because they're the one's stuck in traffic, I probably wouldn't mind.