Change Pricing dynamically to avoid under and overstocking and optimize margins based on different factors like consumer elasticity, competitors moves, market conditions, and time
Benefits include: Automating Price Adjustments, More Agility responding to Competitors Moves, and Increasing Competitiveness
Understand the Use-case under 5 minutes
Video (3 minutes)
Learn how Bain’s Dynamic Pricing Engine uses advanced analytics to generate prices in real time in response to market changes. Engine uses things like Ensemble Elasticity, Margin Optimization, Dynamic Seasonality, and other techniques
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Video (2 minutes)
See how Machine Learning models learn from historical sales data and different characteristics of the product, including descriptions and pictures of the products, to automate the pricing process.
Watch
Get to know more Business and Technical details about the use-case (15-30 minutes)
More detailed introduction covering business and technical aspects
Video (14 minutes)
How to optimize prices and increase sales and margins using Artificial Intelligence techniques and dynamic pricing
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Article (22 minutes)
Advantages of Dynamic Pricing, it’s Approaches (rule based vs AI), How AI-based Dynamic Pricing works, 4 Case Studies, and Factors to consider when building ML-based Dynamic Pricing solutions
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Article (19 minutes)
This blog will present the problem of price optimization for retail which has its own particularities and you will see how retailers can take advantage of the tremendous power of ML technology to build effective pricing solutions.
ReadCase studies, Organizational Aspects, Return on Investment examples
Case Study
Omnichannel electronics giant sees 4% growth in key business indicators from price recommendations suggested by Neural Networks.
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Case Study
Discover how Competera helped leading sports retailer handle more complex rules and pricing logic by implementing competition-based price optimization for over half a million SKUs. Re-pricing time reduced by 50%
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Video (1.5 minutes)
How Tyrolabs used Machine Learning to boost a Luxury retailer’s Gross Margin by 28% using Price Optimization
WatchMore details on the technical aspects of the use-case
Article (17 minutes)
The article focuses on the “Data” aspect of dynamic pricing: types of data needed, how does it affect the pricing algorithm, managing large and complex data sets, and more
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Video (36 minutes)
Explaining how MANGO has used ML to predict the demand for each item and the ideal price point to be used during each week of the clearance season
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Video (14 minutes)
The algorithms, techniques, and data sources applied, which led a client to gain over half a million dollars during a 10-weeks price optimization experiment.
Watch
Technical resources that will help you implement the use-case (notebooks, tutorials..)
Case Study
This post will be focusing on how to perform data-driven price optimization, using a case study to showcase what can be done using sales data to predict demand and optimize prices.
Read
Article (27 minutes)
This article is a deep dive into dynamic pricing algorithms that use dynamic pricing reinforcement learning and Bayesian inference ideas, and were tested at scale by companies like Walmart and Groupon
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Tutorial
A step by step Tutorial from Google using BigQuery, BigQuery ML, Dataprep, and other Google Cloud components for a Price Optimization workflow
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Github Repo
Retail industry solutions for product price optimization using the Azure with end-to-end walkthrough. The solution can be customized to analyze various pricing scenarios as long as the general data science approach remains similar.
VisitGithub Repo
Everything about intelligent pricing(dynamic pricing/algorithmic pricing) in the fields of management science, operations research, computer science and artificial intelligence.
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Data Sets you can use to build Demos, POCs, or test Algorithms
100,000 Orders with product, customer and reviews infoThis is a Brazilian ecommerce public dataset of orders made at Olist Store. The dataset has information of 100k orders from 2016 to 2018 made at multiple marketplaces in Brazil. Its features allows viewing an order from multiple dimensions: from order status, price, payment and more
Off-the-Shelf Products using AI for Fraud Detection
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