An efficient novel approach to E-commerce retail price optimization through machine learning

Abstract

Businesses can use price optimization to discover the most profitable price point by using customer and market data to drive their decisions. The optimal price points will result in the company making the most money possible, but they may also be created to help the company expand into untapped markets or increase its market share, for example Businesses can use machine learning to price products and services to maximise sales or profitability by using data instead of educated guess-work. When utilised for price optimization, ML-based algorithms can be used to forecast demand for a particular product as well as the ideal price and how buyers will respond to specific pricing. Pricing decisions can be made more accurately using machine learning, which will boost a company's revenue.