Contextual Demand Elasticity Modelling and Competitive Pricing Intelligence: Reinforcement Learning for Dynamic Retail Price Optimisation
Keywords:
contextual demand elasticity modelling, competitive pricing intelligence, reinforcement learning, dynamic retail price optimisation, machine learningAbstract
Artificial intelligence (AI) technologies and machine learning algorithms have become increasingly relevant in recent retail experiences. They can help retailers of all sizes, especially online stores, create unique pricing strategies tailored to a specific product, customer segment, micro-segment, or contextual regulation. This essay outlines these pricing strategies and some real problems faced by enterprises.Downloads
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