How can you use machine learning to optimize pricing?
Pricing is one of the most critical decisions in retail marketing, as it affects customer demand, profitability, and competitive advantage. However, finding the optimal price for each product, location, and customer segment can be challenging, especially in dynamic and uncertain markets. That's why many retailers are turning to machine learning, a branch of artificial intelligence that can learn from data and make predictions, to optimize their pricing strategies. In this article, you will learn how machine learning can help you set prices that maximize your revenue and customer satisfaction, and what tools and techniques you can use to implement it.