Can artificial intelligence help merchandisers stay competitive with their pricing strategies? LinkedIn. June 5, 2017.
Dynamic pricing isn’t a new concept. It’s the ability to optimally adjust retail prices, potentially multiple times a day, based on internal and external factors. But an A.I. based algorithm for dynamic pricing that can take into consideration numerous factors such as market demand, social sentiment, competitor prices, inventory availability, time of day, conversion rates, financial goals, user personalization, and even the weather is extremely powerful in giving your business a leg up on your competitors