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Machine Learning for Dynamic Pricing in e-Commerce

Author

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  • Maria Cristina ENACHE

    (Dunarea de Jos University of Galati, Romania)

Abstract

Dynamic pricing is a long-term pricing model that can increase the conversion rates of your e-commerce store. You can use A.I applications to offer different prices for the same product to different customers, depending on unique personal factors. Advanced applications should take into account many other factors, such as the prices charged by competitors that buyers have previously sponsored, the current demand for the product, cross-price elasticity, halo ratios, and so on. Some AI-based dynamic pricing models can also implement in-depth learning capabilities to deduce the prices that each customer will be willing to pay for a product or service at some point.

Suggested Citation

  • Maria Cristina ENACHE, 2021. "Machine Learning for Dynamic Pricing in e-Commerce," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 3, pages 114-119.
    • Handle: RePEc:ddj:fseeai:y:2021:i:3:p:114-119
    DOI: 10.35219/eai15840409230
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    Cited by:

    1. Maria-Cristina ENACHE, 2023. "Data Analysis in e-Commerce," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 100-104.

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