Deciding how much to charge for your product or service is probably one of the hardest business decisions; why not let ML do it for you? Price optimization is the process of estimating a price at a certain time period to maximize a defined objective function, such as the company’s margin, revenue, or growth rate. ML-based pricing optimization is most suitable for cases with a large number of transactions where demand fluctuates and consumers are willing to pay a dynamic price—for example, internet ads, flight tickets, accommodation bookings, ride-sharing, and events.
