An efficient novel approach to E-commerce retail price optimization through machine learning
Businesses can use price optimization to discover the most profitable price point by using customer and market data to drive their decisions. The optimal price points will result in the company making the most money possible, but they may also be created to help the company expand into untapped mark...
| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
EDP Sciences
2023-01-01
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| Series: | E3S Web of Conferences |
| Online Access: | https://www.e3s-conferences.org/articles/e3sconf/pdf/2023/28/e3sconf_icmed-icmpc2023_01104.pdf |
| _version_ | 1797807761796366336 |
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| author | Subbarayudu Yerragudipadu Reddy G. Vijendar Raj M. Vamsi Krishna Uday K. Fasiuddin M.D. Vishal P. |
| author_facet | Subbarayudu Yerragudipadu Reddy G. Vijendar Raj M. Vamsi Krishna Uday K. Fasiuddin M.D. Vishal P. |
| author_sort | Subbarayudu Yerragudipadu |
| collection | DOAJ |
| description | Businesses can use price optimization to discover the most profitable price point by using customer and market data to drive their decisions. The optimal price points will result in the company making the most money possible, but they may also be created to help the company expand into untapped markets or increase its market share, for example Businesses can use machine learning to price products and services to maximise sales or profitability by using data instead of educated guess-work. When utilised for price optimization, ML-based algorithms can be used to forecast demand for a particular product as well as the ideal price and how buyers will respond to specific pricing. Pricing decisions can be made more accurately using machine learning, which will boost a company's revenue. |
| first_indexed | 2024-03-13T06:28:31Z |
| format | Article |
| id | doaj.art-0f7467ecfaf44bcb9b051053df5397df |
| institution | Directory Open Access Journal |
| issn | 2267-1242 |
| language | English |
| last_indexed | 2024-03-13T06:28:31Z |
| publishDate | 2023-01-01 |
| publisher | EDP Sciences |
| record_format | Article |
| series | E3S Web of Conferences |
| spelling | doaj.art-0f7467ecfaf44bcb9b051053df5397df2023-06-09T09:11:31ZengEDP SciencesE3S Web of Conferences2267-12422023-01-013910110410.1051/e3sconf/202339101104e3sconf_icmed-icmpc2023_01104An efficient novel approach to E-commerce retail price optimization through machine learningSubbarayudu Yerragudipadu0Reddy G. Vijendar1Raj M. Vamsi Krishna2Uday K.3Fasiuddin M.D.4Vishal P.5Department of Information Technology, Gokaraju Rangaraju Institute of Engineering and TechnologyDepartment of Information Technology, Gokaraju Rangaraju Institute of Engineering and TechnologyDepartment of Information Technology, Gokaraju Rangaraju Institute of Engineering and TechnologyDepartment of Information Technology, Gokaraju Rangaraju Institute of Engineering and TechnologyDepartment of Information Technology, Gokaraju Rangaraju Institute of Engineering and TechnologyDepartment of Information Technology, Gokaraju Rangaraju Institute of Engineering and TechnologyBusinesses can use price optimization to discover the most profitable price point by using customer and market data to drive their decisions. The optimal price points will result in the company making the most money possible, but they may also be created to help the company expand into untapped markets or increase its market share, for example Businesses can use machine learning to price products and services to maximise sales or profitability by using data instead of educated guess-work. When utilised for price optimization, ML-based algorithms can be used to forecast demand for a particular product as well as the ideal price and how buyers will respond to specific pricing. Pricing decisions can be made more accurately using machine learning, which will boost a company's revenue.https://www.e3s-conferences.org/articles/e3sconf/pdf/2023/28/e3sconf_icmed-icmpc2023_01104.pdf |
| spellingShingle | Subbarayudu Yerragudipadu Reddy G. Vijendar Raj M. Vamsi Krishna Uday K. Fasiuddin M.D. Vishal P. An efficient novel approach to E-commerce retail price optimization through machine learning E3S Web of Conferences |
| title | An efficient novel approach to E-commerce retail price optimization through machine learning |
| title_full | An efficient novel approach to E-commerce retail price optimization through machine learning |
| title_fullStr | An efficient novel approach to E-commerce retail price optimization through machine learning |
| title_full_unstemmed | An efficient novel approach to E-commerce retail price optimization through machine learning |
| title_short | An efficient novel approach to E-commerce retail price optimization through machine learning |
| title_sort | efficient novel approach to e commerce retail price optimization through machine learning |
| url | https://www.e3s-conferences.org/articles/e3sconf/pdf/2023/28/e3sconf_icmed-icmpc2023_01104.pdf |
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