Retail Predictive Analytics for Price Optimization & Markdown Management - Machine Learning Times - machine learning & data science news
Machine Learning Times
Machine Learning Times

By: Yan Krupnik, Business Development Manager, Retalon 

 There is no doubt that price is one of the biggest factors affecting gross margin, sales volumes and overall customer service level in any retail organization. A small adjustment in price can significantly alter consumer demand, profit, and company image; however, this effect can also work the other way around. Moreover, as you’re about to find out, not all products will have the same reaction to changes in price. So how important is price optimization for retailers? A report published by the Journal of Retailing that consisted of research from multiple universities across the United Sates, claims that “US retailers

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