Pricing Influenced by Machine Learning Online Retailers' Optimization for Dynamic Pricing: A Survey

Abstract

Online retailers utilize dynamic pricing as a strategic technique to dynamically modify prices in real-time based on a variety of factors, including market conditions, competition, and demand. Dynamic pricing has undergone a revolution thanks to machine learning (ML), which has made it possible for more complex and data-driven decision-making processes. The use of machine learning to optimize dynamic pricing for online retailers is surveyed in this study. We examine several machine learning algorithms, how they affect pricing methods, and the advantages and difficulties of putting them into practice. We also talk about possible developments for ML-driven dynamic pricing and future trends.