Ai in real_life_dynamic_pricing
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AI has enhanced dynamic pricing by allowing prices to change more frequently and be influenced by more factors. While dynamic pricing has existed for a long time, AI has made it possible for prices to update every minute based on news, other purchases, demand, and more. This shows how AI has accelerated an existing practice of adjusting prices rather than creating new uses cases outright. Companies can now leverage vast amounts of customer and market data via AI to continuously set optimal prices.
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Ai in real_life_dynamic_pricing
- 1. AI Club
- 2. AI Club AI In Real Life - How AI changed Dynamic Pricing
- 3. Dynamic Pricing ● Different prices for different customers ● Different prices at different times for the same customer ● Adjusting price to meet demand ● Adjusting price to match competitors
- 4. Did AI Create Dynamic Pricing? ● No!! ● Dynamic Pricing has been around for a long time ● Did you notice ○ Air tickets cost more if you do not book 2 weeks in advance? ○ Last minute tickets for pretty much anything always cost more? Price Time
- 5. What did AI do? ● Made dynamic pricing far more adaptive ● Now prices can change ○ Every minute ○ Based on things on the news ○ Based on other things you bought 10 minutes ago! ○ Other people looking to buy (Uber surge pricing as an example) ○ Who is on the road (Toll pricing)
- 6. What should we learn from this? ● AI did not invent this use case, but.. ● With AI, things are possible that were not possible before ● AI is changing the way that products are priced and sold ● For companies ○ The more they know about their customers ○ The more they know about what is going on in the world ○ The more they can find the right price!