Join Barton Poulson for an in-depth discussion in this video Dynamic pricing, part of The Data Science of Retail, Sales, and Commerce.
- [Instructor] Think about the last time…you bought a ticket for a trip on an airplane.…You know of course that the prices depend…on whether you're flying coach or business class…and they depend on the day of the week,…and the time of the day that you want to travel,…but you've probably also noticed…that practice for the exact same flight…on the exact same day…can vary sometimes substantially…depending on when you're checking the price.…This is an example of dynamic pricing…or price optimization.…
And while prices have historically been set by humans…and may have been based on a limited number of variables…because people can only do so much,…modern algorithms make it possible to vary prices…for commercial products almost constantly…to respond to an incredibly wide range of factors.…Some of the things that might go into it, for example,…are supply and demand.…Obviously where scarcity of supply and high demand…have always been associated with higher prices,…but something like the sales channel.…Is the person shopping online,…
Updated
4/2/2018Released
7/22/2017- Data fundamentals
- Retail, sales, and marketing data
- Analyzing consumer sentiment
- Exploring market segmentation
- Evaluating leads and customers
- Getting recommendations from engines
- Pricing dynamically
- Predicting trends
Skill Level Appropriate for all
Duration
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Q: This course was updated on 04/02/2018. What changed?
A: We added one video on data science careers in retail and sales.
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Video: Dynamic pricing