Dynamic Pricing Strategy to effectively fill slots | Ecommerce | Travel | Hospitality Domains
Channel: DataTrek
Date: 23/09/2022

#datascience #machinelearning #artificialintelligence #analytics #statistics 


​​Dynamic Pricing is a concept where the price of the commodity can be adjusted depending on the varying demand and supply. It can be used in the E-commerce domain where prices of the items can be adjusted during sales or to clear the over-stocked inventories or to clear inventories nearing expiry. It can also be used in the hospitality domain to adjust the prices of accommodations during off and on-seasons. It can also be used in the travel industry when the demand for bookings varies across the year. Here's a short video for Data Science enthusiasts I have created on how one can leverage basic Machine Learning and Data Science to create an intelligent dynamic pricing system in place. There is also an optimization layer on top of the Machine Learning solution. Data Science enthusiasts can build on this idea to improve it further.

Kaggle Notebook
https://www.kaggle.com/code/abhishekmungoli/dynamic-pricing-to-fill-slots/notebook
About DataTrek Series
https://youtu.be/YvUMvFVwC_E

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