Boosting Retail Margins: Price Optimization with Machine Learning

Discover how machine learning is revolutionizing price optimization in retail during this 37-minute conference talk by Maia Brenner, AI Specialist at Tyrolabs. Explore the power of data-driven pricing strategies and learn how ML tools can accurately forecast demand, estimate price elasticity, and determine optimal pricing for each SKU, location, and time. Gain insights into using explainable AI and randomized control trials to generate business insights and impactful price recommendations. Follow a real-world case study of a Luxury Retail Company that achieved a 28% boost in gross margin through ML-driven price optimization, resulting in over half a million dollars in gains during a 10-week experiment. Uncover the specific algorithms, techniques, and data sources applied in this successful implementation, and understand how machine learning is reshaping the future of retail pricing.