Price Optimization Algorithms

Price optimization algorithms are tools that help businesses determine the best price for their products or services. They analyze various factors like customer demand, competitors' prices, costs, and market trends to find the price point that maximizes revenue or profit. These algorithms use data and mathematical models to predict how different prices affect sales and profit, allowing companies to set prices that attract customers while ensuring profitability. Essentially, they provide data-driven insights to make smarter pricing decisions in a competitive marketplace.