E-commerce sites have become a popular destination for shopping, as more and more customers choose the convenience of online retailers over traditional brick-and-mortar stores. Despite such high demand, digital stores need to constantly re-evaluate their pricing strategy in order to remain competitive. Our client was a major e-commerce retailer in the US, specialized in flowers and gift baskets. Their pricing strategy was a combination of cost-plus (margin-driven) approach and daily adjustments based on changes in inventory, given the perishable nature of their products. The Pricing Solutions team leveraged advanced modeling skills to develop a dynamic pricing model that optimized prices daily based on forecasted demand and supply (inventory). The model was able to generat

Join for free to read