Artificial Intelligence in Pricing: A Game-Changer for Business Success
Artificial Intelligence in Pricing: A Game-Changer for Business Success

Author(s): Bilyana Ivanova
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Artificial Intelligence; Pricing strategies; Gen AI; Pricing transformation
Summary/Abstract: This paper investigates the game-changing potential of artificial intelligence (AI) in transforming pricing strategies across various industries. The research begins by defining general AI and its key components, such as machine learning, natural language processing, and computer vision. The paper then explores the application of AI in pricing, discussing how these technologies can be leveraged to optimize demand forecasting, personalization, and dynamic pricing. The benefits of incorporating AI in pricing, including increased accuracy, efficiency, and customer satisfaction, are highlighted. However, the discussion investigates challenges associated with implementing AI in pricing, such as data quality, ethical considerations, and regulatory compliance. Future research directions are proposed, including the integration of AI with other advanced analytics techniques and the development of novel pricing models enabled by AI. In conclusion, this paper underscores the disruptive impact of AI on pricing strategies and emphasizes the need for businesses to embrace this technology to stay competitive and achieve long-term success.

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