How AI helps companies set prices

The article discusses how companies are using artificial intelligence (AI) to optimize pricing strategies. AI algorithms can analyze vast amounts of data, including competitor prices, customer behavior, and market trends, to determine the optimal price for products and services. This allows companies to maximize revenue while remaining competitive. AI pricing models can also adjust prices in real-time based on fluctuating demand, inventory levels, and other factors. However, the use of AI for pricing raises concerns about potential discrimination and lack of transparency. Experts recommend that companies carefully monitor their AI systems and ensure they comply with regulations and ethical standards. Overall, the article highlights the growing role of AI in pricing decisions and the need for responsible implementation.

Source: https://www.cnn.com/2024/07/21/tech/how-ai-helps-companies-set-prices?cid=external-feeds_iluminar_yahoo