Machine Learning-Based Price Optimization for Dynamic Pricing on Online Retail

Machine learning is having a profound impact on the dynamic pricing environment in e-commerce. This research digs into the use of dynamic pricing based on machine learning to shed light on how this trend is reshaping e-commerce's profitability, consumer happiness, and competitive landscape. Collecting data, cleaning up the data, choosing the right model, and evaluating the results are all part of the research technique. The hypothetical data shows a certain way to maximise profits and keep customers. Practical applications of this research are discussed, with an emphasis on the ethical issues raised by dynamic pricing. The last section highlights the significance of dynamic pricing based on machine learning, providing a road map for a more dynamic, adaptable, and lucrative future in online retail for both firms and customers. The article finishes with a look to the future, revealing promising opportunities to further customization, resolve ethical problems, and apply dynamic pricing models across a wide range of businesses.