Machine Learning: Role in Pricing And Inventory Optimization
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Machine learning is a subset of artificial intelligence and it is based on the notion that systems can derive valuable information from data. Software solutions that are powered with machine learning can make it easier for retailers to stay ahead and win the retail race. An AI-powered pricing software can forecast with precision which means you can stay ahead of even your closest competitors. It makes use of historical data to make the correct predictions so you know when to change the price and to tweak your inventory to the highest profits and lower your costs.