Ok this is clever. Get your AI algorithm to dynamically adjust pricing based on various factors on your site. Factors like demand, competitor pricing, and customer behaviour. This approach ensures competitive pricing and maximises revenue.
Say you have an e-commerce platform. AI collects data on things like demand, competitor pricing, inventory levels, and historical sales data. It monitors your competitors website for pricing. When a competitor adjusts their prices, the system quickly adapts to ensure your prices remain competitive. The AI can detect demand periods, such as holidays or special events, and then automatically adjust prices upwards to maximise revenue. (And of course during periods of lower demand, prices can be adjusted downward to encourage sales). The system can analyse inventory levels, popularity of products, and current market trends to decide when to initiate promotions, creating a sense of urgency and driving sales. Seasonal pricing adjustments, A/B price testing, even personalised pricing based on individual customer behaviours. The possibilities are endless.