Retail-price-optimization
A dashboard that recommends revenue-maximizing prices using historical sales data.
Features
Price recommendation, revenue estimation Risk analysis, interactive dashboard
Pain Points
Ignoring the substitution effect Ignoring price elasticity No statistical significance
Price Strategy
Find the lowest competitor price Optimal price and thus maximized total revenue after implement price recommendation for each product ±15% risk boundary Bootstrap validation-confidence interval for the increase in total revenue
Interactive Dashboard
Current Price Recommended Price Expected Revenue Confidence Risk level
Business Impact
Revenue upside Statistical-based decisions Risk control
Challenges we ran into
Regression Modeling, such as which regression model and variables to choose, will improve model accuracy.
Accomplishments that we're proud of
An interactive dashboard https://tz8216.github.io/retail-price-optimization/
What we learned
Variable control
Future Work
Cross-validation Price prediction system Productization
