Effective Dynamic Pricing for E-Commerce Businesses by Estimating Customers Behavior Using Data-MiningJournal: International Journal of Science and Research (IJSR) (Vol.6, No. 7)
Publication Date: 2017-07-05
Authors : Mark Malcolm Furtado; Sneha Leleat Gonsalves;
Page : 2137-2141
Keywords : Data Mining; Dynamic Pricing Strategy; E-Commerce; Consumer Behavior Analysis;
The success of any e-commerce website of business lies in how well it is able to balance the needs and demands of its customers as well as how efficient it is in generating enough profit to keep the business running. Alongside, competition plays a key factor in determining how it is able to maintain relations with its customers. Considering every users shopping perspective isnt same, as well as the price point every user is comfortable with varies to a certain extend according to his/hers financial condition. Taking in account these factors and also maintaining balance between profit and customer relation poses a challenge. In the proposed solution, we provide a method to dynamically set up the price of every product which is achieved by analyzing users behavior from his shopping trend and at the same time, making sure maximum profit can be achieved.
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