Price optimization is the process of optimizing price and inventory-order-quantity plan through more accurate demand forecasting. The prime aim of price optimization is to maximize revenues and/or profits. This can be achieved through sophisticated forecasting and optimization algorithms incorporated in high-performance decision support systems. Automated decision support systems are critical for price optimization and inventory management plan to improve revenue and profits in the retail business. This survey-oriented white paper defines and substantiates the importance of decision support systems for price optimization to foresee business conditions for retail companies.
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