Humans are pretty bad at determining how much something should cost. Make better, more scientific pricing decisions with historical data and other factors.
Set prices that balance demand, profit and risk
Sometimes, it all seems to be about price. But it’s not as simple as that, and even pricing itself is a complex practice. Low prices risk negative margin impact. High prices might scare away buyers. And then there are competitive pressures, geographical and market variations, and ever-changing cost of inputs that need to be factored in. Data science can make pricing easier, more scientific, and less subjective or even whimsical – taking into consideration all possible factors and historical data.