Reinforcement Learning for Dynamic Pricing - DataScienceCentral.com

Limitations on physical interactions throughout the world have reshaped our lives and habits. And while the pandemic has been disrupting the majority of industries, e-commerce has been thriving. This article covers how reinforcement learning for dynamic pricing helps retailers refine their pricing strategies to increase profitability and boost customer engagement and loyalty. In dynamic pricing, we want an agent to set optimal prices based on market conditions. In terms of RL concepts, actions are all of the possible prices and states, market conditions, except for the current price of the product or service.