Is ML-Powered Price Optimization Worth it?

In recent years, artificial intelligence (AI) and machine learning (ML) technologies have successfully penetrated many industries, ranging from healthcare to automotive. However, retail is particularly susceptible to adopting various ML applications as data is this industry's driving force both in the physical and e-commerce realms. For example, an AI-powered recommendation engine has become a must-have among retailers, enabling them to boost customer experience and drive revenue. Nowadays, retailers are keeping their ears to the ground to be the first to adopt the next industry changer. Of course, there are attention-grabbers like computer vision-powered robots that autonomously take care of inventory, or facial recognition cameras that detect customers' emotions. However, the next big thing, ML-powered pricing optimization, seems to sacrifice flashiness for the sake of a significant competitive advantage and return on investment.