Dynamic Pricing using Machine Learning Demonstrated

Welcome to this video on Dynamic Pricing using machine learning.
Nowadays dynamic pricing is used in many applications such as booking a taxi, or booking a hotel room, or selling online products.
In this video, I will demonstrate on how to use machine learning for dynamic pricing. through examples and visuals using following steps
- Business Context
- Data Preparation
- Feature Engineering
- Machine learning
I will demonstrate on how to use machine learning for dynamic pricing. through examples and visuals. There is no complex programming screen , so just sit back, relax and enjoy the video
Channels website -
You can experience some of the techniques shown in the video, without any coding, on channels website
experiencedatascience.com
Also see Dynamic Pricing with Generative AI - • Dynamic Pricing with G...
Your host
Pranay
You can connect to me on LinkedIn
www.linkedin.com/in/pranay-dave

[@gustavobio]

Hi, just found out this channel. AMAZING resource for us aspiring DS trying to build portfolios. The way you clearly explain the business problem and how the DS solution delivers value is invaluable for people like me with little domain knowledge. Thank you!

[@DataScienceDemonstrated]

Thank you Gustavo !

[@user-de5hs4gb6o]

hi, thank you for the vivid explanation. may i ask a question: which software are you using to group different product items into clusters, and then visualize those clusters with color on the x,y coordinate?

[@DataScienceDemonstrated]

Thanks! I have created my own platform , which is based on Python and JavaScript visualization libraries. You can access it here : experiencedatascience.com . You will be able to make similar clustering and visual as I have shown, without coding. Hope you enjoy it

[@emilymyers9676]

Thanks, very good subject and great visuals !

[@DataScienceDemonstrated]

Thanks Katia!

[@raulmoreno9204]

Fantastic ! Very clear explanation !

[@DataScienceDemonstrated]

Thanks ! Much appreciated !

[@leowarpride9133]

Dude; I hope you get more and more subscribers to encourage and finance you to produce more such great content. Kudos and thanks✊️

[@DataScienceDemonstrated]

Thank you very much! Much appreciated

[@leowarpride9133]

@@DataScienceDemonstrated feel like you are a telco fella (like me) (Re your telco data based demonstrations). Would be great if you could make yet another video explaining how the decision tree is modeled actually. Cause as Far as I understand the decision tree is used to train ML in trial-error-learn fashion which fairly understood thx to your video but the technique to model the tree and if it can be performed by another preliminary AI technique is not clear to me. Thanks in advance chief✊️😊

[@anuptotla9845]

Fantastic clear explaination sir. Which tool do you use to create these visualisations? Seems pretty cool. Can it also be used to experiment with various models visually?

[@DataScienceDemonstrated]

Thank you Anup. I use Python and JavaScript to create visualization. I have started to put the functionalities on channels website experiencedatascience.com . It will allow you to make visuals on your data in a easy way

[@karannchew2534]

Sound quality can be improved.

[@shadeersadikeen1052]

Can you share the source code to. how to build a smart pricing model. because there is no video can be found in the youtube =.

[@jimbocho660]

A very nice talk, but shouldn't the demand, which is usually both price and time dependent, also be taken into consideration when dynamically setting a price?

[@DataScienceDemonstrated]

Thanks Jim. Yes in many cases you can use demand an input parameter of machine learning model to determine the price. However in cases where demand cannot be directly determined (specially incase of e-commerce marketplace scenario), then other parameters help in building the machine learning model

[@jimbocho660]

@@DataScienceDemonstrated Thanks a lot for the response. Are these other parameters used to build the ML model price and time dependent, like demand? Can you give some examples of these parameters? And how frequently are these ML based dynamic pricing models updated?

[@DataScienceDemonstrated]

Hi Jim, paramètres could be time dependent (like demand) or non time dependent. Some examples are product description, ratings, location etc… More the input parameters, better it is. Then machine learning will automatically detect which are more important than others

[@doitandmakemoney7039]

thanks, sir for the content. can you please share the link to the dataset?

[@DataScienceDemonstrated]

Hi , yes sure . www.kaggle.com/c/mercari-price-suggestion-challenge

[@doitandmakemoney7039]

@@DataScienceDemonstrated thank you sir

[@andrejk9523]

Is there a git repo available?

[@DataScienceDemonstrated]

Hi Andrew, I am putting all demos in my videos on channels website www.experiencedatascience.com
You will find some of the functionalities on this website

[@rrrfamilyrashriderockers6891]

very interesting can you share github code

[@517127]

And How can we optimize this price ?

[@DataScienceDemonstrated]

Hi, you will need demand data , which can be as an input feature to your model. The output price is optimized based on the demand

[@SuperMsmystery]

Good content,and I can't watch it because of mouth sounds.