Articles

Using Data Science to Avoid Global Pricing Chaos

What every industry can learn from luxury fashion. Technology and e-commerce have revolutionized the way consumers buy everyday products. While this often benefits consumers, many industries face challenges that never existed before. Take “showrooming,” for example.

A customer wants to buy something — a piece of furniture, perhaps. It looks good online, but he wants to try it out first. So, the customer finds a nearby store that carries the item, looks at it in person, and decides he’d like to purchase it. Then he picks up his phone, and in a few clicks, finds that same model available at a cheaper price from an e-commerce site in another country, even with shipping costs.

Source: sloanreview.mit.edu
Author: Andrea Marron

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