Artificial Intelligence in Pricing: A Game-Changer for Business Success

Bilyana Ivanova– University of Economics – Varna, Faculty of Management, Knyaz Boris I Blvd., 77, 9002 Varna, Bulgaria

Abstract: This paper investigates the game-changing potential of artificial intelligence (AI) in transforming pricing strategies across various industries. The research begins by defining general AI and its key components, such as machine learning, natural language processing, and computer vision. The paper then explores the application of AI in pricing, discussing how these technologies can be leveraged to optimize demand forecasting, personalization, and dynamic pricing. The benefits of incorporating AI in pricing, including increased accuracy, efficiency, and customer satisfaction, are highlighted. However, the discussion investigates challenges associated with implementing AI in pricing, such as data quality, ethical considerations, and regulatory compliance. Future research directions are proposed, including the integration of AI with other advanced analytics techniques and the development of novel pricing models enabled by AI. In conclusion, this paper underscores the disruptive impact of AI on pricing strategies and emphasizes the need for businesses to embrace this technology to stay competitive and achieve long-term success.

10th International Scientific Conference ERAZ 2024 – Conference Proceedings: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT,  hybrid – online, virtually and in person, Lisbon, Portugal, June 6, 2024

ERAZ Conference Proceedings published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

ERAZ conference partners: Faculty of Logistics, University of Maribor, Maribor (Slovenia); University of National and World Economy – UNWE, Sofia (Bulgaria); Center for Political Research and Documentation (KEPET), Research Laboratory of the Department of Political Science of University of Crete (Greece); Institute of Public Finance – Zagreb (Croatia); Faculty of Tourism and Hospitality Ohrid, University of St. Kliment Ohridski from Bitola (North Macedonia)

ERAZ Conference 2024 Conference Proceedings: ISBN 978-86-80194-86-8, ISSN 2683-5568,

DOI: https://doi.org/10.31410/ERAZ.2024

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission. 

Suggested citation