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e8d91c4
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Parent(s):
018c4b8
Add introduction
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app.py
CHANGED
@@ -27,8 +27,27 @@ st.set_page_config(
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st.title("πΈ Dynamic Pricing πΈ")
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st.subheader("Setting optimal prices with Bayesian stats π")
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# (
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st.header("
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st.markdown("The beginning is usually a good place to start so we'll kick things off there.")
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st.markdown("""The one crucial piece information we need in order to find the optimal price is
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st.title("πΈ Dynamic Pricing πΈ")
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st.subheader("Setting optimal prices with Bayesian stats π")
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# (0) Intro
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st.header("Why care about dynamic pricing? π")
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st.markdown("""Dynamic pricing aims to actively adapt product prices based on insights about
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customer behaviour. \n
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This pricing strategy has proven exceptionally effective in a wide range of industries: from
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e-commerce (e.g., eBay) to airlines (e.g., Delta Airlines) and from retail (e.g., Walmart) to
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utilities (e.g., Tampa Electric) as it allows to **adjust prices to changes in demand patterns**.""")
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st.markdown("""It is hardly surprising that recent times of extraordinary uncertainty and volatility
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caused a surge in adoption of dynamic pricing strategies with an [estimated 21% of e-commerce
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businesses reportedly already using dynamic pricing](https://www.statista.com/statistics/1174557/dynamic-pricing-ecommerce-companies-worldwide/)
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and an additional 15% planning to adopt thestrategy in the upcoming year.""")
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st.markdown("""To find a big success story, we should look no further than Amazon who (on average)
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change their products' prices once every 10 minutes. They attribute roughly [25% of their e-commerce
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profits](https://dzone.com/articles/big-data-analytics-delivering-business-value-at-am)
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to their pricing strategy.""")
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st.markdown("""In what follows we'll discuss the working principles & challenges in the field of
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dynamic pricing, followed by an interactive demo and some final considerations.""")
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# (1) Basics
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st.header("Back to basics π")
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st.markdown("The beginning is usually a good place to start so we'll kick things off there.")
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st.markdown("""The one crucial piece information we need in order to find the optimal price is
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