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KPI-driven pricing. As an example, let’s find out how researchers Kris Johnson Ferreira, Bin Hong Alex Lee, and David Simchi-Levi from Harvard Business School and Massachusetts Institute of Technology addressed the price optimization problem for a flash sale website with designer apparel and accessories using machine learning.
It can also be measured in weeks instead of days (the KPI will be referred to as weeks-on-hand and have 52 instead of 365 in the formula) or be calculated for any period other than a year (change 365 to the period duration in days in the formula). Since this KPI shows the deviation from the forecast, the lower the percentile, the better.
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