Price Optimisation in the Fuel Sector

Price optimization software has traditionally been used by businesses with a limited inventory – such as hotels, airlines or shops, however advancements in machine learning technologies have made it possible to also apply price optimization to a broader range of more complex industries, such as the petroleum industry. Immediate access to huge databases and an overwhelming increase in computing speed allows retailers to keep an eye on the competition and respond to their competitors' marketing strategies timely and accurately.

You don't need to own a gas station to realize that the price of fuel is subject to fierce competitive pressure. It suffices with filling up your tank regularly or watching the news to see the consequences of the 'Yellow Vests' riot in France. So how can fuel retailers benefit from the use of price optimization software? Having higher prices at your pumps than your competitors will rapidly lead to fewer ...

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