Which innovative pricing strategy did Amazon pioneer that uses machine learning to adjust prices up to 2.5 million times daily, influencing the entire e-commerce industry?

In today's competitive retail landscape, sophisticated pricing strategies powered by data analytics have become essential for maximizing profit margins. Major retailers employ complex algorithms that adjust prices dynamically based on various factors. Test your knowledge about how modern retailers leverage data science for strategic pricing decisions that can make or break their bottom line.

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Dynamic pricing (automated price changes based on real-time demand, competitor prices, inventory levels, and customer browsing patterns)
Psychological pricing (setting prices just below round numbers, like $9.99 instead of $10.00)
Penetration pricing (initially offering extremely low prices to gain market share before gradually increasing)
Bundle pricing (offering product combinations at discounts compared to individual purchase prices)