How do you determine the retail price?


I'm just curious how retails determine the price?

I'm interested in this question because I come from an ML/Recommender System background and my hypothesis is the retail price is based on many factors such as average salary in location, the weight of the product, size of the product, age of the product, etc. And each factor has rates (computed from the calculation) that are added on top of the manufacturing price.

So far, many blogs (such as Shopify) just claim that manufacturing and competitors are the judgment? Is this correct?

If so, could a matchmaking algorithm that provides this functionality can deliver "fair" prices in a marketplace platform or perhaps an API (integration)?

submitted by /u/yahya173
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