In: Economics
Think about the challenge faced by large e-commerce websites like Amazon or Netflix. Brick-and-mortar retailers can capture people’s attention in the store with eye-catching point-of-purchase displays or suggestive selling by store employees. However, these are not options for retail websites. They need an effective way of recommending their vast array of products to customers. Most e-commerce sites provide website search tools based on the technologies previously discussed in this chapter. Relying on customers to find products through an active search, however, assumes customers know what they want and how to describe it when forming their search query. For these reasons, many e-commerce sites rely on recommendation engines (sometimes called recommender systems). Recommendation engines proactively identify products that have a high probability of being something the consumer might want to buy. Amazon has long been recognized as having one of the best recommendation engines. Each time customers log into the site, they are presented with an assortment of products based on their purchase history, browsing history, product reviews, ratings, and many other factors. In effect, Amazon customizes their e-commerce site for each individual, leading to increased sales. According to Amazon employees, click-through and conversion rates “vastly exceed those of untargeted content such as banner advertisements and top-seller lists”
There are three widely used approaches to creating useful recommendations: content-based filtering, collaborative filtering, and hybrid strategies
QUESTION:
Pick a website that you like e.g. Amazon or Netflix
Analyze How it recommends products and services
Identify 2 or 3 points that you like from their recommendation
Identify 1 or 2 areas that they could improve
Lets conseder amazon as e commerce website . Taking about its recommendation , i have seen a dynamic change its its recommendation search engine in upcoming years . Huge development on the recomendation search . Today on our amazon profile we can see the similar type of product are show to us which we have search earlier . Also we are given the prise and quality of same type . On the type search bar , our key words are recorded and help us to locate the search of the product easily . We are being asked for the feedback after the purched of the product .
Points which need improvemt - more filter bases need to be added up so that customer dont need to scrol 1000 of product to locate out their best choice
* prodcut should also be categorished based on the quality as this is major problem of online purchase .
* 3 d picture of the product should be availble with feedback and detailed information of all the product .
* cash on delivery should be must for every product as it will ensure the trust .
* recomentation experts shold be availble such as designer , parlour experts who can commucate with the customer and provide best suggestion .