Have you ever wondered how some websites know what you might want before you even think about it? For example, you wish to buy a book and visit an e-commerce website. Once you log in, you are greeted with a list of books from genres that you were going to buy. Or, you open an OTT platform to watch something, and are provided with suggestions of movies that may be of interest to you. Well, if that makes you ponder about techno-wizardry, let me assure you, this isn’t any magic, but an integrated recommendation system. Download the white paper on Recommendation System to understand better.
A recommendation system collects and analyzes user behaviour data stored on a website to suggest the most appropriate recommendations to the users. Once the data is identified, it goes through several processes, such as data acquisition, data cleaning, data storage, and data analysis/filtering before the system churns out recommendations.
Recommendations are needed in almost every industry, be it banking, travel, e-learning, or even gaming. Why? Because as the world is getting digitized, the push for instant gratification, on time and personalised delivery is becoming a necessity. Strategically inferring, adopting this technology, not only increases customer satisfaction and loyalty but also adds on to the revenue of an organization as, more often than not, customers end up purchasing the suggestions made by the recommendation engine. In fact, according to a report by Mckinsey, in the year 2014, Amazon’s 35 percent of total revenue came from their recommendation system.
With our latest whitepaper, we intend to showcase how the recommendation system works, its origin, and more. Additionally, you will also get to get a deep dive on :