Wanna Grab a Cold One? Eliminate the Cold Start Problem with IA’s Personalized Recommendations
Few things match the appeal of a chilled ale on a sunny day. Fewer still match the agony of watching a prospective user get cold feet. With Infinite Analytics’ IA Recommend we address the cold start problem through intelligent personalization and matching of users’ tastes with real products!
The cold start problem is the Darth Vader for all the e-Commerce Jedis. It is usually characterized as a problem of cold-start items or of cold start users. The cold start items problem is caused by new items that do not have enough ratings or other user interactions to be properly recommended to users. The cold start user problem occurs when a new user’s tastes are unknown, thus making it difficult to present her with options that match her taste.
Personalized recommendation must overcome this problem; however, the two common recommendation systems — collaborative filtering and content-based recommendations — have limited utility. Content-based systems use metadata of the products being promoted. The question then is which metadata are important? Collaborative filtering, at least in its naïve form, doesn’t care about the metadata, it just uses people’s ratings or behavior to make a recommendation. The problem with collaborative filtering is that you need data on ratings and behavior.
We, at Infinite Analytics, use a hybrid approach. Through a combination of social analytics and NLP we provide retailers with the most advanced analysis of a user — describing them based on various attributes including but not limited to their likes, interests, profession, sentiments in their posts and others. Cutting edge predictive analytics then match what the user is looking to purchase with the most relevant products in the retailer’s product catalog to provide personalized recommendations to the user. By combining data sources and machine learning approaches, we achieve a greater probability of predicting what the user would like to look at and eventually buy, regardless of how new the users or products are. Through IA Recommend, the same search string yields different results depending on the user’s interests.
Such a hyper-personalized experience helps not only in engaging user interest and driving traffic, but in reducing the time spent by users looking for products and hence increasing the propensity to convert cold starts to hot pursuits!
We talk through experience. Selling paintings online is a challenge, especially those of lesser known artists. Through personalized recommendation solutions IA helped increase engagement and conversions for a client. This led to a 33% reduction in the average number of clicks until purchase (120 to 80). Given peoples’ perennial scarcity of time, it was a massive improvement in user experience.
Don’t turn to the Dark Side, get your light saber today! Reach out to us on [email protected] for a demo.
It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.
Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.
Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.
Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.
Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.
Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.
Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).
Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.