Session to be themed on, ‘Predicting Customers’ Forgetfulness Using Bandits Models: The Case of Online Grocery Shopping’
21 March, 2024, Bengaluru: Prof. U Dinesh Kumar, Dean, Faculty; Chairperson, Data Centre and Analytics Lab, and faculty of the Decision Sciences area of IIM Bangalore, will lead the IIMB Chair Of Excellence Seminar, to be held from 4 pm to 5 pm on 26th March 2024, at N-204. The session will be themed on, ‘Predicting Customers’ Forgetfulness Using Bandits Models: The Case of Online Grocery Shopping’. Prof. U Dinesh Kumar held the IIMB Chair of Excellence position from January 2020 to December 2023.
To register, please visit: https://iim-b.zoom.us/webinar/register/WN_rCYizOxxQYOmAlo0XYyLbQ
Abstract: Forgetting to purchase an item is typical in grocery shopping, whether online or in person. While this forgetfulness is inconvenient for the customer, it represents a substantial missed sales opportunity for the business because the customer is unlikely to return to the store to purchase a single forgotten item. The researchers emphasize that this is an opportunity for e-tailers to learn their customers’ preferences and recommend products that they may have forgotten to purchase, resulting in increased revenue and a good customer experience. Since grocery shopping is a habit-driven phenomenon, this study utilizes customers’ purchase histories to identify their preferences and predict items they have forgotten when shopping at e-tailer platforms. Using an advanced Multi-Armed Bandit (MAB) framework, the researchers propose a two-stage mechanism wherein stage-I creates a pruned subset of relevant offerings and stage-II generates the forgotten item using results of stage-I. Utilizing data from a prominent Indian e-retailer, the researchers explain the agent learning technique of customer preferences and personalized prediction of forgotten items, often known as the ‘did you forget?’ items.
Session to be themed on, ‘Predicting Customers’ Forgetfulness Using Bandits Models: The Case of Online Grocery Shopping’
21 March, 2024, Bengaluru: Prof. U Dinesh Kumar, Dean, Faculty; Chairperson, Data Centre and Analytics Lab, and faculty of the Decision Sciences area of IIM Bangalore, will lead the IIMB Chair Of Excellence Seminar, to be held from 4 pm to 5 pm on 26th March 2024, at N-204. The session will be themed on, ‘Predicting Customers’ Forgetfulness Using Bandits Models: The Case of Online Grocery Shopping’. Prof. U Dinesh Kumar held the IIMB Chair of Excellence position from January 2020 to December 2023.
To register, please visit: https://iim-b.zoom.us/webinar/register/WN_rCYizOxxQYOmAlo0XYyLbQ
Abstract: Forgetting to purchase an item is typical in grocery shopping, whether online or in person. While this forgetfulness is inconvenient for the customer, it represents a substantial missed sales opportunity for the business because the customer is unlikely to return to the store to purchase a single forgotten item. The researchers emphasize that this is an opportunity for e-tailers to learn their customers’ preferences and recommend products that they may have forgotten to purchase, resulting in increased revenue and a good customer experience. Since grocery shopping is a habit-driven phenomenon, this study utilizes customers’ purchase histories to identify their preferences and predict items they have forgotten when shopping at e-tailer platforms. Using an advanced Multi-Armed Bandit (MAB) framework, the researchers propose a two-stage mechanism wherein stage-I creates a pruned subset of relevant offerings and stage-II generates the forgotten item using results of stage-I. Utilizing data from a prominent Indian e-retailer, the researchers explain the agent learning technique of customer preferences and personalized prediction of forgotten items, often known as the ‘did you forget?’ items.