A Novel Approach to Predict Consumers Behaviour using Implicit Product Properties in E-Commerce using Deep Learning Techniques
Keywords:
Consumer Behavior, Machine Learning, Deep Learning, Implicit Product Analytics, E-commerceAbstract
The proposed model presents a novel approach for predicting the behavior of consumers using implicit product properties through deep learning techniques. The existing works only focus on the purchase intention of consumers in particular sessions. They do not focus on the implicit properties of the products and the acts performed by the consumers. This model extracts valuable insights into a product through the consumer's behavior in their journey starting from viewing the product, adding the product to their cart, and finally purchasing the product. The key variables considered for this study are based on the perspective of the consumers and the products. The implicit product properties like customers' preference for a product, their perception of the quality of the product, and their action in purchasing the product generate various data for analysis. These inputs can accurately predict the consumer’s behavior in purchasing a product. A novel CPCPA approach is proposed to calculate the predictive score of the developed model. Then a comparative analysis of deep learning along with machine learning outcomes for the same dataset is carried out and the resulting metrics prove the developed deep learning model outperforms in terms of performance. A very clear deep analysis and understanding of the consumer’s behavior will support firms to build solutions resulting in enhanced business outcomes.
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