Product pricing solutions using hybrid machine learning algorithm Product pricing solutions using hybrid machine learning algorithm

E-commerce platforms have been around for over two decades now, and their popularity among buyers and sellers alike has been increasing. With the COVID-19 pandemic, there has been a boom in online shopping, with many sellers moving their businesses towards e-commerce platforms. Product pricing is qu...

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Bibliographic Details
Published in:Innovations in systems and software engineering Vol. 20; no. 3; pp. 413 - 424
Main Authors: Namburu, Anupama, Selvaraj, Prabha, Varsha, M.
Format: Journal Article
Language:English
Published: London Springer London 01.09.2024
Springer Nature B.V
Subjects:
Accuracy
Algorithms
Artificial Intelligence
Brand names
Computer Applications
Computer Science
Datasets
Decision making
Electronic commerce
Jewelry
Machine learning
Marketing
Prices
Pricing
Product specifications
S.I. : Coupling Data and Software Engineering towards Smart Systems
Software Engineering
Supply chains
Support vector machines
Ensemble algorithms
X-NGBoost
Product pricing
XGBoost
CatBoost
ISSN:1614-5046, 1614-5054
Online Access:Get full text
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Summary:E-commerce platforms have been around for over two decades now, and their popularity among buyers and sellers alike has been increasing. With the COVID-19 pandemic, there has been a boom in online shopping, with many sellers moving their businesses towards e-commerce platforms. Product pricing is quite difficult at this increased scale of online shopping, considering the number of products being sold online. For instance, the strong seasonal pricing trends in clothes—where Brand names seem to sway the prices heavily. Electronics, on the other hand, have product specification-based pricing, which keeps fluctuating. This work aims to help business owners price their products competitively based on similar products being sold on e-commerce platforms based on the reviews, statistical and categorical features. A hybrid algorithm X-NGBoost combining extreme gradient boost (XGBoost) with natural gradient boost (NGBoost) is proposed to predict the price. The proposed model is compared with the ensemble models like XGBoost, LightBoost and CatBoost. The proposed model outperforms the existing ensemble boosting algorithms.
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ISSN:1614-5046
1614-5054
DOI:10.1007/s11334-022-00465-3