Title:	PERFORMANCE OF CORE METHODOLOGIES FOR CONSUMER PRICE PREDICTION SERVICES
Author(s):	Anne Falkenberg
ISBN:	978-989-8704-21-4
Editors:	Yingcai Xiao, Ajith P. Abraham and Jörg Roth
Year:	2020
Edition:	Single
Keywords:	Price Forecasting, Big Data, e-Commerce, Price Time Series, Predictive Analytics
Type:	Full
First Page:	165
Last Page:	172
Language:	English
Cover:
Full Contents:	click to dowload
Paper Abstract:	The need to monitor prices gave rise to price comparison sites that have not yet adopted recommendation services to support customers in scheduling buying decisions. Using a large data set with 1.46 million daily minimum price observations for four product categories of electronic consumer goods, we outline reasons for the slow adoption of recommendation services, evaluate almost 1.1 billion price forecasts, and show that product prices are forecastable. We compare 16 different methods that can act as the core of price prediction services and give detailed insights on performance as well as advice on model selection for different product categories and advocate the transition towards prescriptive price analytics services.
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