Recommendation systems increase sales [2020 update]

Any new company needs to first make its marketing funnel work. Acquiring and retaining customers are the lifeblood of any business. Once a business can retain customers, building better monetization options are worth spending time and effort.

First, as we explained on our previous post where we defined dynamic pricing, pricing is a very attractive lever for monetization. Once pricing is as effective as possible, recommendations are easy to implement and can provide significant revenue upside. It is easy to get confused about recommendation systems as they are also called recommender systems, recommendation engines. All of these mean the same thing, a system that predicts what your customers want. Read more