Chapter 1: mine2.com

Chapter 1: mine2.com

Overview

The Web is like an organism made up of millions of cells that are all connected, intertwined, and communicating. It is a massive worldwide creature that is continuously evolving, spawning, and changing; since its birth, it has already mutated into a new type of species, where millions of computers and consumers connect to every company in the world and their product inventory databases. In this organic environment of constant ferment, the consumers drive product availability, features, and pricing. Electronic retailing, which is supported and nurtured in this environment itself, mimics the mechanisms of a single-cell organism?adapting to the needs, tastes, habits, and preferences of its customers. Billions of business transactions flow and evolve, subtly transforming consumers and retailers in this dynamic marketplace and the relationships between them.

This book is about biological-based business practices?processes and tools that mimic biological functions. The mining of website transactional data with artificial intelligence-based tools (programs designed to mimic human functions) is an attempt to recognize, anticipate, and learn the buying habits and preferences of customers in this new evolutionary business environment. It is of paramount importance that the retailer in a networked economy such as this be adaptive and receptive to the needs of its customers. In this expansive, competitive, and volatile environment, data mining will be a critical process impacting a retailer?s long-term success, where failure to quickly react, adapt, and evolve can translate into customer attrition in the click of a mouse.

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Chapter 1: mine2.com

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