Machine Learning Impacts Our Lives Daily and We Don’t Notice
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1. Dynamic Pricing:
Dynamic pricing, also referred to as surge pricing, demand pricing, or time-based pricing is a pricing strategy in which businesses set flexible prices for products or services based on current market demands. -wikipedia
Big companies like Amazon use dynamic pricing with their products and services. Dynamic pricing is important for the e-commerce industry. To summarize the definition of dynamic pricing, it is essentially the price of a product that is continuously adjusted in response to the supply and demand. This means the price can change based on the person, the time of day, or even the weather !
2. Recommendation Systems
A recommendation system sometimes called a recommender engine is one of the most powerful marketing tools in todays digital world! Big companies from Netflix, to Amazon use these recommendation engines to suggest products and services to their customers.
A recommendation engine, also known as a recommender system, is software that analyzes available data to make suggestions for something that a user might be interested in. A recommendation engine can be used for recommending many different products and services. Machine learning is used with these systems to give better insight into what products or services to recommend to a user.
If you are interested in reading more on machine learning. Then I strongly recommend you check out Hands-On Machine Learning with Scikit-Learn and TensorFlow: Concepts, Tools, and Techniques to Build Intelligent Systems. It is a great book for helping beginners learn how to write machine learning programs, and understanding machine learning concepts.
According to Netflix Technology Blog, Netflix uses machine learning to predict which movie or video you would like to watch to give you better video suggestions. It learns from past videos you have watched or people with similar demographics as you and based on that data, Netflix makes a prediction about the future videos you would like, maybe it is a similar genre or/and has a lot of the same cast that the other videos you have watched had. Netflix also use machine learning for the image, thumbnail or art work to display on its video recommendations. For example Netflix may try to personalize the image used to depict the movie Good Will Hunting. Here they might personalize this decision based on how much a member prefers different genres and themes. For someone who has watched a lot of romantic movies may be interested in Good Will Hunting if they show artwork containing Matt Damon and Minnie Driver on the image, whereas, a user who has watched a lot of comedies might be drawn to the movie if they use the artwork containing Robin Williams, a well-known comedian.
3. Virtual Personal Assistants (Google/Alexa)
A virtual assistant is an application that can understand voice commands and complete tasks for a user. Google’s assistant and Amazon’s Alexa are good examples of virtual assistants.
Every time you ask your Amazon Alexa or Google Home for the weather, time, or date, you are using a virtual personal assistant. Interestingly enough, these assistants have become just apart of every day life from setting alarms to asking them for recipes, and doing math homework. These assistants gives us the latest news and basically any other information that can be acquired from a quick search on the internet. Virtual assistants are here to stay !
If you want to learn how to build your own personal assistant, check out my other article called Build A Virtual Assistant Using Python.
Thanks for reading, I hope you all enjoyed this article and learned something interesting !