To Get Better Customer Data, Build Feedback Loops into Your Products
Thanks to the increasing availability of AI, including machine learning algorithms, deliberately creating customer data feedback loops is now possible for most products and services. This means that as a firm gathers more customer data, it can feed that data into machine learning algorithms to improve its product or service, thereby attracting more customers, generating even more customer data. For some products, it is easy; … [ Read more ]
Content: Article | Authors: Andrei Hagiu, Julian Wright | Source: Harvard Business Review | Subject: Customer Related
Designing a Two-Sided Platform: When to Increase Search Costs?
Why do some shopping malls, retail stores, popular magazines, and even Internet portals seem to purposefully make it hard for consumers to find what they want? HBS professor Andrei Hagiu and Bruno Jullien challenge the conventional wisdom that intermediaries create value by reducing search and transaction costs. Their paper sheds light on the economic motivations that in some contexts may lead intermediaries to make it … [ Read more ]
Content: Article | Authors: Andrei Hagiu, Bruno Jullien | Source: Harvard Business School (HBS) | Subjects: Economics, Strategy | Industry: Retail