Bid.Com Launches Personalized Marketing Service For Its Customers; Use of Net Perceptions Real-time Recommendation Engine a First for Online Auctions.TORONTO--(BUSINESS WIRE)--Nov. 5, 1998--Bid.Com International Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BII BII Bank Internasional Indonesia BII British Institute of Innkeepers BII Bioindustry Initiative (US Department of State) BII Bronco II (Ford truck; predecessor of the Explorer) BII Basic Issue Item ), one of North America's leading online auctions, located at www.bid.com, today successfully integrated Net Perceptions' real-time recommendation technology, Net Perceptions(TM) for E-Commerce. This is the first application of the Net Perceptions personalization technology for online auctions. A First For Online Auctioneers This sophisticated software, which is based on collaborative filtering Also known as "social filtering" and "social information filtering," it refers to techniques that identify information a user might be interested in. There are different kinds of algorithms used, but the basic principle is to develop a rating system for matching incoming material. technology, will allow Bid.Com to personalize its product offerings to customers' areas of interest. The unique usage of this technology will be launched and demonstrated at the Forrester Research Forrester Research is an independent technology and market research company that provides its clients with advice about technology's impact on business and consumers. Corporate facts
"Bid.Com Recommends" will be the first feature implemented. Based on an individual's viewing and bidding history, the engine will score and then recommend other items targeted to that individual's specific preferences. The recommendations will be provided in real time. Additional functionality is also planned for release in the near future. Bid.Com will use the Net Perceptions engine to alert customers in advance, of items that will be coming up for auction, which fit the customer's interests. "This powerful engine will enable us to offer customers a highly personalized experience based on their previous viewing patterns," said Jeff Lymburner, President of Bid.Com International Inc. "In essence, we will be able to recognize a customer's viewing and purchasing habits and guide them into areas where they are more likely to make a purchase. This is an extremely cost-effective approach to leveraging our existing site traffic into higher levels of sales." Essential Technology and Proven Results Recommendation engines have become essential technology for sites focused on providing their customers with a one-on-one experience. Similar to the relationships found in highly customer-oriented retail environments, Bid.Com will use the Net Perceptions product to learn about each customer's preferences and then pool this information with knowledge gained from a community of other individuals. Based on this information, Bid.Com will make specific product recommendations back to the individual customer. Because the recommendations are provided in real time, customers can quickly find items of interest from Bid.Com's wide inventory. "Bid.Com Recommends" can be found beginning Friday, November 6. The feature is accessible from the main menu at www.bid.com. About Net Perceptions Incorporated in 1996, Net Perceptions is now the world's pre-eminent developer and supplier of real-time recommendation technologies. It is the originator of online collaborative filtering technology, the most accurate predictor of individual behaviour available. Also the originator of the Realtime Recommendation Platform, which integrates collaborative filtering, neural network neural network or neural computing, computer architecture modeled upon the human brain's interconnected system of neurons. Neural networks imitate the brain's ability to sort out patterns and learn from trial and error, discerning and extracting , fuzzy logic fuzzy logic, a multivalued (as opposed to binary) logic developed to deal with imprecise or vague data. Classical logic holds that everything can be expressed in binary terms: 0 or 1, black or white, yes or no; in terms of Boolean algebra, everything is in one set or and genetic algorithm genetic algorithm - (GA) An evolutionary algorithm which generates each individual from some encoded form known as a "chromosome" or "genome". Chromosomes are combined or mutated to breed new individuals. technologies, and automatically applies the optimum technology to whatever recommendation or personalization task is at hand. Net Perceptions' founders include the original team of University of Minnesota (body, education) University of Minnesota - The home of Gopher. http://umn.edu/. Address: Minneapolis, Minnesota, USA. researchers who pioneered the concepts and applications of collaborative filtering and lead programmers from supercomputer maker Cray Research See Cray. . Net Perceptions has a customer base more than 10 times larger than its closest competitor. It includes Internet innovators Amazon.com, ARTUFRAME, Audio Book Clubs, Billboard Talent Net, CDNow, E!Online, iVillage, Musicmaker.com, Let's Eat Let’s Eat! is a food preparation franchise operation based in Florida There are currently 27 Let’s Eat! locations throughout the United States. Customers can prepare a months worth or more meals at a Let's Eat location. Out, N2K's Music Boulevard, Planet Direct, Speed Serve, Spinners.com, Soundstone and Ticketmaster Online. Net Perceptions has received financial backing from Hummer Winblad, JAFCO, London Pacific Life and Annuity, Saint Paul Venture Capital Inc., and Paul Allen's investment group, Vulcan Ventures Inc. About Bid.Com Bid.Com International Inc. (formerly known as Internet Liquidators International Inc.) was founded in 1995 and listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. in February 1998. With offices in Toronto, Ontario and Tampa, Florida, it is one of the Internet's leading online auction sales organizations. The company offers a compelling, entertaining, and cost-effective method of selling a wide array of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. over electronic distribution channels. In addition to its strategic alliances with America Online, The Toronto Star Newspapers Limited, and Rogers Media Inc., the company enjoys distribution agreements with Yahoo!, Netscape, Metacrawler, and more recently with ComputerShopper.com, a Ziff-Davis property. Bid.Com is strategically positioned to leverage its technological leadership by offering the pre-eminent online auction platform for license to business-to-business markets and for distribution through broadband/cable media. |
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