TY - GEN
T1 - Multi-objective evolutionary product bundling
T2 - 2021 Genetic and Evolutionary Computation Conference, GECCO 2021
AU - Tunali, Okan
AU - Bayrak, Ahmet Turul
AU - Sanchez-Anguix, Victor
AU - Aydogan, Reyhan
PY - 2021
Y1 - 2021
N2 - Product bundling is a strategy conducted by marketing decision-makers to combine items or services for targeted sales in today's competitive business environment. Targeted sales can be in various forms, like increasing the likelihood of a purchase, promoting some products among a specific customer segment, or improving user experience. In this study, we propose an evolutionary product bundle generation strategy that is based on the NSGA-II algorithm. The proposed approach is designed as a multi-objective optimization procedure where the objectives are designed in terms of desired bundle feature distributions. The designed genetic algorithm is flexible and allows decision-makers to specify objectives such as price, season, item similarity and association with bundle size constraints. In the experiments, we show that the evolutionary approach enables us to generate Pareto solutions compared to the initial population.
AB - Product bundling is a strategy conducted by marketing decision-makers to combine items or services for targeted sales in today's competitive business environment. Targeted sales can be in various forms, like increasing the likelihood of a purchase, promoting some products among a specific customer segment, or improving user experience. In this study, we propose an evolutionary product bundle generation strategy that is based on the NSGA-II algorithm. The proposed approach is designed as a multi-objective optimization procedure where the objectives are designed in terms of desired bundle feature distributions. The designed genetic algorithm is flexible and allows decision-makers to specify objectives such as price, season, item similarity and association with bundle size constraints. In the experiments, we show that the evolutionary approach enables us to generate Pareto solutions compared to the initial population.
KW - bundle generation
KW - decision support systems
KW - evolutionary algorithms
KW - genetic algorithm
KW - multi-objective optimization
UR - http://www.scopus.com/inward/record.url?scp=85111006612&partnerID=8YFLogxK
U2 - 10.1145/3449726.3463219
DO - 10.1145/3449726.3463219
M3 - Conference contribution
AN - SCOPUS:85111006612
T3 - GECCO 2021 Companion - Proceedings of the 2021 Genetic and Evolutionary Computation Conference Companion
SP - 1622
EP - 1629
BT - GECCO 2021 Companion - Proceedings of the 2021 Genetic and Evolutionary Computation Conference Companion
PB - Association for Computing Machinery (ACM)
Y2 - 10 July 2021 through 14 July 2021
ER -