United StatesMedia and entertainment2016 – ongoingEdmunds
Machine learning for vehicle pricing models and website marketing offers
Edmunds lifted conversion on website marketing offers from about 9% to about 28% with machine learning
Problem
Edmunds, an online car-shopping resource, updated its pricing models only about twice a month. Website visitors who received marketing offers converted at about 9%.
Approach
Edmunds ran machine learning on the Databricks platform to tune its pricing models and to recommend marketing offers. Non-technical staff also built their own dashboards through self-service analytics.
Results
Takeaway
Edmunds used the same machine learning setup for pricing models and offer recommendations. The company did not say how it measured the conversion gain.
Categories
- Industry
- Media and entertainment
- Business function
- Marketing and sales
- Innovation type
- Process innovation
- Adoption
- Off-the-shelf tool or platform
- Evidence
- Vendor case study
Sources
Source summaries
Databricks describes how Edmunds uses machine learning to tune pricing models and recommend marketing offers. It reports a 211% higher conversion rate on website offers, from about 9% to about 28%, and pricing model updates in one or two hours instead of twice a month.
Full details are in the original sources.