Comment 3 : Selling flowers with analytics
Name: 李昀真
Student ID: D0740725
The article mentioned that Big Data is making a difference to the Dutch horticultural sector, At the auction, the sale of flowers is worth about 4.5 billion euros per year. The author’s team did an experiment, they found out that prices were more stable and sometimes higher than in the control groups. They have designed a commercially reliable analytical solution.
Electronic bidding
Growers participating in the auction cooperative movement are getting more stable prices, sometimes even higher. Buyers are also satisfied . Buyers prefer stable prices. Although they sometimes pay higher prices than usual, they see incidental benefits that can make up for higher purchase costs.
Many advantages
In English auction, prices are starting to be low, and with the advent of competitive bidders, prices are expected to rise. In Dutch auction, the auctioneer proposed a higher starting price based on extensive experience and market knowledge. Then the price drops until the buyer appears. The first person to bid for the auction item wins the contest. Compared with English auctions, this has many advantages, the most important of which is absolute speed. An experienced auctioneer can initiate and execute a new transaction every few seconds, so that the auction can end earlier.
Understanding bidders
Now they have a data set covering thousands of transactions. The team analyzed when bidders bid and how many times they bid. They checked their entry time and exit time on the day, and uses advanced clustering techniques.
This article is interesting, it lets us know how Big Data impacts the auctions.
Student ID: D0740725
The article mentioned that Big Data is making a difference to the Dutch horticultural sector, At the auction, the sale of flowers is worth about 4.5 billion euros per year. The author’s team did an experiment, they found out that prices were more stable and sometimes higher than in the control groups. They have designed a commercially reliable analytical solution.
Electronic bidding
Growers participating in the auction cooperative movement are getting more stable prices, sometimes even higher. Buyers are also satisfied . Buyers prefer stable prices. Although they sometimes pay higher prices than usual, they see incidental benefits that can make up for higher purchase costs.
Many advantages
In English auction, prices are starting to be low, and with the advent of competitive bidders, prices are expected to rise. In Dutch auction, the auctioneer proposed a higher starting price based on extensive experience and market knowledge. Then the price drops until the buyer appears. The first person to bid for the auction item wins the contest. Compared with English auctions, this has many advantages, the most important of which is absolute speed. An experienced auctioneer can initiate and execute a new transaction every few seconds, so that the auction can end earlier.
Understanding bidders
Now they have a data set covering thousands of transactions. The team analyzed when bidders bid and how many times they bid. They checked their entry time and exit time on the day, and uses advanced clustering techniques.
This article is interesting, it lets us know how Big Data impacts the auctions.
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