Machine learning-based personalization has gained traction over the years due to volume in the amount of data across sources and the velocity at which consumers and organizations generate new data. Traditional ways of personalization focused on deriving business rules using techniques like segmentation, which often did not address a customer uniquely. Recent progress in specialized hardware (read GPUs and cloud computing) and a burgeoning ML and DL toolkits enable us to develop 1:1 customer personalization which scales.
Recommender systems are beneficial to both service providers and users. They reduce transaction costs of finding and selecting items in an online shopping environment and improves customer experience. Recommendation systems have also proved to improve the decision making process and quality. In an e-commerce setting, for example, recommender systems enhance revenues, for the fact that they are effective means of selling more products. In scientific libraries, recommender systems support users by allowing them to move beyond catalog searches. Therefore, the need to use efficient and accurate recommendation techniques within a system that will provide relevant and dependable recommendations for users cannot be over-emphasized.