IIT Kgp Researchers Develop an Algorithm for Marketing and Sales on Social Media
IIT Kharagpur has created a social media algorithm that will help the medium and small scale industries to reach their potential buyers by comment-analysis at a very cheap rate than the service provided by IT companies and startups.
The Indian Institute of Technology - IIT Kharagpur has many achievements registered to its name. Another achievement has been added to the list recently as researchers in the institute successfully created a social media marketing and sales algorithm in the campus of the eminent technological institute.
The algorithm created by the IIT Kharagpur researchers monitors social media marketing and sales activities. The researchers claim that this algorithm will help the micro, small and medium enterprises (MSMEs) on a large scale by identifying big social media influencers and contacts with the help of the computer-based algorithm which is now based on a virtual model. The algorithm has been tested successfully on the virtual model and expected to work with the same efficiency in the practical in-force context. The algorithm was tested on some test data found on social media test products. Prof. M.K. Tiwary who led the research project says it will prove to be convenient for the small industries who do not have enough resources for marketing optimisation.
The first test of the algorithm was on fashion and apparel products of an online marketplace along with some social media platforms mainly facebook pages. Prof. Tiwary informed that this system will help the small scale enterprises to reach the big online influencers at low cost, which will eventually be beneficial for their profit maximisation and business expansion.
The IIT Kharagpur researchers are now planning to take the research in the level of commercialisation for MSMEs who use take help of big IT Companies or startups to sell their products only on social media.
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The algorithm by IIT Kgp will help identify the social media influencers who have more influence on potential buyers. The algorithm identifies the companies based on social ties and opinions on a popular social network. Prof. Tiwary said, that it is known to everyone that comments posted on a particular product on social media influence a buyer. Based on the comments posted, the researches have evaluated the tendencies on social media.
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The second model of the IIT Kharagpur project is being supported by the Ministry of Human Resouce (MHRD) and aims to establish connections to influence potential buyers.
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