Connected Consumption

Connected Consumption - Connected Consumption The Hidden...

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Unformatted text preview: Connected Consumption: The Hidden Networks of Consumption Kwan Hong Lee, Dawei Shen, Andrew Lippman, David Reed Viral Communications Group MIT Media Lab Cambridge, MA 02139 Email: { kwan,dawei,lip,dpreed } @media.mit.edu Hans D. Schumacher Bank of America Charlotte, NC 28202 Email: { hans.d.schumacher } @bankofamerica.com Abstract — In this paper, we present the Connected Consumption Network (CCN) that allows a community of consumers to collaboratively sense the market from a mobile device, enabling more informed financial decisions in geo-local context. The mobile application allows one to log one’s wish list and itemized list of transactions to form a social network around the list of interests. Individuals can share this data to inform and guide others in a timely, personal and contextual manner when they are shopping for a product or seeking a service. It can also help people connect opportunistically in a local area to make group purchases, to pick up an item for a friend, and to perform reverse auctions. We present the design, architecture and concept prototype. We simulate a social network with three months of existing credit/debit card transaction data in various geographical areas to analyze the mutual information and recommendations that can be shared among networked consumers. Index Terms —Social networking, mobile, shopping, collabora- tive, location based recommendation, interest driven network I. INTRODUCTION Ubiquitous availability of mobile devices that sense the user’s context and interest will network consumers in real time to help each other fulfill their short term and long term goals. We present the Connected Consumption Network (CCN), an on going research platform that we are building to bring together communities of consumers with complementary interests. CCN is designed to help consumers guide their financial behavior with the help of feedback from friends and experts in the social network. Our goal is to investigate how individuals may benefit by being aware of the consumption behavior and the transactions of their social network. Everybody carrying a mobile device and the device being able to detect what we purchase and consume, allows us to understand our time variant interests. These interests can be mapped across the social network in order to allow users to utilize the collective knowledge of people with complementary interests. By mapping the interest network, identifying the influencers and the influenced and tracking the actual financial transactions occurring through the recommendations allow us to quantify the economic activity surrounding a social network. For our initial research, we are trying to understand the structural dynamics of such network. This will allow us to find the experts, identify the influencers and the influenced....
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This note was uploaded on 02/16/2011 for the course INFORMATIO 0200 taught by Professor N during the Spring '11 term at Pittsburgh.

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Connected Consumption - Connected Consumption The Hidden...

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