(&RPPHUFH ,QWHOOLJHQFH 0HDVXULQJ $QDO\]LQJ DQG 5HSRUWLQJ RQ 0HUFKDQGLVLQJ (IIHFWLYHQHVV RI 2QOLQH 6WRUHV

6WHSKHQ *RPRU\ 5REHUW +RFK -XKQ\RXQJ /HH 0DUN 3RGODVHFN (GLWK 6FKRQEHUJ
,%0 7- :DWVRQ 5HVHDUFK &HQWHU 32 %R[  <RUNWRZQ +HLJKWV 1<  HPDLO ^JRPRU\ UKRFK M\O SRGODVHF HGLWKV`#XVLEPFRP

$EVWUDFW
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 V\VWHP WKDW SURYLGHV H[SORUDWRU\ DQDO\VLV DQG UHSRUWLQJ FDSDELOLWLHV

 ,QWURGXFWLRQ
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 KDV EHFRPH WKH VLJQLILFDQW PHWULF IRU HIIHFWLYH PDUNHWLQJ 1RQH RI WKHVH PHWULFV DUH UHOLDEO\ FRPSXWDEOH IURP :HE ORJV DORQH 0HDVXULQJ WKH FOLFNWKURXJK UHTXLUHV REWDLQLQJ WKH EDQQHU DG LPSUHVVLRQ FRXQW ZKLFK PXVW EH REWDLQHG IURP H[WHUQDO VRXUFHV 0HDVXULQJ 52, UHTXLUHV NQRZOHGJH RI VDOHV DQG SURGXFWV LQ DGGLWLRQ WR WUDIILF 

7KLV SDSHU SUHVHQWV QRYHO FRQFHSWV IRU HFRPPHUFH GDWD DQDO\VLV DQG VKRZV KRZ WKH\ FDQ EH LQFRUSRUDWHG LQWR D GDWD PDQDJHPHQW V\VWHP DUFKLWHFWXUH UHIHUUHG WR DV (&RPPHUFH ,QWHOOLJHQFH (&, 7KH DUFKLWHFWXUH LQFOXGHV D :HE VHUYHU LQVWUXPHQWDWLRQ PRGXOH WKDW G\QDPLFDOO\ JDWKHUV UHOHYDQW GDWD IURP :HE SDJHV D GDWD PRGHO WKDW FRPELQHV :HE WUDIILF DQG VDOHV GDWD IURP GLYHUVH VRXUFHV DQG DQ 2/$3 2QOLQH $QDO\WLFDO 3URFHVVLQJ HQJLQH WKDW SURYLGHV IRU H[SORUDWRU\ DQDO\VLV DQG UHSRUWLQJ 7KH KLJKOLJKWV RI RXU FRQWULEXWLRQ LQFOXGH ,QWHJUDWHG DQDO\VLV RI WUDIILF DQG VDOHV

:H LQWHUYLHZHG D QXPEHU RI UHDOZRUOG RQOLQH UHWDLOHUV IRU FROOHFWLQJ DQG FDWHJRUL]LQJ XVDJH DQDO\VLV UHTXLUHPHQWV IRU HFRPPHUFH :HE VLWHV :H SUHVHQW WKH DQDO\VLV UHTXLUHPHQWV DV D VHW RI EXVLQHVV TXHVWLRQV DQG PHWULFV IRU :HE WUDIILF DQG VDOHV 2XU PXOWLGLPHQVLRQDO GDWD PRGHO LV GHVLJQHG WR VXSSRUW WKH DQDO\VLV IRU WKHVH TXHVWLRQV $QDO\VLV RI PHUFKDQGLVLQJ HIIHFWLYHQHVV

:H IRFXV RQ WKH PHUFKDQGLVLQJ HIIHFWLYHQHVV RI DQ RQOLQH VWRUH DQ DUHD ZKHUH WKHUH DUH IHZ H[LVWLQJ DQDO\VLV WRROV 6SHFLILFDOO\ ZH YLHZ DQ HFRPPHUFH VLWH DV D FROOHFWLRQ RI EDQQHU DGV IRU LQGLYLGXDO SURGXFWV )URP WKLV SHUVSHFWLYH ZH GHILQH PHWULFV IRU WKH HIIHFWLYHQHVV RI YDULRXV SURGXFW PHUFKDQGLVLQJ LPSOHPHQWDWLRQV ZKLFK DUH VLPLODU WR EDQQHU DG PHWULFV DQG PHDVXUH FRQYHUVLRQ UDWHV DQG 52, IRU LQWHUQDO :HE VLWH IHDWXUHV 6HPDQWLF YLHZ RI FRPPHUFH VLWH

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

:H LQWURGXFH D QRYHO ZD\ UHIHUUHG WR DV WKH PLFURFRQYHUVLRQ UDWH RI WUDFNLQJ DQG DQDO\]LQJ WKH HIIHFWLYHQHVV RI YDULRXV EXVLQHVV HIIRUWV LQ RQOLQH VWRUHV VXFK DV PDUNHWLQJ PHUFKDQGLVLQJ SURGXFW DVVRUWPHQW DQG VLWH GHVLJQ 7KHVH DUHDV RI EXVLQHVV HIIRUWV FRLQFLGH ZLWK WKH DUHDV RI XVDJH DQDO\VLV UHTXLUHG E\ RQOLQH UHWDLOHUV LQ RXU LQWHUYLHZV 7UDFNLQJ G\QDPLF :HE SDJH FRQWHQW

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

6HFWLRQ  ,Q 6HFWLRQ  UHODWHG ZRUN LV HYDOXDWHG DQG FRPSDUHG DJDLQVW RXU DSSURDFK )LQDOO\ LQ 6HFWLRQ  FRQFOXVLRQV DUH GUDZQ DQG IXUWKHU ZRUN LV RXWOLQHG

 $UHDV RI :HE 8VDJH $QDO\VLV

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

H[WHUQDO UHIHUUDOV

VKRSSHU VHJPHQWDWLRQ SURGXFW JURXSLQJ SURPRWLRQV DQG UHFRPPHQGDWLRQV

VKRSSLQJ PHWDSKRU GHVLJQ IHDWXUHV

SURGXFW DVVRUWPHQW

7DEOH  $UHDV RI XVDJH DQDO\VLV DQG VDPSOH EXVLQHVV TXHVWLRQV IRU RQOLQH VWRUHV 

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 IRQW LI WH[W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 FODVVLI\LQJ HDFK K\SHUOLQN E\ LWV PHUFKDQGLVLQJ SXUSRVHV  WUDFNLQJ DQG PHDVXULQJ WUDIILF RQ WKH K\SHUOLQNV DQG DQDO\]LQJ WKHLU HIIHFWLYHQHVV HJ SURILWDELOLW\ DQG 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

 0LFUR&RQYHUVLRQ 5DWH
7KH FRQYHUVLRQ UDWH RI DQ RQOLQH VWRUH LV WKH SHUFHQWDJH RI YLVLWRUV ZKR SXUFKDVH IURP WKH VWRUH :KLOH WKLV PHDVXUH LV XVHIXO IRU HYDOXDWLQJ WKH RYHUDOO HIIHFWLYHQHVV RI WKH VWRUH LW GRHV QRW KHOS XQGHUVWDQG WKH SRVVLEOH IDFWRUV DIIHFWLQJ WKH VDOHV SHUIRUPDQFH 7KH QRWLRQ RI PLFURFRQYHUVLRQ UDWH H[WHQGV WKH WUDGLWLRQDO PHDVXUH E\ FRQVLGHULQJ WKH IRXU JHQHUDO VKRSSLQJ VWHSV LQ DQ RQOLQH VWRUH ZKLFK DUH    


SURGXFW LPSUHVVLRQ WKH YLHZ RI K\SHUOLQN WR D :HE SDJH SUHVHQWLQJ D SURGXFW FOLFNWKURXJK D FOLFN RQ WKH K\SHUOLQN DQG YLHZ WKH :HE SDJH RI WKH SURGXFW EDVNHW LQVHUWLRQ SODFHPHQW RI WKH LWHP LQ WKH VKRSSLQJ EDVNHW LI LQWHUHVWHG DQG SXUFKDVH WKH SXUFKDVH RI WKH LWHP  FRPSOHWLRQ RI D WUDQVDFWLRQ

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 FRORU IRQW LI WH[W VL]H ORFDWLRQ DQG VR RQ 7KH IRXU W\SHV RI PLFURFRQYHUVLRQ UDWHV DQG WKH K\SHUOLQN HIIHFWLYHQHVV FDQ EH FRPSXWHG IRU WKH K\SHUOLQNV WR VKRZ WKH HIIHFWLYHQHVV RI WKH GLIIHUHQW GHVLJQ IHDWXUHV LQ D VWRUH 7DEOH  5HSRUWV RQ PLFURFRQYHUVLRQ UDWH 

PHUFKDQGLVLQJ FXHV VKRSSLQJ PHWDSKRU GHVLJQ IHDWXUHV

)LJXUH  LOOXVWUDWHV VDPSOH PLFURFRQYHUVLRQ UDWHV IRU WKUHH GLIIHUHQW PHUFKDQGLVLQJ FXHV LH SURPRWLRQV UHFRPPHQGDWLRQV DQG FURVVVHOOV 9LVLWRUV DUH VHHLQJ WZLFH DV PDQ\ LPSUHVVLRQV IRU SURPRWLRQV  WKDQ FURVVVHOO LPSUHVVLRQV  DQG WZLFH DV PDQ\ FURVVVHOO LPSUHVVLRQV WKDQ LPSUHVVLRQV IRU UHFRPPHQGDWLRQV  +RZHYHU WKH ORRNWRFOLFN UDWH IRU UHFRPPHQGDWLRQV   LV WZLFH DV KLJK DV IRU HLWKHU SURPRWLRQV RU FURVVVHOOV $GGLWLRQDOO\ UHFRPPHQGDWLRQV DUH UHVXOWLQJ LQ D UHODWLYHO\ KLJK ORRNWREX\ UDWH  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
       SURPRWLRQV UHFRPPHQGDWLRQV FURVVVHOOV LPSUHVVLRQV ORRN WR FOLFN UDWH FOLFN WR EDVNHW UDWH EDVNHW WR EX\ UDWH

 (&, 'DWD 0DQDJHPHQW 6\VWHP

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

,PSUHVVLRQV WKRXVDQGV

    

5DWH

0HUFKDQGLVLQJ FXHV )LJXUH  0LFURFRQYHUVLRQ H[DPSOH

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

Trvvhv @8Dytv Xriythhyv

Xrihssvphhyv r

@8rpr Trhvp yt hhyv qhhh @8D qvrvhy qhhqry PG6Q 9hh Tvr qvpvh vrthv yhqvt hhyv hq rvt y PG6Q ivr r

2UGHUV &DWDORJ &XVWRPHU

Hrpuhqhh) qp Prhvhy qhhihr pstq vrp Qhuhhyv 9hhvvt rtvr hpvhv pyrvt

)LJXUH  (&, V\VWHP DUFKLWHFWXUH 

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

Uhssvp CvQhtrWvr

9LVLWRU
8r

5HVRXUFH
7LPH 0HWDSKRU

Pqr 9yyhVv

3URGXFW

Drv 8yvpxWvr

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 DQG WR LGHQWLI\ WKH SDWK WKDW EURXJKW WKH XVHU WR WKH VDOH VKRSSLQJ PHWDSKRU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

7LPH
9hrD9 9hr 9hsrrx qhsu rrx u rh 

Trv Pvtv
PvtvDq rsrhyy rhtr rvhtr

Dr Pqr
Pvtvvq 8rD9 9hrD9 QqpD9 SrprD9

qhv iqhv ir yhs

3URGXFW
QqpD9 QqpTFV 8y 7hq Tvr 9vvv 9rhr Tiqr 

8r
8rD9

8rhvrD9 qrthuvpvs PqrIir iruhvvs PqrUvr Vv VvQvpr

Hrhu 8rhvr
8rhvrD9 8rhvrUr HrpuhqvvtTpurr QhtrrprD9 Srprqrpvv Srprphrt Srprphrt QvIhr qrpvv

)LJXUH  2UGHUV GLPHQVLRQ PRGHO

 6DPSOH $QDO\VLV
)RU WKH SXUSRVH RI LOOXVWUDWLRQ ZH ZDON WKURXJK D EXVLQHVV DQDO\VLV E\ IRFXVLQJ RQ WKH RUGHUV GDWD PRGHO SUHVHQWHG DERYH %HJLQQLQJ ZLWK D YDULDWLRQ RQ D TXHVWLRQ IURP 6HFWLRQ  DERYH :KDW GHVLJQ IHDWXUHV GULYH WKH VDOHV RI WKH ILYH PRVW SRSXODU SURGXFWV RYHU WKH SDVW ZHHN ZH FDQ GHILQH D VWUDWHJ\ IRU XVLQJ WKH (&, GDWD PDUW 1RWH WKDW WKH RSHUDWLRQV GHVFULEHG KHUH FDQ EH GRQH ZLWK FRPPHUFLDOO\ DYDLODEOH 2/$3 WRROV 7KH ILUVW VWHS ZRXOG EH LGHQWLI\LQJ WKH ILYH PRVW SRSXODU SURGXFWV 7KLV FRXOG EH GHILQHG DV WKRVH ILYH SURGXFWV ZLWK WKH PRVW XQLW VDOHV 7KH VHFRQG KDOI RI WKH TXHVWLRQ :KDW GHVLJQ IHDWXUHV GULYH WKH VDOHV UHYROYHV DURXQG WKH PHUFKDQGLVLQJ FXHV XVHG WR SUHVHQW WKH SURGXFW 7KHVH PD\ EH VNHWFKHV LPDJHV RU WH[WXDO GHVFULSWLRQV $V ZLWK DQ\ DQDO\VLV GLIIHUHQW EUHDNGRZQV RI WKH TXHVWLRQ DW KDQG ZRXOG UHVXOW LQ GLIIHUHQW TXHULHV DJDLQVW WKH GDWD PRGHO 7KH UHVXOWV RI WKLV H[DPSOH DUH VKRZQ LQ )LJXUH  ZLWK LQGLYLGXDO FRQVWUDLQWV JUD\HG
7LPH
9hr 9hsrrx qhsu rrx u rh 

Trv Pvtv
PvtvDq rsrhyy rhtr rvhtr

Dr Pqr
vtvvq

qhv iqhv ir yhs

Qqp
QqpD9 8y 7hq Tvr 9vvv 9rhr Tiqr 

8rD9 PqrD9 9hr QqpD9 SrprD9 8rhvrD9 Vv VvQvpr

8r
8rD9 qrthuvpvq iruhvvq

Thyr
Hrhu
QhtrSrprD9 rprphrt Srprphrt 9rpvv

Qu

Txrpu

Ur

8rhvr
8rhvrD9 8rhvrUr HrpuhqvvtTpurr

XvrByhr

'

QvIhr

XhssyrD

'$

FrrQhq



9vuUry



Urhx7rpu



8yr

!

'

)LJXUH  6DPSOH EXVLQHVV DQDO\VLV UHVXOW 

 5HODWHG :RUN
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 VFULSWV DQG SDUDPHWHUV WR DLG LQ :HE ORJ DQDO\VLV 7KLV DSSURDFK SURYLGHV D KLJKOHYHO ZD\ RI FDWHJRUL]LQJ :HE SDJHV WKDW LV VLPLODU WR DQQRWDWLQJ :HE SDJHV ZLWK VHPDQWLF ODEHOV LQ (&, +RZHYHU WKLV ZRUN IRFXVHV RQ JHQHUDO :HE XVDJH DQDO\VLV ZKLOH (&, FRQFHQWUDWHV RQ WKH DQDO\VLV RI PHUFKDQGLVLQJ HIIHFWLYHQHVV $OVR WKLV ZRUN DGGUHVVHV GLIIHUHQW W\SHV RI TXHVWLRQV WKDW DUH PRUH DSSURSULDWHO\ DQVZHUHG E\ XVLQJ GDWD PLQLQJ WHFKQLTXHV

 &RQFOXGLQJ 5HPDUNV
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

5HIHUHQFHV
 $FFUXH 6RIWZDUH ,QFV ,QVLJKW KWWSZZZDFFUXHFRP  5 $JUDZDO DQG 5 6ULNDQW )DVW $OJRULWKPV IRU 0LQLQJ $VVRFLDWLRQ 5XOHV 3URF RI WKH WK 9/'% &RQIHUHQFH 6DQWLDJR &KLOH  SS   $QGURPHGLD ,QFV $ULD KWWSZZZDQGURPHGLDFRP  $ * %FKQHU DQG 0 0XOYHQQD 'LVFRYHULQJ ,QWHUQHW 0DUNHWLQJ ,QWHOOLJHQFH WKURXJK 2QOLQH $QDO\WLFDO :HE 8VDJH 0LQLQJ 6,*02' 5HFRUG  'HFHPEHU   5 &RROH\ % 0REDVKHU DQG - 6ULYDVWDYD :HE 0LQLQJ ,QIRUPDWLRQ DQG 3DWWHUQ 'LVFRYHU\ RQ WKH :RUOG :LGH :HE 3URF RI WKH WK ,((( ,QWHUQDWLRQDO &RQIHUHQFH RQ 7RROV ZLWK $UWLILFLDO ,QWHOOLJHQFH   5 &RROH\ % 0REDVKHU DQG - 6ULYDVWDYD 'DWD 3UHSDUDWLRQ IRU 0LQLQJ :RUOG :LGH :HE %URZVLQJ 3DWWHUQV -RXUQDO RI .QRZOHGJH DQG ,QIRUPDWLRQ 6\VWHPV 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