The toughest part when shopping for gadgets is making the decision. Should you buy that laptop, or should you wait for a newer model? Should you wait for the price to drop? Did you wait too long that the price increased? Should you risk buying the older model because it’s cheap? Decisions, decisions! As exciting the consumer market has become, it has also become a nightmare for buyers. More often than not, buyer end up buying a gadget only to see the newer, better version released weeks later …and at a lower price.
Early this week, a new startup was launched whose sole purpose is to help you decide. Aptly named Decide, this new ecommerce website tells consumers when it’s best to buy their next laptop, television or camera.
Search for a product and Decide will immediately give you a buy or wait recommendation, along with a machine-generated prediction, based on past price history, on when to buy and a percentage indicating Decide’s confidence in that prediction.
For instance, a search for Nikon D5100 will yield a “Buy”, because the site predicts that the price for that camera is not likely to drop with 62% confidence. Decide is also 82% confident that a newer model won’t be released in the next 6 months.
Decide’s purchase recommendations are generated using a combination of proprietary data and predictive algorithms. Decide takes into account 40 distinct price factors, historical data on model lineage releases and pricing.
We make model predictions by matching hundreds of thousands of devices to their model lineages and applying advanced machine learning and text mining algorithms.
Price predictions help you pull the trigger with confidence and save money. Our prediction algorithms utilize billions of observed price movements and over 40 distinct factors.
Currently, Decide is limited to only TVs, laptops and cameras, but it is expected that the site will broaden its scope beyond those to offer recommendations on more products and gadgets.
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