LLP: LLM-Based Product Pricing in E-commerce

Understand

Unlike Business-to-Consumer e-commerce platforms (e.g., Amazon), inexperienced individual sellers on Consumer-to-Consumer platforms (e.g., eBay) often face significant challenges in setting prices for their second-hand products efficiently.

• Therefore, numerous studies have been proposed for automating price prediction.
• However, most of them are based on static regression models, which suffer from poor generalization performance and fail to capture market dynamics (e.g., the price of a used iPhone decreases over time).
• Inspired by recent breakthroughs in Large Language Models (LLMs), we introduce LLP, the first LLM-based generative framework for second-hand product pricing.