Large language models (LLMs) open up new horizons for sequential recommendations, owing to their remarkable language comprehension and generation capabilities. However, there are still numerous challenges that should be addressed to successfully implement sequential recommendations empowered by LLMs. Firstly, user behavior patterns are often complex, and relying solely on one-step reasoning from LLMs may lead to incorrect or task-irrelevant responses. Secondly, the prohibitively resource requirements of LLM (e.g., ChatGPT-175B) are overwhelmingly high and impractical for real sequential recommender systems. In this paper, we propose a novel Step-by-step knowLedge dIstillation fraMework for recommendation (SLIM), paving a promising path for sequential recommenders to enjoy the exceptional reasoning capabilities of LLMs in a "slim" (i.e., resource-efficient) manner. We introduce CoT prompting based on user behavior sequences for the larger teacher model. The rationales generated by the teacher model are then utilized as labels to distill the downstream smaller student model (e.g., LLaMA2-7B). In this way, the student model acquires the step-by-step reasoning capabilities in recommendation tasks. We encode the generated rationales from the student model into a dense vector, which empowers recommendation in both ID-based and ID-agnostic scenarios. Extensive experiments demonstrate the effectiveness of SLIM over state-of-the-art baselines, and further analysis showcasing its ability to generate meaningful recommendation reasoning at affordable costs.
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