« Back How Predictive Data Science Analysis Benefits Online Retail?

By vikas  |  Data science and Analytics  |  On 6/26/2018 9:22:41 PM

There are many practical usage of data science across the globe. Right from healthcare and life sciences to entertainment and education have benefited from the power of data science in Mumbai in uncovering patterns and providing a sense of certainty to an uncertain future.

When we talk about predictive modeling it is one of the most powerful branches of data Classroom science in Mumbai. Businesses are increasingly using predictive modeling to forecast the future and streamline their operations and business strategy in line with the answers provided by predictive modeling.

1.      Accurate recommendations

Sites like Amazon and eBay provide recommendations to users once they have viewed a particular product on the ecommerce website. This lets customers know what others are buying, or what else others are viewing after viewing that particular item. This important cog in the buying process cycle is powered by predictive modeling of data science In Mumbai. By employing machine learning, the technology can assess a user’s buying behavior and past buying history to recommend products that he would most likely purchase.

2.      Powerful search

Data science and predictive modeling also powers up the traditional search to make it predictive search. By analyzing previous click-through behaviors, browsing history and preferences, a real time intelligent search can be fired up to spur better sales.

3.      Fraud management

With predictive analysis, credit card chargebacks and attempted frauds can be put forward by the e-commerce store. This way, even those products that are highly susceptible to frauds can be removed from the catalogue. With this aspect data science Course Mumbai helps the online store to detect fraud before it happens. Examples like chargeback guardian have custom solutions built specifically to serve the e-commerce sector.

4.      Set accurate pricing

Assortment pricing always remains a sore point for online retailers. The pricing level needs to match the competitive analysis as well as the trends witnessed in the past. BesData science In Mumbai and predictive analysis helps to correlate pricing with past sales information. This, in turn, helps to set the right price for a product at the right time to elevate the volume of sales and conversions. This is a key reason why a site like Amazon uses data science to show multiple prices for the same product at different days or even different times of the same day.

These advantages show how vital is data science and predictive modeling to help an online retail business to thrive in a cut-throat competitive landscape.