Last Updated on by Kumar Raja

Data Science Projects Which Most Of The Ecommerce Businesses Are Using

Data, having become the new oil for businesses, Data Science has now become a go-term for almost all the industries. Data Science helps in extracting insights from the Big Data no matter whichever format it may be. Just like many other industries, the e-commerce industry too has started making the most out of the Data Science implementations to explore newer opportunities which could lead to better customer satisfaction. Get to know how Data Science is playing a crucial role in e-commerce & several other industries by being a part of the Kelly Technologies Data Science Training In Hyderabad.

India has become one of the fastest-growing nations in terms of the online retail industry with millions of online customers, most of the top e-commerce industries are competing against each other to set their foothold in the Indian e-commerce market. The competition has become very stiff, these companies have started resorting towards the use of technology such as analytics and data science to help stay competitive & to outperform their competitors.

Now, let’s take a look at how Data Science is benefiting the e-commerce industry

Data Science Projects Which Most Of The Ecommerce Businesses Are Using

Data Science is helping e-commerce companies to enhance their customer experience in the following ways.

Churn Model-

Churn Model helps the e-commerce websites in accurately targeting the set of audiences who are having an excellent probability of switching to other e-commerce websites. With this type of analytics model, e-commerce companies can easily track their business progress rate by simply analyzing various business metrics.

Advanced-Data Science tools like Unsupervised Clustering, Predictive Modeling, NLP, & a few other tools would be playing a crucial role in this model.

Customer Sentiment Analysis-

This is the most widely used Data Science tool by the e-commerce companies at present. This tool analyzes the customers’ sentiments by collecting data from their reviews across different social media platforms, online surveys, feedback forms & such.

This tool makes use of advanced algorithms like NLP, neutral or negative sentiments, text analysis, etc. to analyze the customers’ sentiments accurately.

Fraud Detection Model-

Fraud Detection is one of the most challenging tasks for e-commerce companies. If not appropriately tackled, frauds can often lead to huge financial losses. The fraud detection model makes use of advanced Deep Neural Networks & various predictive algorithms to detect fraudulent patterns accurately.

Ecommerce companies are also using Data Science to improve their customer service, inventory management, market basket analysis, recommendation systems and many more.

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