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How Data Science Benefits Enterprises in E-Commerce Industry?
Both Big Data and Data Science have become an integral part of enterprises business development process across the industry verticals. Data Science and other data analytical technologies are proving to be very efficient when it comes to analyzing the business performance, making informed decisions, predicting the trends in the market, analyze business risks and threats, analyze customer interests and more.
Enterprises in the E-commerce industry have also started deploying Data Science as a part of their business development strategy are proving to be highly effective in improving the overall performance of their business processes. You wish to master skills in the diverse data analytical techniques that are used in Data Science with our Data Science Training in Hyderabad program.
Now, let’s see how exactly Data Science is being used by enterprises in the E-commerce industry
- Recommendation Engines-
Recommendation Engine is undoubtedly the most effective tool for enterprises in the E-commerce & Retailers industry. Recommender Engines depend on Machine Learning and Deep Learning algorithms to make accurate interpretations out of behaviour patterns from the customer data. Based on these interpretations, customers are presented with product recommendations that exactly match with their interests.
You can see the perfect use of Recommender Engines by visiting the popular E-Commerce websites like Amazon, Flipkart or Snap Deal.
- Market Basket Analysis
Enterprises in the E-Commerce industry are benefiting a lot from the application of market basket analysis. The analysis is based on the assumption that whenever a customer buys a specific item, then there’s a high probability that he/she would be interested in buying products that are related to the first purchase.
The approach is based on the analysis made from data collected from customers purchase history and based on the analysis made, customers will be presented with recommendations of similar products at the time of their checkout process. This form of analysis is also largely dependent on the algorithms from ML & Deep Learning technologies.
You can know more about how Data Science is being used across the industry verticals with Kelly Technologies Data Science Course in Hyderabad program.