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How Exactly is Data Science Being Used in the E-Commerce Industry?
Being one of the most prominent and dominant technology in the current age of Big Data, Data Science is being used across the industry verticals. IT, Healthcare, Business, Banking, Insurance, Telecom, etc are among the industries very Data Science is extensively used. Apart from these sectors, Data Science is also being used in the E-Commerce industry. The growing prominence of Data Science in enterprises decision making process decision making process is undeniable.
When it comes to the E-commerce industry, Data Science is helps enterprises in gaining extensive profit margins, minimize losses, target the potential audience, accurate product recommendations and several other benefits. Get a clear understanding of how exactly is Data Science used in the E-Commerce and across many other industries with our Best Data Science Training in Hyderabad program.
Now, let’s have a clear understanding of how Data Science is being used in the enterprises across the E-Commerce industry.
- Recommendation Engines
Most of the enterprises in the E-Commerce industry are benefiting from the use of Recommendation Engines in Data Science. Recommender Engines rely on Machine Learning, and Deep Learning algorithms and make accurate recommendations based on the information collected from customers’ behaviour patterns. Most of the popular E-commerce websites like Amazon, SnapDeal and Flipkart are making use of Recommender systems to present their customers with accurate product recommendations.
- Price Optimization
Enterprises in the E-commerce industry are relying Data Science price optimization models to come with varying prices for their products. To come up with prices for the products, enterprises consider factors like manufacturing cost, customers’ ability to pay for that product and also competitors pricing.
Data Science powered Price Optimization models help E-Commerce enterprises to better market their products with optimized prices.
- Inventory Management
Inventory management is very critical for enterprises in the E-Commerce industry for better management of their goods in times of crisis. With Data Science, E-Commerce enterprises are now able to predict the sudden rise in the demand for sales by analyzing the varying customers’ interests, market trends, and supply chains.
Data Science also helps enterprises in the E-Commerce industry with Fraud Detection, Churn Prevention and many other benefits.