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Smart Applications Of Data Science In Retail & E-Commerce Industries
Everyone must be aware of the rise in the demand for Data Science analytics models in industries across various sectors. The e-commerce & the retail sectors have also been quite successful with the implementation of Data Science in their business models. By analyzing the data collected from their customers’, enterprises across the e-commerce & retail industries have been able to deliver their customers with a personalized shopping experience that resulted in boosting their sales. That is why they say that the prominence of Data Science isn’t just limited to one particular field.
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Now, let’s have a look at the applications of Data Science in the retail & e-commerce industry.
- Data Science For Recommendation Engines-
If you have carefully noticed some of the popular e-commerce platforms like Flipkart, Amazon, e-Bay & such, then you must have surely seen the product recommendations that are mostly of your interest. To come up with accurate recommendations to the users, these websites make use of advanced Recommender Engines that analyze users’ historical data, their behavioral patterns in the website, cookies & users’ browsing data to identify their interests & come up with accurate product recommendations.
- Data Science To Power Augmented Reality
To take the users’ shopping experience to the next level, the e-commerce & retail enterprises are now investing in Data Science to implement augmented reality. This augmented reality will take users into a virtual space where they can see how they will be looking in different clothes or accessories of their choice without actually wearing them.
- Data Science For Intelligent Cross-Selling And Up-Selling
Cross-selling & up-selling are the advanced marketing techniques that are being used by the enterprises at large. By analyzing data from various sources, retailers would present their users with product recommendations that are similar to the ones they are buying & this concept is called Cross-Selling. Up-selling is the technique where users are presented with product recommendations that are better than the products which they are willing to purchase
- Data Science For Foretelling Trends Through Social Media
The e-commerce & retail industries are now able to identify the ongoing trends by simply analyzing the data collected from various social media platforms. Not just identifying the trends, retailers are also able to accurately predict future trends by making use of Machine Learning algorithms. These predictions will help then in better management of their inventory based on future needs.
Learn how Data Science is being used in several other ways across various sectors by joining for the advanced Data Science training program offered by Kelly Technologies.
Kumar Raja is a multidisciplinary writer, and lifelong learner. He’s a Digital Marketer in the making who spends his time analyzing the developments in the tech world. He’s very passionate about helping people understand the latest trends in the tech world through his well-researched articles. He’s able to condense complicated information about the latest technologies into easily digestible articles.