Every retail and e-commerce company wants to improve their customers’ experience on their platform or store. This has a direct impact on the company’s sales and therefore profit. Recommendation engines make use of customer data from their platform such as previous purchases, items added to cart or wish list, and so on, to recommend related products to the customers.
Besides creating recommendation engines, several other things could be done with the data that retail and e-commerce companies have access to. Apart from trying to improve their customers’ experience, retail and e-commerce companies also aim to optimize their operations to make them more efficient, thereby reducing their operating costs. This can be achieved through:
SynctacticAI is a data science as a service platform familiar with all these use cases for data science in the retail and e-commerce industry. It has a lot of features designed to make data analysis and data science easy and seamless for retail and e-commerce companies.
They offer services such as Prediction and Forecasting(used in demand forecasting, customer lifetime value prediction, inventory, and price optimization, etc), Classification and Anomaly Detection (used in fraud detection), Natural Language Processing (used in customer sentiment analysis), and so on.
By introducing data science into your retail or e-commerce business or augmenting your previous data science operations with some or all of the aforementioned techniques, your company is poised to be its most profitable, whilst still providing the best possible experience to its customers. SynctacticAI makes this process even easier for you with the various data science services it offers.