With the Big Data boom within the IT industry worldwide, more and more online retailers are using it to create better shopping experience for their customers through a boost in customer satisfaction to generate better revenue for themselves.
The funny news about Target knowing about a young lady’s pregnancy even before the father could was a viral content that sent the internet crazy. But how did they know this?
The answer lies in the wizardry of data analysis, as when a lady starts searching to buy products like nutritional supplements, unscented beauty products and cotton balls then there is a good chance that she is pregnant.
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While many consumers are uncomfortable about retailers knowing so much about their habits and lives, but it is evident that Big Data driving insights into everyone’s personal business is here to stay. And it is being implemented to improve the experience of shoppers while also generating higher profits for the retailers.
Realizing the numerous benefits of Big Data analytics in the e-commerce industry, Snapdeal has began a training module that focuses on data science using R programming. The training will be provided by the expert faculties at DexLab Analytics to their P&SI team and is of 6 days with each session being of 8 hours. Training will begin from the 11th of November, 2016 and will take place every alternate Fridays and Saturdays for the next 6 weeks. The timing for training will be from 10 AM to 7 PM.
The team at DexLab Analytics is happy to help Snapdeal, which is one of the leading e-commerce businesses operating in India.
You can have the support of data backed insights to launch promotions that are better targeted for your customers. Promotions are essential for any retail business to thrive in this cut-throat competitive market. But they are often not very easy to get them right.
Almost 98 percent of the fastest growing online merchants revealed that targeting and segmentation are two highly important tasks for their promotional activities. And often for online merchandising strategy development these two very important tasks pose as the most difficult ones. More than 50 percent of the online retailers are not satisfied with the tools that they use for promotion.
By correlating data from multiple sources companies can determine a personalised promotion that will work for their customers or a segment of their target groups.
Top global retailers like Macy’s, Target, StitchFix, Turkcell etc. have seen the benefits of deploying predictive analysis to better target their registered users. And Snapdeal in India is following suite, with the help of DexLab Analytics.
Traditionally retailers mainly use Bandit Testing or A/B to set prices for their different products and to come up with the optimal price which can result in maximum profit generation. But the only problem with them was that each price is manually set and can be highly prone to human error.
By deploying predictive analysis a different approach can be used which involves building a model to support real-time pricing that makes use of inputs from various sources.
Like as following:
• Preference and order history
• Customer activity
• Historical pricing of products
• Competitor pricing
• Available inventory
• Desired margins on the products
In conclusion, it is evident that data science technology and knowledge is critical for retailers to succeed in today’s competitive business environment and would be a blunder if ignored. Its benefits can however, be seen after a certain period of time. Hence, it is crucial to deploy the models and monitor constantly with successive refinement.
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