Data Science in Retail

Because of digitalization, retailers around the globe are employing Big Data and Advanced Analytics for improving their customer experiences. This technology is helping retail businesses to mark the hidden correlations in data and empower their hidden business opportunities by infusing the insights extracted. Data is the key, and retailers who can unlock it can build customized and automated retail solutions -whether they operate online or offline.

Convert ambivalent shoppers to prospective customers. Leveraging real-time market analytics techniques for adjusting pricing, product targeting, analyzing trends can uptake your competitor’s.

From product-targeting to product recommendations, filter the search of online users to suggest personalized products/services. Product recommendations can convert long-term buyers into short-term returning consumers.

Transaction analysis, fraudulent merchandise returns, warehouse movements, and more are state-of-art strategies leveraged to detect and prevent fraud using Machine Learning anomalies detection.

Whether physical or digital store -extracting insights from various connected devices like beacons, IoT sensors, and intelligent communication tools can predict trends and help in planning strategies to improve sales accordingly.

Forecasting demand and supply in the market and in different geographies where the business operates helps brands to know their products are stocked and uprooted in real-time to avoid left-out stocks or prevent running out-of-stock.

Achieving a competitive edge with real-time pricing is a tricky game. However, AI applications can establish a 360-degree view of your customers, suppliers, and market trends to upsell/cross-sell for effective sales.

Running hyper-personalized marketing campaigns is one of the all-time trends while leveraging data and AI for business. Diving actionable insights in the retail niche promote targeted products to the right audience at the right time.

Decision making is one of the crucial and consistent practices for any business. Adding Data Science practices advances the skill of decision-making by building customer-centric connected business.