How Retailers use Data Science & AI to Read Your Mind

Big Data Analytics, Econometrics

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Use of data science in the retail industry

As consumers nowadays are expecting and even anticipating highly personalized experience, retailers recognize this shift and start to leverage data and analytics to improve customer experience and thereby top line growth.

The vast amount of data available for retailers today is helping them drive a better, enhanced tailored segmentation for customers different needs and preferences.  Using suitable Data Science Techniques  Retailers can derive  valuable insights  from their big data on customers and offer suitable products and solutions while enhancing their customer experience.

As expanding number of purchasers request profoundly customized logical encounters, retailers are likewise attempting to locate the most ideal approach to ensure protection of the shoppers’ data while giving a seamless experience. A great example is Amazon. They use data analytics to oversee gigantic deals occasions like Black Friday, Cyber Monday and the late Prime Day in USA.

Big data analytics helps comprehend inspiration and/or intent.

When marketers analyze user behavior using all channels from recent or past transactions, brands can produce noteworthy bits of knowledge which will empower them to concentrate on the plan of the buyer better, in this way, empowering them to make customized experience and drive better transformation. Customers too gain advantage as they get a seamless experience without pushing them away with irrelevant messages or wrong targeting.

IOT along with other proximity sensors are enabling retailers to integrate physical (offline) retail data with digital (online) & social data. This empowers retailers to get a better understanding of customer behavior across different channels.