Retail

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Retail

How data science is impacting the Retail sector.

 

Reduce Inventory Costs

Reducing inventory costs but always having enough products for demand is very hard to do, not to mention in uncertain times like COVID-19 brought us. More than purchase data, we need to take into account external data such as macroeconomic conditions, climate, and social data.

This complex task is suitable for machine learning algorithms since they can adapt to new circumstances and quickly analyze the vast amount of data available.

Build a long-lasting relationship with your clients

Client acquisition is expensive so it's better just to avoid losing them! Having the data from your e-commerce or fidelity card means you can get to know your customers a little better and suggest to them the products they enjoy the most.

Market Basket Analysis will help you identify these preferences, which can be used to create gifts or discounts on certain products which help you build a relationship with them. This will prevent customers from going to your competitors and also contribute to acquiring new clients from your happy customers' positive reviews.

Guarantee return on your investment!

As you may have noticed, some of these applications overlap since they can sometimes impact the same objective. This is why a carefully designed data strategy is important to keep your company working on the top priority objectives and guarantee a return on investment as soon as possible.

Learn more about how EAI is helping businesses achieve their goals through the Data Strategy Program.

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