One field that has skyrocketed in acclaim especially during the last few years is data science. Professionals from various industries are beginning to unearth the potential of using data in their day to day operations.
In finance, many professionals study data to determine stock trends accurately and thus improve investing strategies. In the field of impact evaluation, many researchers use machine learning based models to predict or estimate the effect of administering certain interventions. Another field that has perhaps economically benefited the most from data analytics is e-commerce.
Using Recommender Systems:
Many of the worlds leading brands now use data analytics to secure an advantage over their competitors in a wide variety of ways, one method is using recommender systems. These systems study customer data and use information obtained from this data to recommend products to customers that they are more likely to buy. These recommender engines use machine learning algorithms to predict which products various customers are drawn too. To see this in real-time, one need only look at the various shows recommended to us when we use Netflix. The streaming service has a complex in-built recommender system that studies your past behavior to design your future recommendations.
Warehousing and Inventory Management:
Another significant way in which the field of data analytics has benefitted the field of e-commerce is in warehousing. Studying the flow of inventory using sales and acquisition data has proven extremely effective in optimizing inventory management. Usually, optimizing inventory flow takes the combined efforts of different departments and can take up large amounts of man hours that can be better utilized elsewhere. Data analytics make possible the study of trends in inventory movement, enabling the company to make more informed decisions.
Marketing with Data:
Another area where data analytics has made life easier for e-commerce platforms is marketing. The use of data has enabled various e-commerce companies to optimize their advertisements to attract as many customers as possible. Statistically speaking, marketing strategies designed with insights from data analytics fare much better than their traditional counterparts. These data-driven marketing strategies have enabled e-commerce platforms to attract fresh customers from all corners of the internet, especially social media platforms such as Facebook and Twitter.
Warranty Analysis using Product Data:
Another area where data analytics has made an additional impact is decisions regarding product warranty. By studying warranty data, e-commerce platforms can understand various elements of their products, such as lifetime, problems, and returns. Understanding these helps a company identify the problem areas in their products and adjust accordingly. Under traditional circumstances, obtaining and utilizing this information took extensive time. It is clear to us that data is necessary to the operations of e-commerce platforms, but implementing these changes requires in-depth knowledge of statistics and data analytics software. Many brands now specialize in providing e-commerce platforms with these services, and one such company is Mulberry Analytics.
Mulberry Analytics:
Mulberry Analytics has a team of talented and trained data analysts who can study, visualize, and extract valuable insights from client data. With these insights, the team can design optimal marketing strategies that are sure to scale the client’s business and foster growth. Furthermore, the team at Mulberry Analytics can study the client’s inventory management practices and propose changes that can then be used to streamline the inventory flow and adopt better warehousing policies. Using these recommendations, customers making use of the services at Mulberry Analytics have simultaneously increased profits and reduced costs, which has greatly accelerated their growth in the marketplace. Many brands have found success under the guidance of the team at Mulberry, and this trend is sure to continue.
