Price Optimization
[wtm_use_case_cats] Price optimization techniques focus on finding the price that maximizes a defined cost function (or company’s margin), considering many factors like flexibity of prices, location of the customer, seasonal effects, special events and competitor pricing. Price automation without machine learning is based on pre-defined pricing rules, while with machine learning implies training a model […]
Personalization
[wtm_use_case_cats] Personalization is the process of creating customized, pleasing experience for visitors. Every customer sees a slightly different version of your website which is defined by the particular audience segment the shopper falls into. Using the customer segmentation, scoring efforts with predictive modeling and recomendation engines tells the business who should they personalize their site […]
Inventory management
[wtm_use_case_cats] Machine learning-bases approach with a deep neural network(DNN) at its core, solves an inventory optimization task more effectively than other approacches do. We skip the demand forecasting stage and calculate inventory directly. This means that we won’t have to make wild guesses about demand probability distribution. Instead, a DNN will scrutinize most detailed historical […]
Customer Segmentation
[wtm_use_case_cats] Customer segmentation is the practice of dividing a company’s customers into groups that reflect similarity among customers in each group. The goal of segmenting customers is to decide how to relate to customers in each segment in order to maximize the value of each customer to the business. Types of Customer Segmentation in the […]
Market Basket Analysis
[wtm_use_case_cats] Market basket analysis works on the concept – if a customer buys one group of items, they are more or less likely to buy another set of related items. In retail, customers purchase items based on impulse, and market basket analysis works on this principle by predicting what the best chances of a customer […]
Customer Sentiment Analysis
[wtm_use_case_cats] The Natural Language Processing analyzes text data to extract information. It helps to identify words bearing a negative, positive or netural attitude of the customer towards the brand Benefits for the company Gathering customer feedback is extremely important for e-commerce sites. The project will help the business in improving their product and services to […]
Customer Retention Analysis
[wtm_use_case_cats] A churn model identifies customers at risk of churn or who are most likely to switch, so the business can take action from losing them. Churn model provides metrics such as the number and percentage of customers lost, using the history of churned customer we can do pattern recognition, use the model on existing […]
Recommendation systems on the platform
[wtm_use_case_cats] The idea of the project is to have a recommendation system that can recommend products to customers. The product recommendation can be optimized and create new area for those product recommendations. Benefits for the company This project will increase the average basket size which will lead to an increase of sales. In average such […]