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Implement product recommendations, personalize promotions, increase basket size, and grow customer spending while increasing the amount of users visiting your eCommerce website
Data science is enabling retailers to become modern in the digital world. Numtra works with clients to help personalize customer interactions, customize promotions, streamline inventory management, increase operation efficiency, and much more.
Data science is transforming the way consumers shop for products. Internet based commerce is growing in popularity, and online retailers are evolving to meet the growing demand. Each time a potential customer browses the internet, data is being collected from keyword searches to online shopping cart contents. Every click creates data that can be extracted to produce valuable insights for retailers. Predictive analysis creates recommendation algorithms that consider items a consumer is interested in and recommends similar items or items that person will most likely buy in addition. These insights help retailers drive sales, increase units per transaction, and encourage return customers. Numtra utilizes predictive analysis to help retailers implement product recommendations, personalize promotions, increase basket sizes, grow customer spending, and increase the number of users visiting our clients’ eCommerce websites.
Retailers often struggle to accurately predict inventory categories and quantities when placing orders with wholesalers. Companies often use approximations that involve manually counting inventory stock and analyzing historical transaction data. This approximation typically only looks at recent transaction data to give the quantity of each SKU sold by assuming roughly the same sales trends will persist in the near future. Predicting customer trends is actually a much more complex process, and this is where predictive analysis comes into play. Variable changes occur daily, and these facts can vastly influence the amount and type of product a retailer will sell. Ideally, all retailers would like to order the exact amount of each product type to sell to avoid having mark down sales to liquidate leftover product at a reduced margin or selling out of an item and missing out on potential revenue. Predictive analysis greatly benefits both retailers and suppliers when retailers can rely on models to accurately estimate the product categories and quantities to order based on trends in the market.
Deep learning has grown in popularity to assist in the rise of on-demand retail whether it is online shopping or delivery services. By creating and combining an embedding for the products, one for the shoppers, and yet another for the stores, data scientists use predictive analysis to determine which product a shopper will pick with great accuracy based on input data sources such as location and previously transaction history. Using deep learning, Numtra helps clients automate their transaction processes which leads to more efficient shopping, faster delivery, quicker processing, and more revenue that continues to rise with the satisfaction of customers.
Natural Language Processing can be a huge asset to retailers as customers transition from brick-and-mortar stores to online shopping services. NLP, which falls under the category of Artificial Intelligence, can step in to complete tasks traditionally performed by retail associates and customer service employees. This makes the online shopping experience more personal and efficient. While a customer is shopping on a store’s online platform, a chatbot is available to interact with the customer to determine correct size, fit, and style. The chatbot collects data from direct communication with the customer and uses predictive analysis and machine learning to accurately suggest products that fit the customer’s specific needs. This leads to quicker transaction processing times, larger purchase quantities, and happier customers that are less likely to return products due to inaccuracies of anticipated fit and style. NLP can also be utilized in customer service departments to expedite the time it takes to process returns and solve customer issues with orders while optimizing business hours and achieving higher satisfaction ratings. Numtra works with our retail partners to determine if personalized bots and NLP technologies will be beneficial for the company, and help businesses integrate these innovations into their existing online platforms and customer service centers.
IoT devices can greatly benefit brick-and-mortar retailers and bring these stores into the digital world. Monitoring conversion rates is not a new concept for stores within a mall. Sales associates count the number of customers that enter the store and compare that number to the number of transactions at the end of the day to determine if associates are accurately meeting the needs of the customers and producing transactions. IoT devices can provide more valuable insights into conversion rates by determining which displays and marketing approaches are successful in converting potential customers into sale transactions. IoT devices collect data from customers in real-time, whether a customer walks past a window display before turning back to come into the store, if they pause for a longer time at one display over another, and if certain signage is more successful at attracting customers than others. Mobile apps are another way for stores to interact with customers and improve the digital shopping experience. These are just a few of the ways Numtra can help gather more meaningful data from your business using IoT devices.