Data science reveals all the necessary data needed by e-commerce businesses to retail the latest products and services. E-commerce businesses use data science projects to stay relevant and be several steps ahead of the competition. All these projects ultimately improve customer experience and boost sales.
Here are some data science projects your e-commerce business can utilize:
#1 Easy Online Payments
Every successful online store has various credible payment options to make customers’ shopping experience easy. Many business transactions occur on mobile platforms, hence the need to make the payment method mobile-friendly, whether on a mobile app or a browser.
E-commerce businesses use big data analytics to identify threats to online payments so that customers can have a safe online shopping experience.
#2 Credit Card Fraud Detection
One of the biggest challenges e-commerce stores face is a fraud. The online world is full of cybercriminals and attackers who can steal customer details and sensitive documents.
Cybercriminals carry out their activities in numerous ways. They can order for a large number of items and request for shipping the next day. They might make multiple orders of the same item and use different cards for payment. The shipping address might even be different from the billing address.
To successfully prevent these activities, companies have to provide security to safeguard credit cards and customers’ personal information. They also need to protect their business from fraud and the subsequent debilitating reputation. They would need to check for identity fraud, advanced fee and wire transfer scams, affiliate fraud, and merchant identity fraud.
Ecommerce businesses use several fraud detection techniques to detect, track, and prevent fraud. Using these projects boost sales and increase the integrity of the business. Data science techniques used are:
- Detecting missing data mining addresses or incorrect data and correcting the error.
- Using data clustering and classification to detect data groups and find anomalies.
- Matching algorithms for estimation of risks and avoidance of fake alarms.
The primary reason for sales is to satisfy the customer’s needs. A happy customer is a happy business. Hence, your e-commerce company can use natural language processing to allow customers to communicate with voice-based bots. Using these voice-based bots are an effective method of audio marketing.
#4 Warranty Analytics
Most products, especially electronic devices, have warranties attached to them. Warranty is a manufacturer’s promise to replace any spare part that gets damaged during the warranty period.
Your e-commerce store can keep track of these warranty through data mining and text mining. They track abnormalities in the products and note any warning signs of damage. Doing all these protects the image of the business
#5 Customer Segmentation
Customer segmentation refers to the division of customers into groups using features like age, gender, spending habits, and interests. Once the segmentation is achieved, the company can target the potential user base to purchase specific products or services. Ecommerce businesses using dissertation service and research paper writing services can employ data clustering methods to identify various segments of customers.
#6 Price Optimization
Prices of products and services have a significant impact on the shares, demand, profits, and demands in the market. Hence, your online business can use big data analytics to predict customer segmentation with a response to change in price. You’d also need to analyze cost and competing products to determine a suitable price for your product.
Price optimization increases revenue and profit. It enables e-commerce businesses to get a larger market share for their service or product.
#7 Inventory Management
Inventory management refers to keeping goods in the best condition and place for future purposes. Keeping an inventory of what customers want goes a long way in retaining them. Companies need to provide the ordered product in perfect condition and at the right time to ensure the customer doesn’t purchase from competitors.
Ecommerce businesses use predictive analytics and learning algorithms to design complete and up-to-date inventory.
#8 Churn Model
Once a customer is satisfied with a purchase, there’s a high possibility of returning to the same online store to buy another product. Retaining a buyer increases customer lifetime value and boosts revenue because repeat customers generally spend more money than new buyers. They’re loyal and could even recommend the product to more people, thereby helping the company in marketing and generating sales.
The Churn model uses different metrics to identify customers that could switch to other e-commerce websites. Then your company can take several actions to turn these buyers into loyal customers.
Customer retention is a vital part of any business as it ensures a long-lasting relationship with customers.
#9 Customer Sentiment Analytics
Customer Sentiment Analytics refers to the act of analyzing customer feedback to determine sentiments and opinions.
Running an e-commerce business while you’re in school and have to turn in college papers and custom papers can be a significant setback. You’d need to spend significant time analyzing all of these sensitive data gotten from online surveys and reviews.
It’s best to use data science techniques like natural language processing and text analysis to stay at the top of trending markets when gathering customer feedback.
#10 Product Recommendation System
The product recommendation system predicts the preference of a customer to a specific product. It analyzes a customer’s past internet surfing and buying history and suggests similar or complementary products. The system aims to improve the customer’s experience.
Ecommerce businesses use content-based filtering, hybrid recommendation filtering, or collaborative filtering to set up the product recommendation system. It makes them appear.
These top ten data science projects are geared towards transforming your e-commerce business and taking it to the next level. They help give customers a pleasant online shopping experience too. Paper writing service and online assignment help ensure that e-commerce businesses provide appropriate data science techniques in their online stores.