There are multiple ways in which data science can be apply to retail industry. Following are the most prominent use cases
- Recommendation Engine
Recommendation engine helps to narrow down the options for customer and helps to showcase the products relevant to customer which ultimately led to increase in sales
- Inventory Management
Basis on trend of sales for different products, data science can be used for inventory management by predicting the future sales for a given product and accordingly inventory can be managed. This approach help retailers to provide the products to customer at right time and also helps to manage the inventory.
- Sentiment Analysis
By reviewing the data from social media and other online channels, analysis can be done using Natural Language Processing and customer sentiments can be understand in terms of neutral, positive and negative reviews. This helps to understand that where retailers are not able to fulfil client demand and improvement is needed and also helps to understand where customers are happy from the retailer service
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