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Use analytics to boost your brand and sales, better inform business decisions and provide customers with a more seamless shopping experience.
Technological advances—from Internet stores to data mining to electronic product tags—are providing retailers with deep insights on local buying habits. Retailers can develop repositories of their real estate assets, integrated with geographic information systems (GIS) data and all data on leases, costs, store performance, operations, and maintenance to optimize their real estate portfolio.
Our experts can analyze your data to spot clusters and communities with similar buying habits and demographics; customize your offerings to local markets, and roll out different types of stores, products, pricing, marketing, and even customer service strategies. Many different elements of your company can be customized. Localization can be offered around three areas:
What is Being Sold (Offerings)
Where it?’s Being Sold (Location)
When it’s? Being Sold (Time)
Businesses that sell products online expend a lot of time, money and effort in manually defining the attributes of their products so as to organize them for sale. It is a process akin to the work of the corner grocer whose day begins with the organizing of produce well before any sales revenue can be generated. Use machine learning techniques to more efficiently and effectively classify products while generating more profits by simultaneously lowering costs and selling more.
Product catalog optimization is central to e-commerce. Having a product available via online channels is irrelevant unless it is easy and indeed intuitive to find that product on your website. Unlike in physical retail, one cannot simply ask a clerk for assistance and have him walk you to the product and discuss whether it is right for you. Moreover, it is a lot easier to click to another website than to travel to another physical shop if you can’t immediately find what you are looking for. Most importantly, product classification is a catalyst for all digital operations as it impacts your search engine, online product catalog and recommender system. It is the first impression that your customers have of how you do business and whether you are a competent, with a well-organized online presence. Until the advent of Big Data, product classification has been done manually which means that it is not only costly and time-consuming but subject to human error and an inability to meet the demands of scale, real-time updates and intimate personalization that today’s consumers require. In addition, catalog optimization is increasingly difficult to manage as the data required to maximize its effectiveness comes from myriad stakeholders including suppliers and the customers themselves. Fortunately, through advances in machine learning, we can address these challenges while offering the opportunity to understand your consumers at the deep level required to retain their business over time and increase the amount of revenue you can generate from them.
Experfy’s world class data scientists, trainers and consultants can help you to capitalize on the most innovative machine learning techniques to optimize your product catalog in the most user friendly, operationally efficient and profitable ways.
Experfy has deep expertise in the application of machine learning to product catalog optimization. Specifically, we have built an advanced machine learning platform that automatically classifies and optimizes product attribute values to improve the search accuracy of product catalogs. The foundation of our approach is to analyze the entirety of your product base and your overall value proposition. Our mission is to identify the triggers that drive sales at your website so as to organize products in the manner that will appeal most to those customers that make purchases. What are your products and how are they currently organized? What are the attributes of your products—size, color, price, etc? Who are your customers and how do they behave on your website? How long do they take to make a purchase? Why do customers navigate away from your website? How do customers access your website and how does that impact their experience of your products? Machine learning insights about these questions can revolutionize your product catalog.
Once these basic questions are addressed, our consultants can help you to leverage the most sophisticated and utilitarian machine learning techniques to calculate the effectiveness of your current product classification model relative to industry best practices such as those of Amazon and Zappos. We require that you provide use with access to your product catalog data so that we can identify which product attributes are most reliable as success predictors for sales. Our work may entail cleaning your data, verifying it and identifying gaps in your online product catalog. We can then help you to extract product data at the item level according to the categorizations and attributes that most drive sales; leverage many different data sources to provide the most accurate product description for your customers; normalize the extracted data; and organize it on your website in the most user-friendly manner. Our data scientists can build customized algorithms at any scale for specific product attribute that are in sync with your classification scheme. In terms of rationalization of business operations and supply chains, our data scientists can use machine learning to identify which features and product configurations your customers demand the most so that you know what to prioritize in sales and advertisements.
Finally, Experfy can help to train your technical and business personnel in how to maintain that data and leverage it in business strategy. Product classification is an organic business function that has a broad-based impact across the organization so staff need to understand how to respond to changes in this dynamic area of retail. They will also need to understand how to communicate the implications of changes in the product classification regime to their suppliers and marketing team.
Business Context
Product Strategy
Website
Data Analytics
Depending upon the size of your organization, the state of your data and the volume of information to be analyzed, we can complete our consulting engagement in 2-4 weeks at a proof of concept starting at $15,000.
Delighting your customers requires building customer profiles that leverage a wide variety of data across multiple channels. This multichannel marketing uses a mix of customer profiles, historic data, real-time events, loyalty programs, social interaction, online behavior and presence to drive predictive analytics and customer insights. By learning where, when, and how buyers are most likely to shop, and which offers and products will appeal to them, you can determine product offerings and personalized marketing campaigns to extract maximum value from both high and low-profit customers. You can optimize your marketing mix, driving channels and redefining customer relationships. The primary goal is to deliver the right experience at the right time using the right channel. Here are some of the applications:
Product inventory and shelf space have always been a retailer?’s most valuable resources. Now analytics can be used to determine which products provide the highest level of sales and profits. Our experts utilize powerful optimization tools to leverage products, shelf storage, store fixture and performance data, enabling retailers to plan localized assortments based on the store clusters and maximize the space utilization. We help retailers to plan a variety of assortment mixes and create balanced merchandise planning strategies, with unique market-based, customer-based, fashion-based, and price-based assortments. Key capabilities include:
Assortment Planning
Benefits:
Size Optimization: Through historical point of sale analysis and optimization algorithms, we help determine the optimal size distribution by store that will minimize lost sales due to early size breaks without increasing inventory. You can account for missed sales potential from:
Benefits:
Our experts can conduct cross-product forecasting, develop elasticity models, create price optimization scenarios, and build solutions to implement pricing decisions in real-time based on current market data. Our area of expertise spans from creating price optimization models to building robust pricing platforms with multichannel integration. Some of the key applications are:
With customers expecting immediate responses irrespective of location or time, you need to meet these needs rapidly, and cost-effectively. Our experts can build predictive algorithms to better forecast demand based on internal/external factors and ensure that your Supply Chain is well-oiled to cater to these dynamic needs. We can create custom solutions? – reflecting your unique sales history while utilizing correct statistical methods and the most effective process to refine statistical results and capture collective knowledge.
Fraud detection is a critical issue for retailers determined to prevent losses and preserve consumer trust. Fraud can originate from customers or people masquerading as customers, store associates, or external criminals or hackers. The most prominent recent frauds have involved stolen credit card information and fraudulent merchandise returns. Analysis of transactions and activities such as purchasing, accounts payable, POS, sales projections, warehouse movements, employee shift records, returns, and store level video and audio recordings can help you to identify fraudulent activity and develop appropriate priorities for case management and investigation.
You can determine the Next Best Action for each of your customers at any point in time. Driven by models capturing life-event patterns, buying behavior, social media interactions, and other aspects, you learn which customers need to be approached and on which channel, so that you can create the right experience on all connected sales points. Here are our key areas of focus:
Experfy provides the world’s most prestigious talent on-demand
Senior Researcher - Consumer, Tracxn
GM of Financial Services Industry Vertical, DataRobot
Principal Consultant, Kickstart Analytics
Tell us about your business problem and we help you define it further.
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Experfy
1700 West Park Drive
Suite 190
Westborough, MA 01581