How Predictive Data Science Analysis Benefits Online Retail?

There are many practical usage of data science across the globe. Right from healthcare and life sciences to entertainment and education have benefited from the power of data science in Mumbai in uncovering patterns and providing a sense of certainty to an uncertain future.

When we talk about predictive modeling it is one of the most powerful branches of data Classroom science in Mumbai. Businesses are increasingly using predictive modeling to forecast the future and streamline their operations and business strategy in line with the answers provided by predictive modeling.

1. Accurate recommendations

Sites like Amazon and eBay provide recommendations to users once they have viewed a particular product on the ecommerce website. This lets customers know what others are buying, or what else others are viewing after viewing that particular item. This important cog in the buying process cycle is powered by predictive modeling of data science In Mumbai. By employing machine learning, the technology can assess a user’s buying behavior and past buying history to recommend products that he would most likely purchase.

2. Powerful search

Data science and predictive modeling also powers up the traditional search to make it predictive search. By analyzing previous click-through behaviors, browsing history and preferences, a real time intelligent search can be fired up to spur better sales.

3. Fraud management

With predictive analysis, credit card chargebacks and attempted frauds can be put forward by the e-commerce store. This way, even those products that are highly susceptible to frauds can be removed from the catalogue. With this aspect data science Course Mumbai helps the online store to detect fraud before it happens. Examples like chargeback guardian have custom solutions built specifically to serve the e-commerce sector.

4. Set accurate pricing

Assortment pricing always remains a sore point for online retailers. The pricing level needs to match the competitive analysis as well as the trends witnessed in the past. Best Data science In Mumbai and predictive analysis helps to correlate pricing with past sales information. This, in turn, helps to set the right price for a product at the right time to elevate the volume of sales and conversions. This is a key reason why a site like Amazon uses data science to show multiple prices for the same product at different days or even different times of the same day.

These advantages show how vital is data science and predictive modeling to help an online retail business to thrive in a cut-throat competitive landscape.

Effects of GDPR on Data Science Training

Those in Data science Training would have undoubtedly heard of the newly rolled out GDPR laws. It contains provisions to protect privacy and confidentiality of data collected, stored or transmitted for EU (European Union) residents. The Act rolled out in May 2018 has had far- reaching impact on many industry verticals working with EU data.

Not surprisingly it has also impacted the growing field of Big Data collection, preparation, analytics, and visualization. Naturally this means that even Data Science Training In Mumbai experts will be covered under the GDPR ambit.

For data science Training experts, GDPR will bring about changes in 3 areas

1 – Consumer profiling

Profiling involves knowing about a person’s habits, preferences, behaviors, or health data. Under GDPR laws, companies need to provide the user with an option to opt out. They also need to clearly state the impact of the profiling used by data scientists.

As a data science expert you would need to ensure that data remain anonymous in the data engineering and data science practices. With such systems in place Data science Classroom Training In Mumbai experts can ensure that Personally Identifiable Information (PII) remains confidential and not be prone to misuse.

2 – ‘Right to an explanation’

With GDPR rollout, EU citizens now have the right to be excluded from automated decisions if they lead to a legal effect on the user after the data has been analyzed and visualized by data scientists. Some examples include credit card applications, recruitment of a job or insurance applications based on pre-existing health conditions or demographic profiling generated via Data Science Training In Pune.

As a data science expert, you will need to assess if your line of work involves such sensitive data and if there is a regulation against its processing under the GDPR laws.

3 – Preventing analytics bias

Under this part, GDPR will prevent usage of results and algorithms that is biased against a specific profile or set of people. In order to bide by these norms, data scientists will have to make sure that the data processing is fair and transparent. It also needs the Data Science course  In Mumbai expert to monitor the lineage of the data i.e. tracks its movement from source to its eventual destination.

This way each milestone will be tracked and any PII leak can be effectively handled. GDPR also prompts experts in Data Science course In Pune to used accurate and appropriate mathematical/ statistical procedures.

If you are involved in data science, make sure that your work is complying with these norms of GDPR. This will be essential if you work on EU data.