Before we start let’s try to understand what is Machine Learning?
Machine learning is a subset of AI (Artificial Intelligence). Basically, with the help of Machine learning, we allow a machine to learn from past data and predict future responses accordingly. Machine learning is a key component of the growing field of data science.
Let’s take an example to understand how it works?
Netflix is also using a Machine Learning system to understand your behavior what kind of movies you watched and next time it shows you the recommendations for the same kind of movies.
How Machine Learning can help you to grow your online retail business?
Suppose you are running a retail store in your local area and you have 200-500 footfalls per day. Most of those customers are coming daily and do shopping from your store. But do you know what kind of products your customer more like? What alternative product you can sell them with the same benefits but that is with a high-profit margin. What are their preferred payment methods? How occasionally they purchased the same product so you can send them a message with an offer so they come back again to your shop only to purchase that product.
Now, what happens if you have all these answers. Your sales grow dramatically. You can make your customer happier by personalizing them.
Now by making your business online with the integration of Machine Learning you can find all the answers. You can capture your customer’s likes, dislikes, price range, comeback, time, etc. After capturing these data with the help of Machine Learning you can make a system that answers all of these questions. And helps you to serve your customer in a better way.
Machine learning also helps you to understand in
- Analyze user browsing habits
- Predict user preferences accurately
- Offer targeted suggestions
- Sending promo offers with the perfect match
Amazon doing the same thing. I believe you also experienced this on Amazon. Whenever you make a purchase it shows you the recommendations of similar kinds of products or the products you would like to but with the product, you are buying. For example with Laptop, it will show you the recommendation to purchase the laptop bag or maybe the accessories of laptop like Bluetooth keyboard and mouse, etc.
Now I believe you have a better understanding of what is Machine Learning how can help you in your online business.
If you also want to enable these kinds of functionalities in your online store or want to launch the new one and need to discuss with ML engineers. You can connect with usTo avail 45 minutes free call with our ML engineers without any obligations and free of cost just provide your email address and click on connect me.