Session: Utilization of Data science and Machine Learning in the retail industry
Retail industry has always been an industry to which both businesses and consumers can relate to. Retail industry contains a plethora of customer information and transactions, which could be used to gain insights about user behaviour and measure the effectiveness of developed strategies. One important factor for both the customer and the business is price. A study showed that 70% of the customers believe that the main reason behind purchasing any product is its price. How should businesses set the prices so that it is beneficial for both parties ? How can data science help in this regard ? Which machine learning models could be used ? This talk will answer all these questions and will provide detailed explanation of the important concepts in this industry.
- Attendees will learn the existing pricing strategies
- Attendees will learn the use cases of data science in the retail industry
- Attendees will learn the suitable machine learning models for pricing
- Attendees will learn some optimization algorithm that could be applied for price optimization
Ananya Misra currently works as a data scientist at 7learnings Gmbh. She works closely with other data scientists and clients from various industries. She has previously worked in the field of project management, global program management and software engineering. She also has experience in academia and has published papers in the field of recommendation systems, IoT, cloud computing and software engineering. Her interest lies in the intersection of Artificial Intelligence and Project Management.