Predictive Analysis Applications in Retail
Predictive Analysis along with Retail have leveraged the power of Big Data by providing improved customer service, targeted promotions, Decision Making, and Supply Chain Analytics.
Real-Time Applications of Predictive Analysis in Retail involve
- Customer Behaviour Analytics
- ClickStream Analytics
- Predictive Maintenance
- Fraud Detection and Prevention
- Inventory Management
- Asset Management
- Recommendation Engine
- Forecasting Trends
Increase in Risk management, Precise Marketing and Loss prevention in predictive analysis with Retail has led to improved marketing and customer engagement, price optimization, data-driven insights with the best use of statistical algorithms, data mining, and Machine learning techniques.