scholarly journals Experiential Retailing Leveraged by Data Analytics

2021 ◽  
Vol 12 (1) ◽  
pp. 98-113
Author(s):  
Urshita Ghosh Dastidar ◽  
Suhas Suresh Ambekar ◽  
Manoj Hudnurkar ◽  
Abhay D. Lidbe
Keyword(s):  
Data Analytics ◽  
Machine Learning Algorithms ◽  
Customer Engagement ◽  
Retail Industry ◽  
Customer Data ◽  
Engagement Strategies ◽  
Shopping Experience ◽  
Consumer Data ◽  
Retail Company ◽  
Experiential Retailing

The purpose of the study is to establish how in retail industry consumer data can be leveraged and analysed to provide customers an enhance shopping experience. Popular machine learning algorithms related to text mining aids in parsing the natural language and helps to understand the brand image and what the brand currently is lacking. In the last decade, although ecommerce brought a revolution in retail industry, shopping trends show that consumers spend more in offline store than online. The rise of omni-channel retailing and data-driven decision-making are shifting retailer focus to providing enhanced in-store customer experiences. Retailers are trying to find ways to stand out in the highly competitive environment. The solution to this problem is providing retailtainment. This study helps to understand how the available customer data is to be analysed to create unique experiences and enable experience-based stores. The results of this study will help a retail company understand how omnichannel play an important role creating customer engagement strategies.

scholarly journals Is It Possible to Forecast the Price of Bitcoin?

Forecasting ◽  
2021 ◽  
Vol 3 (2) ◽  
pp. 377-420
Author(s):  
Julien Chevallier ◽  
Dominique Guégan ◽  
Stéphane Goutte
Keyword(s):  
Data Analytics ◽  
Daily Variation ◽  
A Priori ◽  
Machine Learning Algorithms ◽  
Support Vector ◽  
Market Growth ◽  
Network Support ◽  
Market Participants ◽  
Nearest Neighbours ◽  
Stationary Behavior

This paper focuses on forecasting the price of Bitcoin, motivated by its market growth and the recent interest of market participants and academics. We deploy six machine learning algorithms (e.g., Artificial Neural Network, Support Vector Machine, Random Forest, k-Nearest Neighbours, AdaBoost, Ridge regression), without deciding a priori which one is the ‘best’ model. The main contribution is to use these data analytics techniques with great caution in the parameterization, instead of classical parametric modelings (AR), to disentangle the non-stationary behavior of the data. As soon as Bitcoin is also used for diversification in portfolios, we need to investigate its interactions with stocks, bonds, foreign exchange, and commodities. We identify that other cryptocurrencies convey enough information to explain the daily variation of Bitcoin’s spot and futures prices. Forecasting results point to the segmentation of Bitcoin concerning alternative assets. Finally, trading strategies are implemented.

The Undergraduate Marketing Research Course: Two Decades of Change

2020 ◽  
pp. 027347532096050
Author(s):  
Eileen Bridges
Keyword(s):  
Data Collection ◽  
Data Analytics ◽  
New Technology ◽  
Marketing Research ◽  
Customer Data ◽  
Critical Gap ◽  
The Past ◽  
Data Collection And Analysis ◽  
Marketing Data ◽  
Observational Techniques

This article looks back over the past two decades to describe how teaching of undergraduate marketing research has (or has not) changed. Sweeping changes in technology and society have certainly affected how marketing research is designed and implemented—but how has this affected teaching of this important topic? Although the purpose of marketing research is still to better understand target customer needs, the tools are different now: customer data are typically collected using technology-based interfaces in place of such instruments as mailed, telephone, or in-person surveys. Observational techniques collect more data electronically rather than requiring a human recorder. Similarly, sampling has changed: sample frames are no longer widely used. Many of these changes are not yet fully discussed in marketing research courses. On the other hand, there is increasing interest in and availability of courses and programs in marketing data analytics, which teach specialized skills related to analysis and interpretation of electronic databases. Perhaps even more importantly, new technology-based tools permit greater automation of data collection and analysis, and presentation of findings. A critical gap is identified in this article; specifically, effort is needed to better integrate the perspectives of data collection and data analysis given current research conditions.

Marketing customer response scoring model based on machine learning data analysis

2020 ◽  
pp. 1-11
Author(s):  
Tang Yan ◽  
Li Pengfei
Keyword(s):  
Machine Learning ◽  
Data Analysis ◽  
Data Extraction ◽  
Machine Learning Algorithms ◽  
Customer Relationship ◽  
Customer Data ◽  
Modeling And Analysis ◽  
Scoring Model ◽  
Model Based ◽  
Learning Data

In marketing, problems such as the increase in customer data, the increase in the difficulty of data extraction and access, the lack of reliability and accuracy of data analysis, the slow efficiency of data processing, and the inability to effectively transform massive amounts of data into valuable information have become increasingly prominent. In order to study the effect of customer response, based on machine learning algorithms, this paper constructs a marketing customer response scoring model based on machine learning data analysis. In the context of supplier customer relationship management, this article analyzes the supplier’s precision marketing status and existing problems and uses its own development and management characteristics to improve marketing strategies. Moreover, this article uses a combination of database and statistical modeling and analysis to try to establish a customer response scoring model suitable for supplier precision marketing. In addition, this article conducts research and analysis with examples. From the research results, it can be seen that the performance of the model constructed in this article is good.

An Effective Model for Consumer Need Prediction Using Big Data Analytics

2021 ◽  
Author(s):  
Yihao Tian
Keyword(s):  
Big Data ◽  
Consumer Behavior ◽  
Data Analytics ◽  
Big Data Analytics ◽  
Customer Behavior ◽  
Data Set ◽  
Customer Data ◽  
Demand Prediction ◽  
Management Ratio ◽  
The Veil

Big data is an unstructured data set with a considerable volume, coming from various sources such as the internet, business organizations, etc., in various formats. Predicting consumer behavior is a core responsibility for most dealers. Market research can show consumer intentions; it can be a big order for a best-designed research project to penetrate the veil, protecting real customer motivations from closer scrutiny. Customer behavior usually focuses on customer data mining, and each model is structured at one stage to answer one query. Customer behavior prediction is a complex and unpredictable challenge. In this paper, advanced mathematical and big data analytical (BDA) methods to predict customer behavior. Predictive behavior analytics can provide modern marketers with multiple insights to optimize efforts in their strategies. This model goes beyond analyzing historical evidence and making the most knowledgeable assumptions about what will happen in the future using mathematical. Because the method is complex, it is quite straightforward for most customers. As a result, most consumer behavior models, so many variables that produce predictions that are usually quite accurate using big data. This paper attempts to develop a model of association rule mining to predict customers’ behavior, improve accuracy, and derive major consumer data patterns. The finding recommended BDA method improves Big data analytics usability in the organization (98.2%), risk management ratio (96.2%), operational cost (97.1%), customer feedback ratio (98.5%), and demand prediction ratio (95.2%).

scholarly journals Information Technology (IT) Improvement At PT. Sumber Alfaria Trijaya

2013 ◽  
Vol 4 (1) ◽  
pp. 324
Author(s):  
Marisa Karsen
Keyword(s):  
Swot Analysis ◽  
Retail Trade ◽  
Retail Industry ◽  
Analysis Problem ◽  
Agricultural Industry ◽  
Traditional Markets ◽  
Business Model Canvas ◽  
Implementation Problems ◽  
Retail Company ◽  
And Control

Retail industry is the second largest industry after agricultural industry in terms of employment absorption in Indonesia. The situation of the quite dynamic retail industry is marked by the development of modern retail trade and it impacts on traditional markets and suppliers. PT Sumber Alfaria Trijaya, known as Alfamart is one of the best retail company  in Indonesia. It already uses Supply Chain Management and B2B to support their operations. Alfamart also has its own website which provides information about products, outlets, services, and promo. This research discusses about IT improvement. The purpose of this paper is to improve Alfamart IT performance and make innovation on the IT to increase customer satisfaction.  The methodology used is defining the problem, measure, analyst problem, improvement required by Alfamart, and control to monitor the implementation. Problems are identified using SWOT analysis, problem clarification, and business model canvas. Analyzing the problems, solution hypotheses and IT improvement are recommended for Alfamart.  

scholarly journals Supermarket Sales Prediction Using Regression

2021 ◽  
Vol 10 (2) ◽  
pp. 1153-1157
Keyword(s):  
Machine Learning ◽  
Performance Metrics ◽  
Low Cost ◽  
Machine Learning Algorithms ◽  
Machine Learning Techniques ◽  
Customer Data ◽  
Sales Data ◽  
Online Marketplace ◽  
Sales Prediction ◽  
The Future

Sales forecasting is an important when it comes to companies who are engaged in retailing, logistics, manufacturing, marketing and wholesaling. It allows companies to allocate resources efficiently, to estimate revenue of the sales and to plan strategies which are better for company’s future. In this paper, predicting product sales from a particular store is done in a way that produces better performance compared to any machine learning algorithms. The dataset used for this project is Big Mart Sales data of the 2013.Nowadays shopping malls and Supermarkets keep track of the sales data of the each and every individual item for predicting the future demand of the customer. It contains large amount of customer data and the item attributes. Further, the frequent patterns are detected by mining the data from the data warehouse. Then the data can be used for predicting the sales of the future with the help of several machine learning techniques (algorithms) for the companies like Big Mart. In this project, we propose a model using the Xgboost algorithm for predicting sales of companies like Big Mart and founded that it produces better performance compared to other existing models. An analysis of this model with other models in terms of their performance metrics is made in this project. Big Mart is an online marketplace where people can buy or sell or advertise your merchandise at low cost. The goal of the paper is to make Big Mart the shopping paradise for the buyers and a marketing solutions for the sellers as well. The ultimate aim is the complete satisfaction of the customers. The project “SUPERMARKET SALES PREDICTION” builds a predictive model and finds out the sales of each of the product at a particular store. The Big Mart use this model to under the properties of the products which plays a major role in increasing the sales. This can also be done on the basis hypothesis that should be done before looking at the data

scholarly journals Data Analytics for Monitoring the Satisfactory Parameters of Airline Passengers using Machine Learning Algorithms in Python

2020 ◽  
Vol 9 (3) ◽  
pp. 1231-1235
Keyword(s):  
Machine Learning ◽  
Data Analytics ◽  
Learning Algorithms ◽  
Machine Learning Algorithms ◽  
Gradient Boosting ◽  
Complex Information ◽  
Huge Data ◽  
Gradient Boosting Machine ◽  
Airline Passengers ◽  
Effective Representation

An effective representation by machine learning algorithms is to obtain the results especially in Big Data, there are numerous applications can produce outcome, whereas a Random Forest Algorithm (RF) Gradient Boosting Machine (GBM), Decision tree (DT) in Python will able to give the higher accuracy in regard with classifying various parameters of Airliner Passengers satisfactory levels. The complex information of airline passengers has provided huge data for interpretation through different parameters of satisfaction that contains large information in quantity wise. An algorithm has to support in classifying these data’s with accuracies. As a result some of the methods may provide less precision and there is an opportunity of information cancellation and furthermore information missing utilizing conventional techniques. Subsequently RF and GBM used to conquer the unpredictability and exactness about the information provided. The aim of this study is to identify an Algorithm which is suitable for classifying the satisfactory level of airline passengers with data analytics using python by knowing the output. The optimization and Implementation of independent variables by training and testing for accuracy in python platform determined the variation between the each parameters and also recognized RF and GBM as a better algorithm in comparison with other classifying algorithms.

Development of Failure Prediction Models for Subsea Blowout Preventers Using Data Analytics and AI

2021 ◽  
Author(s):  
Rodrigo Chamusca Machado ◽  
Fabbio Leite ◽  
Cristiano Xavier ◽  
Alberto Albuquerque ◽  
Samuel Lima ◽  
...  
Keyword(s):  
Machine Learning ◽  
Real Time ◽  
Data Analytics ◽  
Historical Data ◽  
Learning Algorithms ◽  
Failure Prediction ◽  
Machine Learning Algorithms ◽  
Time Data ◽  
Real Time Data ◽  
Operational Data

Objectives/Scope This paper presents how a brazilian Drilling Contractor and a startup built a partnership to optimize the maintenance window of subsea blowout preventers (BOPs) using condition-based maintenance (CBM). It showcases examples of insights about the operational conditions of its components, which were obtained by applying machine learning techniques in real time and historic, structured or unstructured, data. Methods, Procedures, Process From unstructured and structured historical data, which are generated daily from BOP operations, a knowledge bank was built and used to develop normal functioning models. This has been possible even without real-time data, as it has been tested with large sets of operational data collected from event log text files. Software retrieves the data from Event Loggers and creates structured database, comprising analog variables, warnings, alarms and system information. Using machine learning algorithms, the historical data is then used to develop normal behavior modeling for the target components. Thereby, it is possible to use the event logger or real time data to identify abnormal operation moments and detect failure patterns. Critical situations are immediately transmitted to the RTOC (Real-time Operations Center) and management team, while less critical alerts are recorded in the system for further investigation. Results, Observations, Conclusions During the implementation period, Drilling Contractor was able to identify a BOP failure using the detection algorithms and used 100% of the information generated by the system and reports to efficiently plan for equipment maintenance. The system has also been intensively used for incident investigation, helping to identify root causes through data analytics and retro-feeding the machine learning algorithms for future automated failure predictions. This development is expected to significantly reduce the risk of BOP retrieval during the operation for corrective maintenance, increased staff efficiency in maintenance activities, reducing the risk of downtime and improving the scope of maintenance during operational windows, and finally reduction in the cost of spare parts replacementduring maintenance without impact on operational safety. Novel/Additive Information For the near future, the plan is to integrate the system with the Computerized Maintenance Management System (CMMS), checking for historical maintenance, overdue maintenance, certifications, at the same place and time that we are getting real-time operational data and insights. Using real-time data as input, we expect to expand the failure prediction application for other BOP parts (such as regulators, shuttle valves, SPMs (Submounted Plate valves), etc) and increase the applicability for other critical equipment on the rig.

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