CASE STUDIES | ECOMMERCE | SALES IMPROVEMENT
1. What is a list of the items sold from most sold to least in the USA?
2. How can I improve my sales?
3. What is the average amount a consumer spends at my store? How can I boost this?
4. What do people buy the most from me during December? July? Are there patterns that I can use to help promote certain items during certain times of the year?
5. How have my sales grown over time?
eCommerce is rapidly becoming the primary method of sales for businesses. As businesses have turned to online sales, challenges exist in tracking and analyzing the immense amount of data generated from these online transactions. Many online businesses generate invoices, receipts, and sales data on everything from what items were sold, to the time of the transaction. This data gets stored for later analysis. Many businesses never have an opportunity to perform any analysis, but for those who do, they find they can capitalize on their market more by asking themselves specific questions. Some questions one such customer of Quantar had were: What were the top items sold in the USA? How can I improve my sales? What is the average amount spent per transaction? How can I improve this? What do people buy most during each season? Is it possible to predict future sales?
Data was extracted over one year. The information consisted of product descriptions, product names, pricing, and categories of ecommerce products as well as the country of sale. The metrics gathered were uploaded to Quantar’s Data Science software. Quantar’s exclusive and unique software empowers users to anticipate future results whilst presenting the queries in natural language.
The extracted data was analyzed and enabled the client to understand the current ecommerce sales in the USA quickly and efficiently, the top-selling ecommerce products, the average amount spent by their customers per transaction, and what is trendy in each season. Through Quantar’s NLP (Natural Language Program), the client was able to ask simple questions and obtain a great understanding of how to improve his ecommerce sales based on the history of the demand and supply. With this information, the client was able to pivot the business strategy and anticipate future curveballs using the predictions.
The age of AI and automation is undoubtedly upon us. The latest statistics from Statista estimate, the retail e-commerce sales worldwide to be approximately valued at $3.53 trillion with e-retail revenues projected to grow to $6.54 trillion in 2022. With major advances in AI happening daily, and the new currency propelling growth in business being data, AI/machine learning will most definitely push the ecommerce sector to greater heights. Natural Language Processing applications such as Quantar’s ensure that ecommerce businesses provide a seamless, convenient, and a faster more personalized shopping experience to customers. In a recent survey conducted by Mckinsey, 52% of respondents representing the retail industry already reported using AI for marketing and sales and 38% of the respondents reported using AI for supply-chain management. Inevitably, businesses are looking to ease operations in addition to increasing sales and ultimately profits. Quantar through its proprietary AI software will guide you in making these important decisions.
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