What is Data Science?
Data Science combines domain expertise, programming skills, and knowledge of mathematics and statistics to extract meaningful insights from data.
Why is data science important?
Data science enables companies to efficiently understand a huge data entry through multiple sources and derive valuable insights to make smart data-driven decisions. Data science is widely used in marketing, healthcare, finance, banking, policy work, etc.
How can you learn data science?
One of the best ways to acquire knowledge of data science is by earning a postgraduate degree. Many colleges and institutes offer PG programs in data science and business analytics. Moreover, there is various diversification within the field of data science.
What is an e-commerce platform?
An e-commerce platform is a place that enables a person to initiate a transaction over the internet. It allows a person to search for a specific product and later manage their order by allowing them to initiate a transaction.
How many e-commerce companies use data science?
Clive Humby once said, ‘data is the new oil.’ It is true for many e-commerce companies. Theoretically, every e-commerce company uses data science for its growth. Some of the well-established companies that use data science for their daily activities are Amazon, Facebook, Zomato, Swiggy, Flipkart, youtube, and more.
Every company uses data science to understand its customers’ online behaviour. It helps to understand the interests of their customer and their spending habits.
How data science help e-commerce companies?
Have you ever noticed an e-commerce website recommending something for you to buy? This recommendation is aligned to either your search history or buying history. E-commerce website uses data science to find out their purchase history or search history. This helps them to continuously show you the product you are interested in and coaxing you to buy them.
Feedback and reviews
There was a time when e-commerce used to pay an individual to share their review and feedback on the product or services. This feedback and review worked as market research for the company. They find out what works for the customer and what does not work for the customer. They are continuously trying to improve the customer experience for their benefit.
The purchasing power of every geographical area differs. An e-commerce platform uses data science to understand the purchasing trend of people. An e-commerce platform uses this data to alter the price of the product that aligns with its customer’s purchasing power.
Do a little experiment- When you visit any e-commerce website, do not immediately buy the product. You should keep those products in a cart for few days. Most times, the e-commerce website tends to reduce the price, allowing you to purchase the product at a discounted price.
Data science helps an e-commerce platform to keep its inventory in check. Most of the data science work with the help of AI (artificial intelligence). This helps the company in updating its stock inventory. Through the inventory data and customer demand, the e-commerce platform can recognize the product that is in demand. Accordingly, the e-commerce platform will update its inventory.
Data science has helped e-commerce to provide a seamless buying experience to their customer. Due to data science, several companies could manage several aspects of e-commerce like buying products, making payments, searching for products, recommending a product, buying habits, and many more. Data science has helped e-commerce companies in understanding the psychology of the customer. This understanding includes buying habits, spending habits, area of interest, and more. Over the years, data science has changed the way of doing business.
Frequently Asked Question
1. Does data science help e-commerce websites in keeping tabs on our habits?
Yes, data science does help e-commerce websites in keeping tabs on our habits. This helps the company to determine a trend regarding our purchases and kind of purchases. It helps an e-commerce platform to alter prices so that customers can afford the product.
2. Should one pursue data science to enter the e-commerce industry?
Data science is one of the most lucrative jobs in recent times. Several companies are running behind gathering data. The control of data can help e-commerce platforms to manipulate buying habits of an individual. Therefore, one should pursue data science to enter the e-commerce industry.
3. Does data science have a future?
Data science does have a future. Every company around the world use data to understand their company. In recent times, the U.S Congress penalized Facebook for selling data during the 2016 presidential election. Data science is very important for a business as most of its decision is dependent on that data.
4. Apart from e-commerce, which all industry uses data science?
Data science is a big nexus. Companies across the industries use data. The data collected by the company may differ. However, all companies use data science at some level. Industry such as tourism, IT, Banking, Finance, Telecom, Automotive, and others use data science daily.
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