Optimizing Retail Business Using Data Science

Abstract

Customer-oriented organizations can not manage the cost of making decision and bring out results in light of premonition. They should have the capacity to exploit every accessible data. Advanced Analytics makes it conceivable to catch esteem and take advantage from enormous information, be that as it may, this isn’t guaranteed. Organizations must contract, create, and hold gifted experts, who can recognize pertinent from superfluous information, draw the right suppositions, and make an interpretation of data into bits of knowledge. Retail Business involves B2C – buying product or services from manufacturer, importer, wholesaler or other retailer and selling it to customers. Price retailer charges for the product or services covers all its expenses and profit. Retailer has to make sure to give the best price competing in the market. To have the optimum price for a product or service including all the profit, optimization techniques have to be applied. Data Science does this part of extracting the data, understanding it and generating optimum solutions for the problem. This report includes few of the techniques of machine learning and data mining to give the optimum solutions to retailers to increase their profit.