Applications Of Machine Learning In Retail Industry Training Ppt

Slide 1

This slide explains the meaning of Machine Learning and makes a strong case for its adoption in retail. Understanding demand patterns, external factors, and making business decisions requires the use of Machine Learning in the retail sector.

Slide 2

This slide mentions the reasons for need of machine learning in retail. It also states how machine learning has impacted the growth of retailers.

Slide 3

This slide mentions the application areas of Machine Learning in Online Retail. Machine Learning can be used to improve the customer experience by utilizing custom ML in browsing, predicting the customer's behavior, understanding social media patterns, and improving chatbots and virtual assistants.

Slide 4

This slide mentions the use cases of machine learning while browsing through a digital catalog. The use cases are recommendation engines, pricing strategy, and visual search. 

Instructor’s Notes:

• Recommendation Engines: In the current business scenario, most e-commerce and retail companies leverage the power of data and boost sales using recommender systems on their websites, mobile apps etc. Recommendations help speed up the searches and make it easier for the users to find the content. Using this system, retailers focus on increasing sales volume and earnings, enriching customer experience, and gaining a competitive advantage
• Pricing Strategy: Pricing is an essential predictor of profitability. Machine learning algorithm considers key pricing variables to define an automatic pricing strategy, prices discovered this way are dynamic and in real-time
• Visual Search: Customers mostly search for visual content before making any purchases.  In most cases, they cannot easily find accurate keywords to describe their requirements. The visual search feature aims to make it easier for consumers to find exactly what they’re looking for. Machine learning algorithms help achieve excellent results with the huge and increasing amount of clicking and sharing images

Slide 5

This slide mentions the significance of machine learning in predicting consumer behavior, sales patterns, and analyzing their actions based on past data records.

Slide 6

This slide mentions the significance of understanding social media usage patterns in predicting consumer behavior.

Slide 7

This slide mentions the significance of virtual assistants and chatbots in assisting retail services and improving customer experience.