eCommerce, like traditional retail involves taking in a lot of data and trying to make the best decisions based on the data that you have. In a retail store data is relatively limited, you might know how many customers come in the store each day (or at least be able to estimate it), but it’s hard to keep track of how many customers try things on, how long the average customer stays in a store, or how many items they look at during each visit.
Online it is much easier to track shopper metrics because the data is easily accessible. You can tell exactly how long the average person spends on your site, which items they look at, what they add to their cart, and what they end up buying in the end. Unlike brick-and-mortar retail where the complexity comes in when you’re trying to collect data, online the complexity is making sense of all the data this is coming in, it’s like a fire hose and if your business is growing, so is the data.
Enter machine learning.
Rewind five years ago and machine learning were two words you wouldn’t often hear used together in the same sentence, now it’s officially a hot topic, and with good reason. Machine Learning algorithms can help make sense of large amounts of data and provide actionable insights that eCommerce retailers can use to make decisions later, or even in realtime.
What if you could take data from current shoppers on a website and use that to improve the experience of future shoppers? It’s the future of hyper-personalization and it also happens to be what we spend a lot of our time on at Fashion Metric, we build technology that makes it easier for both retailers and shoppers to have a better experience online. We do this with math and machine learning, sure you’ll see the word “fashion” in our name but at our core we are a data science company that provides more data than apparel retailers have ever had before, this in turn can help increase conversions and reduce returns.
Gone are the days where eCommerce retailers need large teams of people to stare at Google Analytics all day, let the algorithms do the work and suddenly a one week project for a team can be done by a team of algorithms in a matter of seconds, the hard part is creating those algorithms, but that’s what we spend each and every day doing! If you’d like to learn more about how we use math, machine learning and lots of data to personalize the apparel eCommerce experience make sure to read more on FashionMetric.com.