In my previous post I mentioned some techniques one should know if they want to pursue a career in Data Analytics. In those lines, I would like to discuss a few topics in detail. This blog post is on Linear Regression, that would serve as an easy starter and then I would slowly move to other techniques. Linear regression is the most used technique in data science. Generally, when we say linear regression we refer to additive model which means dependent variable will be a function of all independent variables and there would linear and additive relationships. Continue reading
Recently I started answering on Quora. It caught my attention that people pursue a lot of interest in the Analytics domain. Being a blogger, it is my utmost responsibility to cater to the educational needs of the masses, hence this blog will be related to basics of analytics and where to learn, some misconceptions around analytics and career scope. I have 3 years of experience in the Analytics industry, and I would leave this discretion to the readers to decide if they find my blog useful.
Personalization: When we personalize our product or services to provide more value to customers, it’s called personalization.
Personalization has following important features.
- Improve retention and lifetime customer value by personalizing the entire customer experience.
–Boost Average Order Value
–Improve Customer Loyalty with the Resonance Omnichannel Personalization Platform
- Specially used in eCommerce
- Convert shoppers with optimized product recommendations, content, and promotional offers
- Engage visitors with personalized landing pages tailored in real-time to the context of their visit
- Reduce costs and IT workload with less time spent on manual merchandising
- Analyze with in depth, real-time reports and analytics
To analyze personalization software, I have taken Certona Software. Certona is providing its personalization platform which is called “Resonance Omni channel Personalization Platform”.
• Deliver Personalized Customer Experiences
• More than 400 top ecommerce sites
• Software helped to generate over US $23 billion in 2012.
• Apparel, Specialty, Office Supplies, Luggage, Skincare
• Internet Retailer’s Top 500 Guide : 2009 – 2013
This software provides few features that are listed below.
– Acquire more customers with personalized marketing campaigns that drive more traffic
– Engage visitors immediately with personalized landing pages tailored in real-time to the context of their visit
– Convert shoppers with optimized product recommendations, content, and promotional offers
– Re-market to customers with personalized transactional emails and personalized opt-in alert marketing
First it helps us to ‘Acquire’ customers, to bring customers from various channels to our websites. Then it engages them to visit different products, promotional offers and discounted products. Then keep suggesting customers to visit other substitute products or complement products as well. Then they influence the customers to purchase from the websites and after purchasing they always send recommendation and suggestion so that we can retain our customers.
How it works.
When someone visits our website, it recognize it’s like and dislike with 3-4 clicks which is current session and take data from previous history as well, which is saved in browsers cache and customer’s purchasing history, cart history and wish lists. Certona combine all these data and apply an algorithm, called ‘Multi Algorithm Optimization’. It applies best Business policy and promotional offers and show suggestion on web page or sends message to mobile or mail to email id.
Below image is detailed explanation of what certona is doing when a customer is logged in.
Below image shows how it study the traffic. Certona keeps tracking the real time sales and it find that sales between 7 PM – 8 PM are much higher than rest of the day. The reason is that most of the persons who are having jobs, return home and after getting relaxed they start purchasing.
The above image has been taken from Certona white paper. It shows the conversation rate with recommendation and without recommendation. The conversation rate in 2011 with recommendation is 7.71 % while without recommendation it was only 2.63%. So Certona helps us to convert and retain customers.
Few examples of Certona Application are listed below.
1. Sending Mail with recommendation (indiashopping)
2. Sending Mail with different promotional activity (flipkart.com)
3. Customize browsing (myntra.com)
4. Trending page – Auto refresh (yebhi.com)
Certona different product and services:
• Certona Recommendations™ – Real-time personalization for eCommerce websites
• Certona Mobile™ – Real-time personalization for mCommerce, applications and tablets.
• Certona Email™ – personalization of transactional emails and marketing campaigns
• Certona Remarketing™ – timely follow up emails to cart & browser
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