What are the applications of Machine learning in E-commerce ?

  • Article

 

Some of the scenarios for Ecommerce:

  • Fraud Detection: Internet fraud has resulted in billions of dollars of loss in the past decade. It is important for websites to leverage various technologies to manage the exposure and risk from online fraud. Machine Learning technology can play a critical role in building a strong defense line against online fraud. We have templates available on the Microsoft Azure Machine Learning Gallery that walks through building a model to detect fraud: https://bit.ly/1PHzthS

  • Recommendations: Providing personalized product recommendations on an E-Commerce site is one of the most important tools that a retailer can deploy, as product recommendations dramatically improve conversion rates for online retailers. Microsoft provides a Recommendation API in the Microsoft Azure Marketplace. The Recommendations API is an example built with Microsoft Azure Machine Learning that helps your customer discover items in your catalog. Customer activity in your digital store is used to recommend items and to improve conversion in your digital store. The recommendation engine may be trained by uploading data about past customer activity or by collecting data directly from your digital store. You can access the Recommendations API here: https://bit.ly/1H4nqqf Find additional details about the Recommendations API here: Common operations in the Machine Learning Recommendations API.
  • Retail Forecasting: Accurate and timely forecast in retail business drives success. It is an essential enabler of supply and inventory planning, product pricing, promotion, and placement. As part of Azure ML offering, Microsoft provides a template letting data scientists easily build and deploy a retail forecasting solution. You can find the template here: https://bit.ly/1JJ0gsz 

These are just some of the examples of how Machine Learning Models can be used in the E-Commerce world. There are several other applications including:

  • Price Optimization
  • Shipping Cost and Time Estimation and Optimization
  • Customer Churn Prediction https://bit.ly/1H4o3QF
  • Search Engine Marketing
  • …