What are the key benefits of machine learning for a retail business?

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The retail industry is at the mercy of ever-changing customer demands and uncontrollable outside influences, and as an individual business, you are likely surrounded by hungry competitors. Using ML to track trends and patterns can keep your metaphorical finger on the pulse of your industry - and this high level of responsiveness australia whatsapp users can often be the difference between sinking and swimming.


Here we’ll take a look at some of the key ways in which machine learning can benefit a retail business: segmenting your customers; minimising lost opportunities; targeting customers more effectively, and increasing security.

Segmenting your customers
Machine learning can segment your customers based on their various attributes, including behaviour, demographics and purchase history. Here are some ways in which segmented customer data can be broken down and used for different purposes within retail.

Predictive analytics



Lots of things fall under the umbrella term of predictive analytics, but all work on the principle of using past and current data to predict future events and behaviours. One area in which predictive analytics are particularly useful is in anticipating customer churn. At a time when every customer counts and retained customers are more profitable than new ones, this is an excellent way to utilise ML. By analysing customer behaviour and transaction history, ML can predict when a customer is likely to leave and identify when is the best time to implement a targeted retention strategy.