Good retailers sell well, and best retailers offer their customers an unforgettable experience. The story of the 1800-Flowers.com online store is interesting because it traces the path that a Manhattan flower shop bought in the 1970s for $ 10,000 to a multimillion business that generated $ 1.2 bn. in sales just last year. The achievement goes through impressive AI innovation that has cemented its leadership position in the US online marketplace.
5 benefits of predictive analytics in e-commerce
Visits, visitors, events, conversions, orders, time on site, page views, subscribers, average order value, etc. are just a fraction of the e-commerce KPIs and metrics that every online retailer should keep an eye on. All these pieces of data are just the perfect fit for predictive analytics and sales forecasting.
Its huge amount of data which might be modeled in order to project future demand and overall e-commerce performance. This is leading to crucial benefits pushing online retailers further in terms of effectiveness, profitability, and performance.