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Improving Product Recommendation System
What problems does the business want to solve?
A large multi-channel retailer’s catalog/online division offers customers products in a variety of categories. Many customers’ purchase patterns are only studied, however, within the context of a few of these categories, rather than across all of them.
What is the project objective?
The client seeks to optimize recommendations of next-product purchases to customers, including repurchases of familiar items and the expansion of purchases in new categories.
FocusKPI’ s “next-best-product” predictive models identify customers with a high likelihood to purchase certain products, whether the customer purchased the products before or not.
What are the tangible benefits that the client receives?
Email tests using predictive models showed a 17% improvement in new product acquisition and a 12% repurchase rate improvement among previous buyers.
Account representative tests using the predictive models yielded a 21% lift in new product acquisition and an 18% repurchase rate improvement among previous buyers.
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What problems does the business want to solve?
A large multi-channel retailer’s catalog/online division offers customers products in a variety of categories. Many customers’ purchase patterns are only studied, however, within the context of a few of these categories, rather than across all of them.
What is the project objective?
The client seeks to optimize recommendations of next-product purchases to customers, including repurchases of familiar items and the expansion of purchases in new categories.
FocusKPI’ s “next-best-product” predictive models identify customers with a high likelihood to purchase certain products, whether the customer purchased the products before or not.
What are the tangible benefits that the client receives?
Email tests using predictive models showed a 17% improvement in new product acquisition and a 12% repurchase rate improvement among previous buyers.
Account representative tests using the predictive models yielded a 21% lift in new product acquisition and an 18% repurchase rate improvement among previous buyers.