From Predictive Analytics to Predictive Buying Amazon...

Case Study Predictive Buying- Making Business Sense - Amazon Introduction Did you know that your choices and urges follow a pattern that can be predicted by science? Well, the mystery to this is not just a matter of interest for social scientists but also marketers. Calculus has the power (logic) to predict the patterns of the choices we are going to make. This makes sense to marketers as it would help them plan their logistics and collections in a manner to cater to the needs of their consumers in the best possible optimal manner. Target, Best Buy, Olive Garden (a chain of restaurants), Amazon, and many more companies use Analytics to improve efficiency, reduce risk and increase profits. It is important to note that the data (past and current) that is used for predictive analytics is not trimmed or cleaned up but used entirely to check for patterns and relation between entities that looked unrelated initially. Amazon, for example, has used the vast data it has to know their customers in a near perfect manner to sell precisely not only the existing custome r but also to their prospective customers (interestingly Target knows who is going to be its customer even before the prospective customer does). This has taken the competition in this ever changing globalized world to another level quite literally. There is no room for outdated or gut feeling method of conducting businesses. Predictive Analytics is a real game changer and s here to stay. From inventory planning,Show MoreRelatedAdvanced Information And Communication Technology At Ebay1529 Words   |  7 Pageswhat it is today. They also used big data to improve its relationship with its customers and to give them more relevant search results which was far superior then its peers. They focused on collecting its consumer surfing habits to evolve a very predictive and relevant user experience. 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