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Predictive Analytics for Shopify and Magento Stores

By |October 6, 2021 September 5th, 2022No Comments

vizB is an automated eCommerce analytics platform including various predictive analytics features implemented using AI algorithms for getting meaningful insights and making better decisions in the future.

In Shopify stores, one can get basic analytics about the store like total sales, average orders, etc… from Shopify analytics, but we can get more insights from the eCommerce data.

vizB has lots of features for your eCommerce store data, let’s look at the predictive analytics features offered by vizB

  • Customer Segmentation
  • Customer Lifetime Value
  • Sales Forecasting
  • Churn Forecasting
  • Products Demand Forecasting and Price Optimization

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Customer segmentation:

Using vizB you can segment your customers based on three main categories,

  •  Customer Purchase
  •  Product Purchase
  •  Holidays

Customer segmentation is done using the RFM(Recency, Frequency, Monetary) model using this feature one can get customer insights such as purchase patterns and make better decisions.

vizB also provides Mailchimp integration from which you can export customers and make marketing campaigns based on segments and improve your customer conversion rate

Customer lifetime value:

From this feature you can understand how valuable the user is to the business, it provides predictions such as the probability of the customer is alive, the expected number of transactions, expected monetary lifetime value, and their average profit generated. Using this you can target a specific set of customers and make better decisions.

Sales forecasting:

In vizB, the sales forecasting is done by training the overall historical sales data using AI algorithms and provides predictions for the next three months.

It helps to understand the trends in your sales pattern, based on that you can plan how to prepare for the upcoming days.

Churn forecasting:

This forecasting predicts the rate of churn customers using the historical data so that you can be aware of what will happen in the upcoming days and helps you to make better strategies for your marketing so that you can retain the customers.

Products demand forecasting and price optimization:

In vizB individual products demand prediction is done using the historical inventory data, this helps to prevent out of stock and overstocking of products. At the same time, vizB computes the price elasticity of demand for the products and suggests the best-discounted price for the products, using this information one can generate better revenue

Conclusion:

Connect your Shopify or Magento store with vizB to get better predictive analytics insights and make better decisions.

Gandhi K

Author Gandhi K

Gandhiarumugam is an AI Engineer at DCKAP. He keenly looks at ways to innovate new solutions using Data Science and Artificial Intelligence technologies. Zealously experimenting with his learnings, he participates in various tech hackathons and coding contests. He has proved himself time and again with great achievements to his credit. His recent tech crush is Blockchain and is on his way to carving out innovative use cases in this space.

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