Product Catalog Classification and Optimization
Businesses that sell products online expend a lot of time, money and effort in manually defining the attributes of their products so as to organize them for sale. It is a process akin to the work of the corner grocer whose day begins with the organizing of produce well before any sales revenue can be generated. Use machine learning techniques to more efficiently and effectively classify products while generating more profits by simultaneously lowering costs and selling more.
Challenges and Opportunities
Product catalog optimization is central to e-commerce. Having a product available via online channels is irrelevant unless it is easy and indeed intuitive to find that product on your website. Unlike in physical retail, one cannot simply ask a clerk for assistance and have him walk you to the product and discuss whether it is right for you. Moreover, it is a lot easier to click to another website than to travel to another physical shop if you can’t immediately find what you are looking for. Most importantly, product classification is a catalyst for all digital operations as it impacts your search engine, online product catalog and recommender system. It is the first impression that your customers have of how you do business and whether you are a competent, with a well-organized online presence. Until the advent of Big Data, product classification has been done manually which means that it is not only costly and time-consuming but subject to human error and an inability to meet the demands of scale, real-time updates and intimate personalization that today’s consumers require. In addition, catalog optimization is increasingly difficult to manage as the data required to maximize its effectiveness comes from the customers themselves.
Fortunately, through advances in machine learning, #Catwing can address these challenges while offering the opportunity to understand your consumers at the deep level required to retain their business over time and increase the amount of revenue you can generate from them.