We develop a custom revenue prediction algorithm using advanced Machine-Learning algorithms
Business Need
Propose ideas to senior management how to use legacy data to optimize the catalog
Set up a process to forecast revenue for each cycle with optimized product placement
Provide DMC the tools to forecast inventory, increase revenue and catalog customer satisfaction
Solution
Work closely with Alta Resources (main DMC vendor for sales data), to create a data solution strategy for the data setup, cleaning, automation, and delivery
Develop a custom revenue prediction algorithm using advanced Machine-Learning algorithms
- Predict the revenue of DMC's product placements.
- Predict optimum product placement in the catalog (placement per page and size)
- Data Collection, Manipulation, Model Building, and Testing
- Propose a web-based wireframe solution to automate the catalog creation process (separate proposal
Outcome
In just 12 weeks we were able to crunch the data and test 2 cycles with our new algorithm
Prediction of key product placement in each mailer generated an additional 18K revenue per cycle
Product placement in the catalog was 90% machine generated and 10% human chosen
Average of 6% increase in revenue per cycle
Personalization of product placement on member mailers increased customer satisfaction by 200%
Truemetrics has hired a fantastic team of web analytics professionals. ABC Family’s success and traffic growth was in part due to their expert analysis and attention to detail.
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