More start-ups in DU – here’s why we need it! (Rank Princess-SEO)

9-6 monotonous job? – Nah! The question that sprints is “will it be fulfilling”? The answer that would mostly echo is “NO.”  As a 23-year-old grad from a reputed university, would you like to join the pile of dead fish and go with the flow? Or, do you wish to join a startup or maybe start your own business, provide employment and revolutionize? A traditional job because it would pay good and is stable or a startup which will grow and flourish with your blood and sweat? The former looks appealing, but the latter is satisfying, isn’t it?

So, comes the question should universities help boost startups and help provide primary education on “entrepreneurial skill” at the least? How would it benefit the youth or the school per se?  Colleges and universities accommodate a diverse crowd from all nooks and corners of the country and the world. Youngsters who just wish to prove their worth beaming with fresh and innovative ideas are overflowing in canteens, classrooms, gardens and at any place that you can think of.

Why DU should promote startups

1)    While in university, the students learn responsibilities and teamwork. They work in close knitted units to try and accomplish the toughest of tasks. That bonding and sense of team unity are one of the pillars in the foundation for a successful startup.

2)    Secondly, the can-do attitude is something that floods university and college campuses. These foals need someone to groom them into Arabian horses. Who else other than the professors and mentors? These people are always ready to help you with a smile on their face.

3)    Universities have auditoriums, meeting places, chill-out zones, free food, and internet. What else does a young entrepreneur require to lay the foundation of his/her Fortune 500 company but cheap as well as free resources?

4)    Universities can also help guide, motivate, and even filter the most innovative ideas and may be funding them.

What startups came out of DU?

In addition to multiple other startups, recently students of DU launched a startup to change the waste management system in India. Waste management is apparently one of the significant problems we face. Two aspiring engineering students are walking down towards the metro, notice a garbage bin and Voila! A brilliant idea struck these young minds, and there it was – the birth of We-Convert. The concept is pretty simple and would work like a charm: E-collectors that will accept waste material and in return generate some rewards. Isn’t that awesome? Clean the country and in the process have a stable earning. Win-win for all. Another startup HelloMeal promises to provide an economical meal at your doorstep. Order through an app, a toll-free number, and no delivery charges. The founder (a grad from DU’s Swami Shraddhanand College) mentioned that he and his friends came up with the idea after facing food related inconvenience at college. The app, they say, is doing good as they receive almost 150 orders a day.

The crux of it is that in today’s world, the market doesn’t appreciate tradition but innovation. Showcase your ideas, test your skills, understand the requirement, break the barriers and do what you’re passionate about and make things happen. Yes, we can!

 

Keyword: Startups at DU

 

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Here’s why we need more startups at DU(Rank Princess- SEO)

   Are you a graduate with entrepreneurial dreams? Or, are you someone who is a part of the corporate world trying to break the shackles to follow your dreams of being an entrepreneur?  Are you afraid to travel the road less traveled?

   Every excellent business empire today was once a frivolous dream. What made the difference was the men behind these ventures were not apprehensive of the first step.

   Here are a few reasons why you should work towards accomplishing your idea and your dreams.

  1. Now is the time

With the Government of India aiding start-ups and manufacturing in the country like never before, the next few years seem more promising for first-time entrepreneurs. 

       Going by the Economic Survey of 2015-2016, India is home to more than 19,000 startups that are tech-enabled. Also, in recent years, Indian startups have seen an unexpected valuation. This surge is more than promising.

   In the first half of 2015, Indian startups raised a whopping 3.5 billion American dollars in funding, and there are close to 490 active investors in India (as of the end of 2015). The number of deals signed has only increased to 18% in 2016. This growth suggests a definite growth curve in the future years too.

  In 2016, India was ranked Number 3 in the world in the number of start-ups. Certain organizations like NASSCOM plan to support close to 10,000 startups in India in the coming years. Regulatory bodies like SEBI have now eased the norms, and it is far more comfortable for the companies to raise funds through the IPO route. Therefore, raising money for your start-up is not as arduous as it once was.

  If you have an idea that stands out, you will get all around support from the right institutions when you put it across.

  1. Incubators in the university campuses provide the right platform.

   To aid the ‘Start-Up India’ initiative, the leading universities launched start-up incubators within the campuses to nurture business start-ups. These nurseries have seen success in certain IITs, IIMs and Delhi University.

  What is interesting is the growth rate of these incubators. 2016 saw a 40% increase in the number of these nurseries, with aid from government and corporate. In the same year, the state helped set up 30 new incubators on the university campus and close to 66% of them have been established in the Tier II and Tier III cities.

  Another interesting fact is that there has been a 25% increase in the number of student entrepreneurs. Can you believe in 2016 alone, 350 startups were launched by young students?

  Lithics.in, a renowned online marketing place promoting handicrafts, paintings and other gift items from the weaker sections of the society was formed by three students of Delhi University. They are housed in Technology Business Incubator under the Cluster Innovation Centre at Delhi University. Through tie-ups with NGOs, they market products from the weaker sections of the society and have received several accolades and awards for their work. Lithics.in is an example of a successful campus aided venture.

iii.    Broad societal benefits

       As a society, we continually face challenges from all aspects. To tackle these problems and to make ourselves visible on a global platform, we need to embrace innovation and change. How can you promote innovation in the nation? The answer is simple, by encouraging startups.

   Startups also carve a path to discover solutions to the most pressing societal problems.  If you have an answer to any of the issues the society faces, you could bring about change benefitting the large sections of people.

    Take the example of two students from Bhaskaracharya College of Applied Sciences (DU). Their idea was born while lamenting about the waste management strategy in the city. This led to the formation of We-Convert. They introduced a machine called E-collector which accepts the user’s waste and generates rewards in return. After fruitful collaborations, the venture is eyeing revenue of Rs 67 lakhs for the fiscal year 17-18 and is starting its expansions in many cities across India.

   A 30-year-old Delhi University graduate along with an IITian started Zophop, an app to help the daily commuters of public transport. The app supports real-time tracking of the position of buses and its time of arrival at any stop along its route. Passengers can also purchase tickets in advance. Zophop has made the commute more accessible for passengers in more than 15 cities across India. They smoothened out the challenging commute time for lakhs of daily travelers.

 The future seems promising.

       India needs close to 20 million jobs a year, and as per a global data, it is the startups that provide a large percentage of employment when compared to established enterprises. Startups aid in the economic reforming of a nation and that is what India needs at the moment.

When you delve into the startup bandwagon, you are not just accomplishing your dreams but bringing about a change in a small yet significant way by creating more jobs and helping in the economic growth of the nation.

Keyword: startups at DU

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Here’s Why We Need More Startups at DU(Rank Princess- SEO)

You just graduated. You have a plan to get to your dream job. You decide to start slow. But tell me, would you like to join a startup fresh out of college as opposed to a well-established, revenue-generating, high-profile company?

Why Should DU Invite More Startups during Internship/Placement Season?

DU students have created startups like We-Convert, 3Dexters, HelloMeal, and Spamster. You are asking for reasons to consider joining one. Well, here they are!

  1. More Responsibilities Equals Hands-On Experience

Startups have limited personnel. There is no ‘watch today, do later’ attitude there. You’ve to figure out tasks you’ve never committed before. Thus, you learn more than you could ever have gained by merely observing.

  1. Firsthand Participation Translates into Bigger Opportunities

A Future Workplace Survey says 91% millennials expect to switch jobs within three years. Another NACE Job Outlook Survey says that employers seek leadership, teamwork, problem-solving skills, and work ethic primarily.

In a startup, you juggle different responsibilities, long to-do lists, and inherent risks. Whenever you switch, this versatility makes you the better candidate.

  1. Tough Supervision Means Improved Resilience

Startups are small, close-knit units. Credit, as well as backlash, comes easy because your work is visible. Thus, you learn to find solutions, endure, and tackle tricky scenarios.

  1. Opportunities Seem Endless

Startup remuneration is often inadequate. But, they offer chances to grow. You get to branch out, learn new skills, try them in real-case scenarios. You discover the significance of hard work, tenacity, creative thinking, accountability, and personal ownership.

  1. And There Is Free Food

And an enthusiastic environment, chilled-out colleagues, determined teams, and the excitement of accomplishment.

Startups versus Fancy Industry Jobs-There’s No Winner, so Choose Carefully

Between a corporate job and a startup one, people tend to flock to the former. And why not?

You crave job security. High-end companies will pay you well enough. They’ll offer additional benefits.

In startups, the working hours are ridiculous. So is the pay. There is minimal room for error. And you can’t tell if or when the newfound company will run out of capital and shut down. In fact, 25%-30% of backed up startups fail, says the National Venture Capital Association.

But, when Startups flourish, and you tag along from the beginning, you gain tremendous experience via hours and hours of innovation, brainstorming and active participation. You learn your limits and capabilities. These help you build an exceptional career.

Keyword: Startups at DU

 

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A glimpse into the technological explosion in the realty industry(Content Strategi)

We are nearing the end of 2017, and the world is becoming increasingly reliant on technology for everyday life. What was once science fiction is now turning to reality in increments – sometimes through small but vital innovations and other times through large pivotal discoveries and developments in technology.

The realty industry is no different. The last few years has seen IoT pervade the industry allowing the now global population to view, buy, sell, maintain or invest in real-estate internationally.

Progressive technological break-throughs revamping the realty industry

The term real-estate instantly brings to mind either buying or leasing of properties, but there are a vast number of niche aspects in real-estate that have spurred brilliant developments in recent years.

The multiple facets of real-estate in residential and commercial categories such as property-oriented financial assistance, crowd financing, realty investments, mortgaging, virtual reality for property viewing have improved over the years. Other aspects such as maintenance of interconnected machinery and equipment in property, real-estate construction, shared corporate housing, alternate corporate offices and much more have seen vast improvements in their business processes through advancements in technology.

While high-tech solutions for realty issues have been wide and varied in recent times, we present some key successful start-ups in the last few years specializing in diverse categories of real-estate.

  1. Category – Marketing and Visualization: With a global community relocating residences and offices often, having off-site viewing options is quite essential.Some successful start-ups in this sphere that offer 3D visualization for properties include IrisVR, Virtual Xperience, Matterport and VR Global. They all use immersive 3D media to showcase properties in precise detail.

Their visual media is interactive 3D and utilizes VR technology that is user-friendly. The sophistication of their platforms enables a walk-through experience that brings the property to life.

They do not, however, compromise on accuracy. The scales of the views are replicated in exacting detail, and viewers get a meticulous sense of even the minutia. It leads to a 100% satisfying experience.

  1. Category – Valuation and Analytics: This is a very vital aspect of real estate that is beneficial to international and local customers alike. At the click of a button, key information about potential properties is made available, facilitating informed decision-making.

One startup specializing in property data analytics is Bowery. It is a tech-enabled firm that provides accurate appraisals backed by big-data and advanced technology. The platform focuses mainly on commercial realty appraisals. Each report generated is exhaustive, with data collected through public record integration. Bowery also has the advantage of being efficient and quick in their appraisal reports. 

HouseCanary in the US and REalyse in UK offer a similar service of providing comprehensive information on house prices, neighborhood demographics, market activity and more.

  1. Category – Property rental and leasing: With a floating population, sometimes leasing properties to virtual strangers can be a daunting task. Startups like Rezi cut out the middleman and ensure that owners will be able to rent their properties without any risk of monetary loss. A unique aspect of Rezi that affords property owners 100% peace of mind is that Rezi pays the owners a year’s rent in advance and then leases out the property to good, long-term tenants. Nestio offers a similar leasing platform for property owners in the residential space.

Flip is another start-up operating predominantly in New York, San Francisco and Los Angeles. It enables easy property finding and locating legal sublets in these areas. Flip assures property owners of their potential tenant’s reliability by verifying the applicants. Rent payments are also insured and guaranteed to prevent scams and losses.

Yet another start-up in this space is Cozy Services. It offers landlords of residential properties a safe, secure, transparent, and simple way to rent out their properties all over the US and Puerto Rico.

A Chinese start-up that is similarly heavily tech-backed is FangDD. It helps property owners reach out to potential buyers online.

An identical service is provided by PropertyGuru in Singapore. They operate in the same realty category and showcase properties for rent and sale in Singapore.

Another prominent business in the same space of realty is Housing.com. They have extensive reach with properties for rent or sale in both India and abroad. They currently cover over 260 cities and India alone and over 80 countries. The properties are all 100% verified, and the listings provide authentic, up-to-date images of the properties and comprehensive locality level information. 

In the commercial space, VTS [View the Space] provides a cloud-based asset management and leasing platform. They include real-time analytics of portfolios that can be accessed worldwide by top agents and landlords.

  1. Category – Property Management: Property management includes a lot of aspects such as maintenance of equipment, sourcing facilities for tenants, HVAC monitoring and more. Some start-ups flourishing in this category include –

hOM, a tech-enabled amenity provider that collaborates with residential and commercial property owners to provide on-site fitness programs for its residents. Their services of providing on-site opportunities for Yoga, Pilates, fitness boot camps and more seems to have increased tenant retention rates by 15%.

Another start-up in the property management space is Ravti. Ravti is a realty start-up that affords owners and property managers the ability to appraise Heating and Ventilation systems [HVAC systems] in their properties. Backed by Y-Combinator, Ravti’s software platform allows property managers to view images, specs and histories of the equipment, thereby enabling timely maintenance and saving thousands.

  1. Category – Tech-enabled realty brokerage: Startups in this category specialize in platforms that connect property sellers and buyers online and in some cases facilitate complete online transactions.

One such start-up in this realty space is Haozu.com. They operate in China and are one of the key players in this sphere of realty wherein all transactions can be completed online.

Across the world in New York, Triplemint, a technology-enabled brokerage connects potential tenants and property owners directly to broker databases. Their data-driven focus is completely customer-centric. Their platform uses a map-based search facility and enables complete online transactions. 

A special mention needs to be made of Housing.com as the business covers a lot of the above-listed categories. The property listings on Housing.com are all 100% verified to prevent scams and fraudulent listings. They are backed with valuation & analytics information and as an added bonus their innovative “MakaanView” App offers users a unique functionality. The augmented reality app launched by Elara Technologies enables the user to search for properties to rent or buy by simply pointing the mobile in the preferred direction. The App is configured to cover a 5Km radius and is highly intuitive, adding to the user experience.

While there are quite a few visionary start-ups listed above, this list is hardly exhaustive. As research and analytics from CB Insights indicate, technological developments in the realty sphere are just beginning.  The environment for investments in this industry is currently very healthy and key players all around the world are leveraging developments in this sphere.

To motivate innovations in this field are accelerator programs such as URBAN-X, MetaProp and AREA that aid forward-thinking entrepreneurs in the realty space.  Their primary purpose is to help startups that wish to apply new-technological approaches to solving real estate problems.

It is quite clear that the near future will see amazing growth in technology-backed realty that will revolutionize the way we perceive the industry and our investment strategies in it.

References:

  1. “6 Real Estate Startups Poised To Disrupt The Industry” –Nav Athwal [Forbes]
  2. “CBRE Acquires Floored: Real Estate Tech Poised For A Big 2017” – Nav Athwal [Forbes]
  • “Everything You Need To Know About Real Estate Crowdfunding”RealtyShares
  1. “planetRE – Born and Raised in Silicon Valley” – planetRE
  2. “SmarterAgent is the most widely used mobile SaaS platform in the real estate space” – SmarterAgent
  3. “HouseCanary raises $31 million to value residential real estate” – Katie Roof [TechCrunch]
  • “Citiesense: New York City Neighbourhood Data Platform” – Jack FitzGerald [Dsrupt Property]
  • “The world’s first truly tech-enabled appraisal firm” – Bowery
  1. “Subletting, taken care of.” –Flip
  2. “Be the best at HVAC – Know where your buildings stack up and empower more intelligence for your team.” –ravti
  3. “Plan Better. Build Faster. Together. – World’s Leading Data Driven Scheduling and BIM collaboration platform” – onTarget
  • “Transform Building Data into Asset Value” – Enertiv
  • “Amenities, Anywhere.” – hOM
  • “Find The Right Real Estate Solution For You” –HouseCanary
  1. “This Startup Wants to Be the Amazon of Real Estate” – Zoe Henry [Inc]
  • “More than a property investment data company” –REalyse
  • “Instant Virtual Reality for the Building Industry” –IrisVR
  • “Virtual Reality For Real Estate” – Vitual Xperience
  • “Next-generation immersive media” – Matterport
  1. “REAL ESTATE – Be There – Anytime. Anywhere. Anyplace.” – VR Global
  • “Rent it today” –Rezi
  • “We’re making renting simple for everyone.” –Cozy Services
  • “Data standardisation: the future for real estate reporting” – Ryan Masiello [Property Week]
  • “Welcome to The Future of Residential Marketing and Leasing” – Nestio
  • “Platform for leasing and asset management” – VTS
  • “Real Estate Platform Fangdd Announces Fu8nding as China Eases Real Estate Bans” –Eva Yoo [TechNode]
  • “Singapore Property Search” – Property Guru
  • com –CB Insights

Triplemint.com

 

 

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How Data Science is Revolutionising e-commerce(Rank Princess-SEO)

In the digital world that we live in, there is more data than ever.  That means more information about everything that surrounds us. Now, this information can be used to do some pretty amazing things, and the present e-commerce Industry is a shining example of that.

About Data Science

Data Science refers to the interdisciplinary study of the scientific methods and processes used to manage the source of data, understand its representation and convert it into useful information.

Every organization generates a lot of data from the consumers through the services that they use. Data scientists can help those organisations use that data to serve those consumers even better.

e-commerce Supercharged

In the business world, it is a self-evident fact that for any business to serve its customers well, it has to know those customers and their preferences and then craft their business plan accordingly.

Traditionally, this was done by the store operators and other executives who directly interacted with the customers. They had a pulse of the market and the direction in which the wind was blowing. But this method was inefficient and barely useful in the long run, and not to mention unusable in the e-commerce industry. This is where Data Science comes in.

  1. Knowing Customers

The biggest aid Data and Data Scientists provide to e-commerce businesses is in knowing the customers. Companies gain this knowledge through the online behaviour of the consumers: their interests, the product they often view, their possible needs, etc.

This helps the companies to know the consumers as well as they see themselves and simplifies the purchasing process.

  1. Selling Better

Data scientists have revealed that consumers’ buying pattern and brand loyalty is ever-changing and not as predictable as previously thought. This has made gaining consumer insight even more crucial for any e-commerce business.

Data sciences have provided the answers to various questions that have enabled the companies to sell better, such as:

  • What demographic of people are buying your products?
  • Which products interest your consumers?
  • How can you contribute to the shopping experience of your consumers?
  • What encourages the consumers to buy the products that they do?
  1. Marketing Done Right

Data Sciences has revolutionized marketing as a whole. With information collected from users about their spending habits, browsing and shopping patterns, more personalized marketing campaigns can be implemented.

These things have helped the businesses with advertisement retargeting, channel mix optimization and have increased the overall attentive time spend by the consumers on the company’s adverts.

This means more specific commercials for the end users and more effective marketing campaigns for the businesses.

On the Flip Side

Whenever the topic of collecting information from the public comes up, questions of security and privacy emerge. This is only natural as cyber security is a pivotal part of the digital lives that we lead.

Companies ensure users’ privacy through ever-updating encrypting technologies and firewalls. And to further enforce security, it is made sure that the sensitive data of users are stored locally on their devices and not on the cloud.

To say that the world of e-commerce has changed forever by Data Sciences would not be an understatement. And with more data scientist working together to further enhance our shopping experience, the future is only looking brighter.

LSI Keywords

Data science in e-commerce

Applications of data science

Online retail and data science

Data science and marketing

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How Data Science is Revolutionising e-commerce(Rank Princess-SEO)

In the digital world that we live in, there is more data than ever.  That means more information about everything that surrounds us. Now, this information can be used to do some pretty amazing things, and the present e-commerce Industry is a shining example of that.

About Data Science

Data Science refers to the interdisciplinary study of the scientific methods and processes used to manage the source of data, understand its representation and convert it into useful information.

Every organization generates a lot of data from the consumers through the services that they use. Data scientists can help those organisations use that data to serve those consumers even better.

e-commerce Supercharged

In the business world, it is a self-evident fact that for any business to serve its customers well, it has to know those customers and their preferences and then craft their business plan accordingly.

Traditionally, this was done by the store operators and other executives who directly interacted with the customers. They had a pulse of the market and the direction in which the wind was blowing. But this method was inefficient and barely useful in the long run, and not to mention unusable in the e-commerce industry. This is where Data Science comes in.

  1. Knowing Customers

The biggest aid Data and Data Scientists provide to e-commerce businesses is in knowing the customers. Companies gain this knowledge through the online behaviour of the consumers: their interests, the product they often view, their possible needs, etc.

This helps the companies to know the consumers as well as they see themselves and simplifies the purchasing process.

  1. Selling Better

Data scientists have revealed that consumers’ buying pattern and brand loyalty is ever-changing and not as predictable as previously thought. This has made gaining consumer insight even more crucial for any e-commerce business.

Data sciences have provided the answers to various questions that have enabled the companies to sell better, such as:

  • What demographic of people are buying your products?
  • Which products interest your consumers?
  • How can you contribute to the shopping experience of your consumers?
  • What encourages the consumers to buy the products that they do?
  1. Marketing Done Right

Data Sciences has revolutionized marketing as a whole. With information collected from users about their spending habits, browsing and shopping patterns, more personalized marketing campaigns can be implemented.

These things have helped the businesses with advertisement retargeting, channel mix optimization and have increased the overall attentive time spend by the consumers on the company’s adverts.

This means more specific commercials for the end users and more effective marketing campaigns for the businesses.

On the Flip Side

Whenever the topic of collecting information from the public comes up, questions of security and privacy emerge. This is only natural as cyber security is a pivotal part of the digital lives that we lead.

Companies ensure users’ privacy through ever-updating encrypting technologies and firewalls. And to further enforce security, it is made sure that the sensitive data of users are stored locally on their devices and not on the cloud.

To say that the world of e-commerce has changed forever by Data Sciences would not be an understatement. And with more data scientist working together to further enhance our shopping experience, the future is only looking brighter.

LSI Keywords

Data science in e-commerce

Applications of data science

Online retail and data science

Data science and marketing

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How Data Science is Revolutionising e-commerce(Rank Princess-SEO)

How Data Science is Revolutionising e-commerce(Rank Princess-SEO)

In the digital world that we live in, there is more data than ever.  That means more information about everything that surrounds us. Now, this information can be used to do some pretty amazing things, and the present e-commerce Industry is a shining example of that.

About Data Science

Data Science refers to the interdisciplinary study of the scientific methods and processes used to manage the source of data, understand its representation and convert it into useful information.

Every organization generates a lot of data from the consumers through the services that they use. Data scientists can help those organisations use that data to serve those consumers even better.

e-commerce Supercharged

In the business world, it is a self-evident fact that for any business to serve its customers well, it has to know those customers and their preferences and then craft their business plan accordingly.

Traditionally, this was done by the store operators and other executives who directly interacted with the customers. They had a pulse of the market and the direction in which the wind was blowing. But this method was inefficient and barely useful in the long run, and not to mention unusable in the e-commerce industry. This is where Data Science comes in.

  1. Knowing Customers

The biggest aid Data and Data Scientists provide to e-commerce businesses is in knowing the customers. Companies gain this knowledge through the online behaviour of the consumers: their interests, the product they often view, their possible needs, etc.

This helps the companies to know the consumers as well as they see themselves and simplifies the purchasing process.

  1. Selling Better

Data scientists have revealed that consumers’ buying pattern and brand loyalty is ever-changing and not as predictable as previously thought. This has made gaining consumer insight even more crucial for any e-commerce business.

Data sciences have provided the answers to various questions that have enabled the companies to sell better, such as:

  • What demographic of people are buying your products?
  • Which products interest your consumers?
  • How can you contribute to the shopping experience of your consumers?
  • What encourages the consumers to buy the products that they do?
  1. Marketing Done Right

Data Sciences has revolutionized marketing as a whole. With information collected from users about their spending habits, browsing and shopping patterns, more personalized marketing campaigns can be implemented.

These things have helped the businesses with advertisement retargeting, channel mix optimization and have increased the overall attentive time spend by the consumers on the company’s adverts.

This means more specific commercials for the end users and more effective marketing campaigns for the businesses.

On the Flip Side

Whenever the topic of collecting information from the public comes up, questions of security and privacy emerge. This is only natural as cyber security is a pivotal part of the digital lives that we lead.

Companies ensure users’ privacy through ever-updating encrypting technologies and firewalls. And to further enforce security, it is made sure that the sensitive data of users are stored locally on their devices and not on the cloud.

To say that the world of e-commerce has changed forever by Data Sciences would not be an understatement. And with more data scientist working together to further enhance our shopping experience, the future is only looking brighter.

LSI Keywords

Data science in e-commerce

Applications of data science

Online retail and data science

Data science and marketing

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How Is Data Science Revolutionising e-commerce? (Rank Princess- SEO)

Geoffrey Moore once compared companies without data analytics with deaf and blind deer on a freeway. And Moore was quite right too!

 Any online transaction between a shopper and a seller is a negotiation. And in every consultation, knowledge conjures power. Right kind of information about the other party gives you leverage. And leverage lets you squeeze a better deal where you reap the benefits.

 As a shopper, the sites you visit, the products you browse, the models you put in your cart only to dismiss the window and buy the same item from some other website- that data is significant for a seller. How? Let’s see!

 Business Analytics in e-commerce- Can You Optimise Conversion?

 To guarantee a sale, the seller must:

  • identify the influenceable section of the target shoppers

 

  • figure out what’s important to them, and

 

  • present them with an apt product-deal combination

 

It’s tough! Buyer’s intent is hard to spot. It’s where data science, analytics, & e-commerce    based machine learning come into play.

 Data Science in E-Commerce- How Is the Revolutionising Happening?

 Insights

Sellers use technology to track customer behaviour without disturbing said customer. If a shopper logs into a store Wi-Fi, the software monitors the sections where they linger longer. Marketing teams look at social media and browsing patterns to gather information on trending items.

  1. Prediction

Algorithms study the existing data like product attributes, shopper behaviour, and correlations. They try to infer future trends. They make assumptions based on the data they’re fed about the shopper.

  1. Strategy

Algorithms work to predict what the company should sell when and at what price. The product design, supply-demand forecasting, window of sale, promotional schemes, and personalised shopper targeting are strategized using the learnings of the machine.

  1. Personalisation

As per a 2014 Infosys report, 78% of consumers respond to targeted ads that focus on their specific interests with a successful purchase.

Sellers use the data and patterns to revisit their retargeting plan, reach to a client of a particular age, interest, gender, and demographic and offer a deal that suits their present concerns.

Why Is Predictive Analysis in e-commerce Needed?

Shoppers often have the advantage of information over sellers. They know the product details and the shopper credentials. They have market reviews and ratings to turn to. They have options from different sellers for one product.

The seller has no way to know what drives the shopper- price, availability, or delivery window. It has to rely on guessing, and that doesn’t work out well in all cases.

Predictive analysis & e-commerce analytics allow the seller to gather fact-based ideas extracted from previous consumer behaviour using machine logic and data science. It helps them optimise conversion, and offer a better customer experience.

Basic Advantages

  • Cross-sell- I see you bought an iPhone 7 recently. Can I interest you in an iPhone case?
  • Up sell- I see you browsing a Full HD LED TV. Here, this 4K is the next version and fits your expected price range too.
  • Personalisation- I have your location. Would you like to see where our nearest store is? Or if we express deliver to your place?
  • Opportunity- I see you are in this country right now that has this upcoming festival that’s apparently a huge thing. Can I interest you in this relevant product that you may need during the said festival?

And That’s Just the Front End

Data science can help e-commerce websites by allowing consumer retention via heightened levels of perception and recognition. But, it can also be used for web analytics, fraud detection, payment, delivery, and other post-purchase aspects that build customer experience.

LSI: business analytics in e-commerce, ecommerce analytics data science, Data Science in ecommerce, predictive analytics in ecommerce

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How Data Science is Revolutionizing e-commerce(Rank Princess- SEO)

Data science as the name suggests is data driven by science. It is a method to extract relevant data or insight from the data in various forms which can either be structured or unstructured. It is kind of similar to data mining.

If we talk about business terms, it helps businesses provide a richer understanding of the clienteles’ by capturing and integrating the information of the prospect’s online behaviour. At this period, e-commerce is the essence of almost every business. The world at this time is immersed in data from many sources. Data science and ‘data scientists’ have revolutionized modern business. With the boom of e-commerce, the aspect of Analysis (“A” from the DMAIC theory) has broadened by leaps and bounds. Before, we talking about the benefits, let’s talk about how it is used in e-commerce.

In the field of e-commerce, customer and sales data are integrated into a database which is further linked with the email marketing and ad platform data. A thorough analysis of these gives a data scientist a 3D view of (i) Customer lifetime value, (ii) Personality analysis, (iii) Churn detection, (iv) Customer segmentation, (v) Cohort analysis, and (vi) Trend analysis. This helps the business to work and forecast new and beneficial acquisition and retention strategies. This is exactly the evolution it has brought to the modern business.

Let me explain it this way – assume you’re on a shopping app/website browsing. You scroll downwards and see that the app/website has recommendations based on your browsing/shopping history. Did you ever ponder as to how the app/website know your preferences and suggests products that you might end up buying? That, my friend, is data science. This method can be classified under Acquisition strategy. You might initially have logged in to the website just to browse, but recommendations have a probable chance of triggering a sale. Another example of it is boosting cross-selling (selling a different product to an existing consumer). Once you select a product, most websites/apps recommend a bundle option of similar or related products. Statistics say that cross-selling is a major part of today’s e-commerce business. As a matter of fact, websites/apps these days also recommend items based on perceived customer journeys. This is also a part of the acquisition. The technique just tells you what other customers have loved so far and thus intrigues a prospect increasing the chances of a successful sale. Retention strategy is when businesses use offers, promo codes, discounts, etc. to a prospect and flash sales to retain market. Big brands use data science and scientists to monitor stock and manage promotions accordingly.

Apart from the above, data science can help a new online business to determine strength and impact of the online vs. physical brand. It can help provide detailed analysis to a retailer on physical shops vs. online sales. Also, the inclusion of data science in online business will help sellers offer personalised deals per customer based on individual browsing habits and patterns. It helps a company to anticipate customer behaviour and understand connections of customer’s product reviews and shopping behaviour with other customers further leading to successful Prediction model (surfing behaviour vs. % deal-making).

Thus, data science helps to gain sales/conversion providing optimized information about customers. Numbers speak, isn’t it?

Keywords:

Data science

Data mining

Online sales

e-commerce

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Selecting Superheroes: Finding the Perfect Product Manager For Your Startup! (Rank Princess- SEO)

Startups mostly just begin with a simple idea, behind which there may be a singular brain or a whole team. The CEOs along with some designers and sales lead can easily constitute a startup, but the real person holding everything together is the product manager.

In case of a startup, the need of an able product manager is even greater because it is his or her motivation and involvement that will channelize the energy of the whole team; and by large the entire company. A novice in the game can get the idea shattered like a house of cards. While a great product manager will not only continue with the dream of the original creator but take it to even new levels.

Let’s have a look at some of the desirable qualities to look out for before you hire a product manager.

The Hero Your Startup Needs (As Well As Deserves)

While finding the right person, keep in mind that this is the person who shall be handling your dream project. The original idea of the company owner is very dear to them, and the product manager must nurture it as his or her own. There is no scope of backtracking in today’s world. The only way is forward. Always hire a product manager who fully understands the idea behind the company and strives to make it a success.

Be Just the Ticket

The person to be hired must gratify all the requirements excepted of their post. A product manager is like a bridge between all the team members. Therefore, he or she is expected to be multidimensional and have innate leadership skills. In addition to being talented at their work of managing the staff and product, they must also be able to think quickly and make decisions.

The CEOs and other higher officials may not be available all the time as they have to look after other things like promotions, fund-raising, meeting with other company heads, etc.  The product manager must be able to fit into the leadership role, seamlessly. All these must be assessed carefully before selecting a product manager.

Versatility is the Key

Working in the market can be a grueling at times, especially in case of a startup. The needs of the company, as well as the market, can change very abruptly. A person must only be selected if they are adjustable enough to absorb all the irregularities and still provide a good working environment for the team.

They must be able to adapt the company according to client feedback. A good manager must never shy away from incorporating any assessment or criticism to make the product better. While hiring, always keep in mind that a product manager is ultimately the one who can make a product better or worse. That is why it is imperative to hire a product manager with ample room for adaptability.

Smooth Player

Execution makes or breaks a startup. One can put hours of sweat and tears into an idea, yet everything can fall flat if the execution is not proper. The company should look forward to hiring a product manager who can choose the right path forward. And for this, during the selection process, the candidate’s level-headedness under pressure must be evaluated. There are generally many distractions on the way to success; however, a good product manager knows how to make the right choices. After all, it is them who have to manage the competitors, product feedback, customer relations and product marketing.

A product manager must be a multifaceted individual who can look after a lot of things in the startup. He or she has to be able to act as a leader and at times, a subordinate. Most importantly, a product manager must take care of the customer feedback and comments from the market, at the same time keeping up to date with the competitors. While all this seems quite a lot for one individual, but today there is no dearth of talent out there; and with a hint of luck, you can get the perfect product manager for your dream venture.

Primary Keyword:hire a product manager

LSI Keywords:Finding the Right Product Manager,candidate’s level-headedness under pressure, multifaceted individual

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