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From Data to Decisions: Enhancing User Conversions Through Predictive Analysis

Client: Wholesale marketplace supplier 

Industries: eCommerce, Logistics 

Services: Consulting, Data Strategy, Advanced Analytics, Machine Learning, Data and Application, Integration, ETL 

Technologies: Postgres, AWS, SQL, R, Python

Introduction: The Challenge

Our client was interested in more accurately identifying which users would convert (i.e., purchase) after visiting their website. 


The purpose was to identify those who showed a higher likelihood of conversion but had not yet converted. By identifying these users, the sales team could spend their time more efficiently by assisting these customers, and leadership would have better insight into which behaviors were strongly associated with conversions. 


The approach was to manually identify a range of website interactions, such as product views, list creations, and bid placements. Subsequently, they assigned subjective weights to each of these behaviors to estimate a user's inclination to convert. 


Solution 


Methodology: 

  • Data Preparation: 
    • We gathered data on website behaviors and sales outcomes. 
    • Tailored metrics to our specific analysis needs.
  • Descriptive Statistics: 
    • Managed missing data and outliers. 
    • Removed correlated behaviors to prevent multicollinearity. 
    • Incorporated weights due to an imbalanced dataset.
  • Modelling 
    • Regression based Predictive Modelling to identify predictive behaviors. 
    • Selected the optimal model through iterative testing and comparison metrics.


Results: Our model, based on a year's historical data, effectively predicted conversions in recent data with notable accuracy. 

Conclusion

 After partnering with Byte Elevate, our client was equipped to replace their conversion formula with our formula based on suggested Predictive Modelling results. We also empowered the team to rerun this analysis in R/Python because behaviors and/or marketplace demands change over time. By both using Regression to identify key behaviors and implementing this conversion formula in their analytics environment, our client now has access to real-time insights that can be used for more efficient and informed decision making. Furthermore, by monitoring these trending behaviors, our clients can continue to enhance their online presence and convert more users. 


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