Solving business problems with data science

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Over the past few years, the world has been observing the rapid growth of the role of big data and data science.

The growing impact of data science can be seen from the increasing size of the big data market, which is expected to reach $103 billion by 2027.

Graph depicting impact of data science.
Image credit: Statista

Today, data science is applied in many different industries, from fraud and risk detection to healthcare and even airline route planning.

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However, the business world has the biggest variety of data science applications, from e-commerce to on-demand services.

A Digital Closet, Powered by Data Science

Data science has an important role to play in the transformation of e-commerce. From personalized product recommendations to predictive forecasting and fraud prevention, data science makes a valuable contribution to the modernization and automation of e-commerce.

But one of the most unique examples of data science applications in e-commerce has become Rent the Runway’s digital closet.

Rent the Runway is an e-commerce company and a tech startup, providing its customers with an opportunity to rent clothes for everyday wear and special occasions. As a result, customers can create a “closet in a cloud” that takes to physical space and doesn’t need maintenance.

In an interview with the Deciding by Data podcast, Vijay Subramanian, the CAO of Rent the Runway, said that the digital closet collects apparel reviews and photos from all the users that have already rented a particular outfit. Other customers can go through this data to decide, whether this outfit is the right choice for them.

This way, according to Mr. Subramanian, their customers, who are mostly women, don’t have to worry, whether the clothes will fit, as the data on the cloud has detailed reviews of every outfit that Rent the Runway offers.

Apart from that, Rent the Runway uses behavior tracking and predictive forecasting for personalized outfit recommendations. All these amazing data-powered featured go in addition to the fact that Rent the Runway does all the outfit maintenance, laundry, and dry-cleaning for their clients as well.

Employing Data Science for Content Optimization

Content is today’s most valuable currency, which, like other currencies, depends on its value. Data science found its application here as well, helping businesses optimize their content to make it bring more value.

BuzzFeed is one of these businesses. Data science has been their secret weapon for many years, assisting the company with creating engaging headlines for articles and quizzes based on viral trends and statistics.

In an interview with Contently, Ky Harlin, the director of data science at BuzzFeed, shared that the company uses data clustering to make personalized content recommendations. The same approach helps BuzzFeed decide which content they should put on the home page of their website, and which content will go to their social media accounts.

Apart from that, to optimize content, Buzzfeed employs the best editorial practices to work out the most engaging and catchy headlines. So, for Buzzfeed, it is really the combination of data science with writers services that works best to help them make their content viral.

In addition to content optimization, Harlin shares that BuzzFeed has also applied data science to HR, which helped the company measure the productivity of certain teams and editorial groups. They do it by collecting data over different time periods, which helped the company also optimize working time with an insight into what works best for their teams.

Improving On-Demand Services with Data Science

Whatever service you offer to your customers, your primary goal is to create a positive customer experience to make people return to you more and more. You can employ data science to make this happen.

Uber is one of the best examples of how data science works in favor of improving customer experience. Their entire algorithm is built on mining and analyzing the data to improve on-demand services, such as determining the closest driver or analyzing the time, location, and traffic to adjust the prices for the ride.

The company also uses data science to help improve Uber Eats. To do so, Uber not only collects data from customers but from couriers as well, which helps the company to assess and improve their productivity as well as determine idle time as well as other problems that may compromise the effectiveness of the service.

Wrapping Up

Businesses across the world build their success with the help of data science. It helps transform e-commerce by creating completely new shopping experiences, plays a crucial role in content marketing, and is already an inalienable part of creating a positive customer experience.

With so many applications of data science, it is interesting to observe how far it will go in the modern business world and which data science applications we will see transforming the world in the near future.

Author’s bio: Daniela McVicker is a blogger and freelance writer who works closely with B2B and B2C businesses providing blog writing, copywriting, and ghostwriting services. Currently, she is a contributor to Essayguard. When Daniela isn’t writing, she loves to travel, read romance and science fiction, and try new wines.

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