ML Statistical Consulting

What is market basket analysis? A customer walking into a retail sector like a supermarket is likely to make purchases that are not previously planned. Often, there are impulsive purchases triggered by the price and position of other products within a physical store. At such stores, a customer may decide to purchase a product after entering the store. There are patterns of purchases that can be assessed on the basis of products bought together. Market basket analysis is a crucial technique used by retailers to increase sales by evaluating purchase patterns. It is a data mining technique that identifies associations between products purchased together.    By looking at the purchase pattern of the customers, businesses can increase the profit margins through promotions, recommendations and cross-selling. Certain products within a store may have the potential to attract other purchases. These keystone products can influence the overall sale of a business. One main factor that aff...

What is price optimization? One of the most critical factors that drive the sales of a product is price. Pricing of a product requires assessing various factors, like the market conditions, competition, branding, cost, and value of the product. Strategies like price penetration and price skimming are used, considering initial costs incurred, like that of research and development. Where there is little or no competition, companies may price the product depending on what the market may bear. Price optimisation refers to the process of determining the best price for the products offered. It helps businesses maximise profit by finding the most effective price using data from customers and the market.  Price optimisation includes qualitative and quantitative assessments of the product and its market. Due to increased computational capabilities and inefficiencies in traditional price optimisation models, machine learning-based price optimisation is of growing importance. Traditionally, e...

What is Time Series Analysis? Time is an essential factor to any level of business operations. Businesses have, from the beginning, relied on historical data to make assumptions on their day to day operations, be it purchase decisions, inventory management or staffing. Time series analysis, simply put, is a statistical technique that deals with time-series data. Time series data refers to a series of data points ordered by time. Forecasting using time series analysis [ 1 ] Time series analysis is often used to clarify and predict causality behaviours using past data. It can be used to see how assets and other economic variables change over time or to examine the changes in one variable compared to other variables over the same period. Time series analysis is used extensively in the finance sector but has various use cases in the science, engineering and health sectors. Time series analysis often outperforms other simpler methods for forecasting [ 2 ]. Election forecasting, budget forec...

About Us We are ML, a Data Science and Statistical consultancy team that helps businesses integrate machine learning tools to solve complex operational problems. We use our expertise in fields like machine learning and artificial intelligence to build frameworks that use the data to facilitate informed decision making. How can your business make the most out of your data? In today's data-driven world, enterprises from around the globe are starting to integrate data as an essential part of their business. Data is now used as a top-priority instrument to have an edge over competitors. In addition, it helps improve the business's transactional efficiency between stakeholders like investors, suppliers, employees, and customers. It helps in almost all levels of operation, from product creation and marketing to customer relations. Thanks to massive improvements in technology, nearly every enterprise has access to large amounts of data. As a result, in most cases, enterprises have all...