How Predictive Analytics for Retail Works

The Celect Optimization Platform

The Celect Optimization Platform, powered by the Celect Choice Engine, reflects a scientific breakthrough in machine learning - delivering actionable insights and critical retail decision support through predictive analytics and choice modeling. The cloud-based platform ingests inventory, transaction, product catalog, and impression data from disparate organizational silos, providing deep insight into how your customers choose.

A robust set of APIs allows Celect customers to rapidly query and interact with the Celect Engine in various ways. As part of the Celect Optimization Platform, retailers can choose from three purpose-built solutions, each aiming to better understand customer preferences by improving in-store product assortments, personalizing recommendations online, and optimizing pricing and product markdowns.

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Data Ingestion to the Celect Engine

The Celect Optimization Platform consumes large amounts of data from various sources, containing attributes such as product descriptors, (anonymized) customer information, browse/search history, transaction logs (online and offline), and inventory data. There are several ways to ingest data, including SFTP and standard third-party FTP clients. 

Once the data is collected, it begins the ETL process and is transformed for optimal modeling through our Data Configuration API. 

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The Celect Engine

The Celect Engine is the workhorse of the platform. It has been built with computational speed and scale top of mind. As soon as transformed data enters the engine, it begins building and exponential amount of models representing customer preferences, behavior, and future buying patterns. At any given time, the Celect Engine can process hundreds of millions of data points for analysis. The more data, the better the signal we receive.

APIs & Reporting

In addition to our base solutions, the Celect Optimization Platform has an extremely powerful and flexible API library to feed optimized data into existing planning or operational systems (such as SAS or Oracle). Celect provides the option of exporting any set of data on your screen to Microsoft Excel for sharing across your organization. The customizable reporting offers high level data, for example, to show only the top revenue opportunities or only show the recommended new vendors to introduce (or remove) into your assortments. The reports can also be extremely granular, showing any slice of data required.

 

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