How Predictive Analytics for Retail Works

The Celect Predictive Analytics Platform

The Celect Predictive Analytics Platform, powered by the Celect Engine, consolidates and normalizes inventory, transaction, product catalog, and browse data from disparate organizational silos into one predictive view, providing deep insight into how retail customers choose.

A robust set of APIs allows Celect customers to rapidly query and interact with the Celect Engine in various ways. You can choose from four purpose-built solutions, each aiming to better understand customer preferences and demand.

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Data Ingestion to the Celect Engine

The Celect Predictive Analytics 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. 

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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 an 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.

Optimizer

To ensure the Celect Engine operates within real-world limitations, Celect uses “constraints” to provide an optimal recommendation (for assortments, buys, allocations) that is also a realistic one. An example of this would be: "My total available to sell dollars cannot grow more than 10% over last year", or " No individual brand can grow or shrink by more than 30%". With this modeling and near instant high-scale optimization, Celect is taking much of the guesswork out of the merchandising, planning, and allocation process.

APIs & Reporting

In addition to our base solutions, the Celect Predictive Analytics 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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