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Predict the online return propensity using pattern recognition algorithms
We have often seen companies having a better handle on store returns, but struggle with respect to online returns. For one of our clients, while store returns remained flat at 4-5%, online returns hovered around 30-35%, going even as high as 40%. As one of the ways to address this, we developed an algorithm to…
The difference between accuracy and precision.
Conversationally, the terms “accuracy” and “precision” are often used interchangeably. Scientifically speaking, however, the terms refer to markedly different conceptual measures. “Accuracy” refers to the proximity of an estimate to the actual value, while “precision” refers to the closeness of individual estimates to each other. For example, throwing darts close to the bullseye would be…
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