Applications of supervised learning
Supervised learning has found its place in numerous industries. It enables many businesses to predict future outcomes based on historical data. Let’s explore some more practical examples of how supervised learning algorithms are applied in different industries.
Consumer goods
In the consumer goods industry, supervised learning is being leveraged for various applications:
- Consumer trend identification: By analyzing data from eCommerce platforms, social media, search engines, sales, and surveys, companies can identify emerging consumer trends – for example, trending product categories, ingredients, flavors, and claims that are predicted to see future growth. This helps in developing new products or making changes to existing ones that align with consumer preferences, potentially leading to increased revenue.
- Price optimization: By considering factors such as historical sales data, competitor pricing, and marketing initiatives...
