Optimal return prediction at the 15th DATA MINING CUP
The task for the globally established DATA MINING CUP was announced today, marking the start of the 15th edition of the competition. This year, international teams compete to solve the problem of predicting returns.
(PresseBox) (Chemnitz, )For years, this topic has been as prevalent as online business itself - the issue of returns and online shops. Now, one in every three online buyers sends products back because the products don’t meet customer expectations. Retailers struggle with enormous costs and are looking for strategies to lower the costs of returns. Preventative measures, based on the probability of return, e.g. restricting payment options, adapting shipping costs and size charts are all promising strategies. The calculation of the probability of return is the topic of this year’s DATA MINING CUP (DMC for short) competition.
Today is the start of the DMC competition, one of the world’s largest contests in the field of data mining. On the 15th anniversary of the event, students around the world will once again be inspired when it comes to the topic of intelligent data analysis. This year, numerous international teams will compete to determine the probability of return. Using a shop’s historical purchase data, the goal is to develop a model for new purchase data that will predict the probability of any purchase being converted into a return.
The teams have a total of six weeks to submit their results. To date, 79 teams from 64 educational institutions in 18 countries have registered for the competition. Teams may register up until the deadline for submission of results on 14 May 2014 at http://www.data-mining-cup.de/....
Prudsys will announce the names of some of the best up-and-coming data miners during its 2014 User Days. This two-day event will take place this year from 2-3 July 2014 in Berlin. A number of companies will introduce Use Cases related to trends and topics in the multi-channel trade sector.
DATA MINING CUP 2014 at a glance:
DMC competition begins with the announcement of the task: 2 April 2014
Deadline for submission of results: 14 May 2014
prudsys User Days and awards ceremony: 2-3 July 2014, andel’s Hotel Berlin.