Mumbai-headquartered iPredictt Data Labs, an advanced data analytics company, said it has created a tool that can generate a risk score for customers on ecommerce platforms. It is similar to Cibil score for creditworthiness.
CEO Rohit Verma told ET iPredictt had already carried out a trial and applied for a patent for the tool, Universal Behaviour Identification Exchange (UBIE), in India.
“We have built a platform where consumer data goes in a data lake and depending on the score, the ecommerce firms would know whether it’s alright to offer ‘cash on delivery’ or whether to insist that the order be paid for in advance,” he said. The trial, which was conducted with a firm that does about 10,000 transactions a day found that identifying the high-risk customers resulted in losses coming down by 20-25%. Verma admitted that the ecommerce firms had some reservations around sharing data, which is why the roll out has been a bit slow.
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