How Big Data Analytics Has Become Treasure Trove for E-Commerce Industry?
March 29, 2019
We are living in a cognitive world where ‘data’ is the new oil. Every digital business wants to leverage data to provide differentiated customer service and fuel business growth. It is especially true for the E-Commerce industry which has emerged as an out-of-the-ordinary in the technology-driven economic landscape.
In the digital age, where the number of smartphones is rising every day, the number of online buyers is expected to rise from 58.3% in 2016 to 65% in 2021. Applying intelligent Big Data Analytics Solutions to your business operations helps you in envisioning and operating tomorrow’s products & services today.
Let’s see how Big Data Analytics Will Alter the Face of E-Commerce
1. Do A Smart Shopper Analysis
Big data plays a major role in building buyer personas or shopper profiles. The insights help in determining customer preferences, peak times of shopping, and track customer demand. By leveraging the potential of big data tools E-Commerce companies can make an accurate forecast of future customer demand thus fulfills customer requirements as and when required.
For instance, with big data, Walmart found people who come to buy diapers are tending to buy beer. Thus, it gave Walmart cross-promotional opportunities.
2. Be Ready to Deliver Effective Customer Service
As a customer, everyone likes that their retailer knows about their preferences so that they can avoid wasting time in shortlisting services.
According to Statista, it costs 5x less to retain customers than acquiring new customers. With big data analytics, companies can easily keep a record of their customer’s browsing history.
With this, they can quickly get insights to customers’ interests thus they can send them personalized notifications. Also, online retailers use big data tools to fasten their response times which plays a huge factor in customer service.
For creating useful customer experiences, you can use e-commerce big data to:
• Send customized e-mails with special discounts to increase customer engagement
• Develop dynamic pricing which depends on competitors’ pricing and consumer demand
• Create targeted ads for your social media platforms increases customer satisfaction levels
3. Secure Online Payment Processing
When it comes to e-commerce, online payments are a must thing. Any e-commerce platform entails large-scale spending and acceptance of money thus significantly increases the chances of fraudsters trying to steal money.
Leveraging the potential of data, businesses can get insights into behavioral patterns of visitors thus able to differentiate between genuine and unauthentic users. You can smartly quarantine bad users to fight fraud.
4. Smart Way to Manage Inventory
Stocking the right amount is always been a challenge. If you order less than demand arises then may miss the opportunity to sell whereas if you order more may end up extra investment. Through predictive analysis, you can resolve issues like:
* Trend Forecasting: Determine which items are causing a buzz thus can increase the supply accordingly
* Choose the shortest routes: It helps in expediting shipping process and saving shipping cost
Summary:
To beat the best in the competitive league, it’s important to stay in the current. E-Commerce big data helps you organize your information and assists you to gain insights for making successful business decisions.
It’s time to set your business apart from other businesses by utilizing big data E-Commerce. To create the best customer experiences, you must look for big data E-Commerce Website Development Sydney and deliver what your customers exactly want.