With the growing popularity of social media apps like Twitter, Facebook, Instagram, etc, a lot of retailers have started creating groups on these platforms. That means that eCommerce sales in the retail industry will grow more and more in the coming years. Thus, it would be not wrong to say that eCommerce can prove to be a game changer in the future.
Having ample data in hand, it becomes convenient for the businesses to employ data analytics in eCommerce. That data will be helpful in disclosing a lot about the customers, products, market, and the rivals as well. This leverages them to make impactful business decisions throughout. Overall, the influence of big data analytics on eCommerce is overwhelming that helps them in taking growth-generating business decisions.
You may be wondering that what exactly big data is? Well, it is essentially a repository of large database sets, which are stored and analyzed by deploying the latest technology for rendering useful insights to the business.
Now, you may also thinking that what is eCommerce analytics? It is all about gathering analyzing the online buying activities of the customers on your website or an app. With the help of big data, the store owners can offer an enhanced customer service experience. There are several eCommerce analytics case studies are present that can make you understand the effect of analytics on the eCommerce.
What is Big Data Analytics?
Big Data Analytics is all about examining, analyzing, and unveiling hidden data patterns via Big Data. If you use it, then you can find out various critical pieces of information like marketing trends, customer preference, and many more. The businesses that employs big data analytics are more likely to reap exemplary results. They can develop more effective marketing campaigns, and explore new opportunities for generating maximum revenue for the business. They figure out the efficient ways for improving their customer service delivery and business operations as well.
By providing all the relevant data and data patterns in hand, you can make an informed decision for the betterment of your business. Data scientists and predictive modellers are proficient in analyzing data from varied sources, and utilize big data to produce transactional and structured data.
Benefits of Big Data Analytics for Businesses
Using big data analytics, the companies can effectively implement superior data mining, predictive analytics, text mining, and other useful methods for driving information, so to take conducive business decisions. This includes narrowing down data big data to the information, which is meaningful to your business, so you can use it to make better decisions.
Big Data Analytics adopt this proactive approach because it empowers decision makers to take good decisions by referring the valuable insights available. With the help of these analytics, the enterprises can improve their product lines, build the products that customers want, and get an upper edge over your competitors. The companies can respond instantly to the market changes using the big data analytics.
Top Ways Big Data & Analytics Will Change The Face of eCommerce
Big data consists of both online and offline data. It acts as a productive source of analysis By implementing big data in the eCommerce industry, the businesses will get access to large amount of data for converting growth into revenue, streamlining operation process, and acquire more customers.
Here’s how big data solutions can help your eCommerce business to prosper:
# 1. Improved Shopping Pattern Analysis
Big Data Analytics is fruitful in knowing the customer’s shopping behavior that will help in building result-oriented business strategies. The preferences of the customers, most popular brands, products which are viewed multiple times that you don’t offer, preferable time when shoppers buy more, and so on can be accessed easily with the help of big data analytics. Through this, you will be able to know your customer better, and deliver things which they want.
# 2. Enhanced Customer Service
The success of an eCommerce store depends majorly on an effective customer service. As per the recent survey, it has been found that many companies are a firm believer of the fact that use of analytics report improves customer service. Through this, you can quickly identify and resolve big issues to streamline your business operations. With this, the customers will be delighted and choose you only whenever they have to purchase something.
# 3. Seamless Online Payments
As per the eCommerce analysis reports, the customers prefer mobile over websites for shopping. That means, you need to provide them a safe and secure platform for online payments. In that case, big data analytics will help you in the detection of fraudulent activities or any risk while online transactions. It helps in aligning different payment options in a single centralized platform. Thus, it contributes towards easy and safe payment process for the customers.
# 4. Prediction of Upcoming Operations Plans
Big data analytics will provide you a better insight about the complete operations of your business. If you use data for an eCommerce, then you can manage inventory, supply chain, forecasting demands, and sales strategies properly. E-commerce offers complete flexibility in finalizing the top ways for deriving operational efficiency through various channels.
# 5. Higher Focus on Micro Moments
Micro Moments is the latest topic of discussion in the eCommerce market. The customers seek for fast actions like I want to buy, I want to know whenever they search for the things via mobile devices. And, due to this, the retailers utilize these micro moments to check the tendency as well as the action patterns of the customers.
# 6. Personalize Offerings
Big data is beneficial in identifying both loyal and potential customers by referring the browsing and spending habits of the customers. Based on the available data, you can customize promotions and discounts for your loyal customers. For instance, for your long time customers, you can analyze their preferences, and based on that, display things of their choice whenever they log in. For new customers, you can provide discounts or customize content to make offerings more lucrative.
# 7. Dynamic Cost
With dynamic pricing, you can get maximum profits and stay competitive. Firstly, you should always keep your prices competitive. In order to do this, you are required to keep an eye on the competitor’s pricing, regional preferences, product sales, and data action of the customers.
# 8. Introduce Products that Customers Like
The data which you gather from channels like social media, forums, and surveys will help you in knowing the name of the product which customers want. The people will definitely discuss their requirement on the social media forums, which can serve as a great help for you. The moment you get to know about the product, you can introduce it within your product list.
# 9. Prevention of Fraud
The big data sets are useful in identifying regions, states, and countries where credit card fraud is more prevalent or where customers don’t prefer cash on delivery option. Big data offers micro-localities where frauds or payment faults occur the most. This can help you in taking proper measures for preventing frauds and monetary loss.
# 10. Inventory Management
One of the major benefits of Big data is that the online retailers can keep a track of their inventory, so they can stock them timely. It is imperative for the eCommerce store owners to know their product’s demand.
# 11. Aids in Future Planning
If you analyze the customer behaviour, you can craft a robust future plan for your business. By knowing the demands of customers, you can arrange your inventory in accordance with that. This will help you to stock up enough stuff in order to meet the demands at the peak time.
So, that’s all about the benefits of big data and analytics within an eCommerce which you should know. Indeed an impressive list!
By considering all the above advantages, it is pretty clear that Big Data is one of the best eCommerce trends these days. If you are willing to adopt a solution that has a great potential of data, you can make your business attain impressive outcomes. The good part about this modern technology is its higher level of comprehensiveness; from offering better customer satisfaction to prevention of frauds, this technology is a must to add in your business operations.
If you want to deploy this technology within your business, then you have to collaborate with a team that consists of expert web developers and Big Data specialists. Sparx IT Solutions is a reputed technology partner that serves the requirement of both efficiently. We’ve developed several online stores for small and large enterprises with a high delight rate. With a team of professionals having great command on the latest technologies, we come ahead as a name that you can trust for integration of Big Data Analytics to your web store. Contact us now!