The e-commerce industry is continuing to grow by leaps and bounds during recent times. In accordance with a survey done by shopify.com,Guest Posting global eCommerce sales are expected to touch the mark of 4.2 trillion US dollarsby 2020 and can exceed 6.5 trillion US dollars by 2023.
With the industry gaining such mammoth proportions, it is becoming increasingly difficult to help keep a tab on certain requirements of the customer.
This is where Big Data Analytics makes the picture. By analyzing the massive amount of data created by an incredible number of customers, an e-commerce company can improve its service.
Enter the overall game of big data analytics by collecting relevant data about your customers and analyzing them. In this manner, you'll gain valuable insights into customer behavior that will shape the future of your company.
How Big Data Analytics is making Business Profitable?
At TopDevelopers.co, we have prepared a listing of the top e-commerce website development companies to help the firms that are looking for an excellent developer. Be it eCommerce or any other sector, Big Data as a technology has been turning out to be revolutionizing the processes gradually. https://www.janqwztraining.co.uk which makes Big Data Analytics efficient may be the correctness of the info. It gives you aspects you can move your businesses towards a path of better ROI.
In the case of the eCommerce industry, there's plenty of data that's not efficiently analyzed but rather just accumulated and stored. The core of marketing for just about any business is connecting using them at the right point of time making the marketing and sales more interesting. For instance, you as a person will consider buying something to drink only when you are thirsty so if the individual is contacted when he is thirsty he then is more prone to buy something to quench his thirst.
If the large amount of data is further processed efficiently, you will find a greater chance that the eCommerce businesses can reach out to their customers and interact with them superior to as of this moment. Thus, big data will possibly equip eCommerce businesses with better tools to attain out with their customers with the right product or services.
How Big Data Analytics Impact eCommerce Industry?
Conduct a far more Robust Consumer Analysis
Your customers leave essential patterns within their data. You, as a business, can generate immense profit by analyzing these hidden patterns in a customer's buying behavior. eCommerce businesses have started realizing that Big Data Analytics helps to improve sales.
For Example, if you're a department store owner and you come to understand that all your customers buy more beer right before a significant sports game, then you can certainly fill up more beer a couple of days before the game. Such small analysis, and being prepared to serve the instance rise in demand, will drive your revenues northwards.
By collecting and analyzing the data gathered from customer reviews, it is possible to conduct much more in-depth sentiment analysis. Using the Natural Language Processing technology while data mining texts, you can analyze the underlying sentiments in the customer reviews. With Big Data Analytics, brands can know the customer?s view of these brand with more accuracy.
Big data analytics allows businesses to learn which product is positively viewed by their customers and which is viewed negatively. It can help them in improving their products/services in such a manner that it aligns with customer's expectations. To conduct a more in-depth analysis, you will need the services of expert Big Data Analytics companies. These service providers will assist you to reach your goal of leveraging the energy of Big Data in your e-commerce business.
Improved Customer Service
This is a well-known proven fact that acquiring a new customer is a lot more costly than keeping the old one. It is the reason that loyal customers will be the most valuable asset of any business. No business may survive without a loyal base of customers, and big data analytics helps in increasing the loyal customer base by providing the customers with excellent customer support. Hence you should concentrate on customer retention rates to expand your business.
Big data helps in making the firms more responsive through better integration of varied CRM channels. Big data helps your customer service support staff by providing them critical information regarding a particular account. This way, your customer support team can be prepared to cope with repeated issues in a much better manner by using the insights produced from analyzing the data.
Big data analytics helps in reducing the number of frustrated users who are tired of repeating themselves over phone or chat. It happens because using a big data analytics system, all of the members of the customer service team know precisely what the problem is.
By analyzing the constant chatter in social media marketing about your brand, it is possible to prepare a contingency intend to avert any possible client service disaster.
Improved Mobile Commerce
There are more than a billion smartphones in the world today, and their number is rising. Creating a dedicated mobile app for a small business has evolved from being a luxury to learning to be a necessity. In today's digital world, where people spend the majority of their free time on mobile compared to a desktop or perhaps a laptop, your brand will need to have a presence in the mobile app market.
Today mobile apps are transforming the e-commerce industry. With a dedicated mobile app for the company, it is possible to gather valuable data about your customer's buying behavior.
This data, when fed into an efficient big data analytics algorithm, can prove to be a game-changer. It could predict buyer behavior by analyzing past patterns and help you in increasing the average sales per user.
Utilizing the data gathered from technologies like Geo-tracking and utilizing programmatic advertising, big data analytics may help you in connecting with consumers in critical moments right before the purchase decision is taken. It helps in improving the conversion rate, in-turn having a positive effect on the bottom line of the company.
Personalized Experience
Big data analytics assist in transforming the relationship between the company and its own customers. It allows the business to view the planet from a customer's point of view. It enables companies to minimize the gaps in their product offerings.
By analyzing the buying pattern of its customers, a savvy company can personalize its products and services in line with the customer's preferences. Brands can improve their product by analyzing the feedback distributed by customers. It includes analyzing the feedback on various parameters like client satisfaction levels, willingness to recommend their product to others, and social media marketing chatter about a brand.
With Big data analytics, personalization has already reached much deeper levels. It is now possible to tweak the appearance of a website in line with the customer's preferences. Experienced e-commerce business owners understand the role of UX in increasing user engagement. By personalizing the UX experience of a customer, your brand stands to improve its sales figures.
Marketing is a domain where the power of big data is in its full Glory. By analyzing the online shopping behavior of a person, your brand can store tons of detail about a customer. Relevant advertisements can be placed on the favourite websites of a customer, which in turn results in higher revenues. Once we know, marketing is all about understanding the customer's pain point and directing your commercial message in that manner that the customer's pain point is addressed. Marketing research is becoming more laser-focused with the advent of Big Data Analytics.
By utilizing the energy of big data, your brand can recommend products in line with the personal preferences of every customer.
Flexible/Optimized Pricing Policy
Pricing is really a big headache for any e-commerce store. Pricing plays an essential role in determining the success of any e-commerce store. Old school pricing strategies like cost-plus markup and rule of thumb used to work in smaller departmental stores. These pricing strategies neglect to work while you are running an eCommerce store what your location is supplying your what to a broad geographical area.
Using the power of big data analytics tools, the business enterprise owners can monitor the competitor's price in real-time and accordingly adjust their pricing.
These Big Data Analytics tools help you in maintaining your pricing flexible, keeping you a step prior to the competition.
Safer Online Payments
A factor that's standing affecting the growth of e-commerce is the reliability and safety of online payments of online shoppers. Many cases of online fraud have come up, which have shaken the confidence of consumers on eCommerce businesses.
Big data can help in reinstalling this confidence. Through the use of a smart big data algorithm to your e-commerce site, you will discover out an anomaly in the normal spending behavior of a customer.
For example, in case a customer is spending the average thousand dollars on a monthly basis on your website, then the system will inform you and the customer if suddenly a $5000 order arises. In this manner, Big data analytics might help in safeguarding the customer against online frauds.
Better Sales and Demand Forecasting
For a business, it is crucial that apart from attending to present business, it catches new opportunities also. Big data analytics might help in improving sales by efficiently predicting demand.
Today sophisticated big data analytics algorithms are predicting demand patterns by analyzing binary search trees.
By analyzing past patterns, smart big data algorithms can also conduct demand forecasting. An e-commerce business relies upon the optimum stocking of wares.
Big data analytics can let you know exactly which what to stock add in how much quantity by analyzing the past patterns. It helps you in optimizing your inventory and in boosting your earnings.
