5 Tips to Increase Sales using Big Data Ecommerce Analytics
Big data and online retail business Retailers who leverage the full power of big data could increase their operating margins by as much as 60% 1.7 MB of data will be created every second for every person on earth by 2020 Today, the Business Intelligence landscape is dominated by Big Data and online retailers are rapidly adopting Big Data analytics solutions The immense variety of data available to e-commerce businesses has positively impacted business efficiency
5 Ways to use big data analytics in e-commerce Intelligent Marketing and Advertising Strategies Optimize Sales Funnels Optimize Product Listings Inventory Management Futuristic Customer Support
Intelligent marketing and advertising strategies Big data analytics can paint a complete consumer picture which helps businesses to come up with intelligent marketing and advertising strategies. Shopify is one of the online e-Commerce platforms that primarily rely on the drop shipping model. Intelligent and strategic marketing efforts do certainly make an impact on sales and conversions. Big data can help in effectively optimize advertising to reduce costs and boost sales. It also helps in making consumer engagement better on store. Retargeted advertising is one of the most successful e-Commerce advertising strategies and big data analytics helps a lot in this.
Optimize sales funnels Big Data analytics solutions have built-in user tracking tools that effectively track various actions of users. This allows e-commerce business owners to identify the pain points in the existing conversion process and take actions to rectify errors. E-commerce stores can gain actionable insights on clickstream data received from users, as well as find out which products and categories are popular. This data can also be utilized to enhance the functionality of the e-commerce sales funnel and encourage visitor engagement.
Optimize product listings ď ą Optimizing product listings on e-Commerce websites has rapidly become a widely adopted practice in the industry to enhance landing pages and overall store performance. ď ą Big Data analytics has played a pivotal role in this optimization process by introducing various automated tools to optimize product listings on several pages. These tools provide reports and insights on how to further improve product pages for e-Commerce stores. ď ą Using automated optimization tools and solutions to gain a deeper understanding of their product listings can help e-Commerce businesses boost conversions.
Inventory management ď ą Several e-Commerce stores find that keeping track of inventory is a big challenge as there is no unified process that allows them to track their inventory. ď ą Use predictive Big Data analytics to identify inventory trends ď ą Big Data analytics for e-Commerce businesses allows store owners to accurately predict inventory trends in order to optimize store listings and see an improvement in revenues.
Futuristic customer support The introduction of chatbots in the e-Commerce industry is rapidly making it possible for e-Commerce stores to automate customer support. Now, in this age of instant communication, customers are increasingly expecting real-time responses to purchase related queries. Chatbots created with built-in Artificial Intelligence and Natural Language Processing capabilities can respond to trigger words or transfer the queries to human customer representatives. Tap the potential of Machine Learning and Artificial Intelligence to enhance the customer support experience.
Final words ď ą Big Data analytics is strategically poised to revolutionize the e-Commerce industry in the coming years. ď ą Big Data analytics has quickly become a necessary ingredient of a successful e-Commerce business strategy.
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