How Big Data Analytics is Changing eCommerce Businesses
Importance of Big Data in eCommerce Businesses Big Data makes a huge difference to sales and marketing. Large amounts of data helps in understanding customer habits. Big data helps in demand forecasting and predictive analytics
Volume of online data
5 Most common challenges faced by eCommerce retailers 51% of retailers are unable to access data to measure marketing ROI 42% of retailers don’t have required technology / resources to link customer data 39% of businesses don’t collect and store data regularly 29% of retailers have very limited amounts of customer data 45% of retailers fail to use data effectively for personalised marketing
Other eCommerce challenges
How to use Big Data to improve eCommerce businesses Predict market trends: Use trend forecasting algorithms to analyze data from social media sources and web browsing habits to identify what is causing interest in the market. Predict demand trends: Use Big Data Analytics to predict demand and supply trends at pivotal periods of the year. Create personalised stores: Big Data can be leveraged effectively to make automated recommendations about various products and solutions customers might be interested in, or find relevant to their needs. Continued…..
Balance pricing of products: Using Big Data sources, businesses can effectively identify optimal prices for various products after analysing transactions, competitors and other related variables. Customer Service is Key to Success: Organisations must attempt to gain a well-rounded understanding of their customers by analysing online and offline interactions and through postsales feedback. Increase Sales: Big data should be used to analyse reasons and patterns of cart abandonment to increase sales significantly.
Final words Big Data is going to play a pivotal role in the retail and eCommerce domains. An increasing number of eCommerce businesses are using analytics in real-time to gain enhanced insights with the aim to offer superior customer experiences. In the field of eCommerce, sales are critical in deciding the success or failure of a business. The application of Big Data Analytics in the sector is effectively paving the way for businesses to make the most of the data resources at their disposal.
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