Wouldn’t it be wonderful to know all the likes and dislikes of your customers, especially when you are running an online store? It can turn out to be a masterstroke for you to know‘What do they like to shop?’, ‘Which online store do they prefer for shopping?’, ‘What type of style do most of the people like in a particular session?’, ‘How many online shoppers are present there?’ or ‘Which site do they like to purchase from?’. Well, living in a technologically-advanced era, you need not worry! Big Data has all your answers; scroll down to know more about it.
What is Big Data?
Big data, as the name suggests, is the large volume of data that includes both unstructured & structured and is collected by eCommerce businesses every day. It is analyzed by organizations for developing strategies and business making.
Big data can be collected in two forms—Structured Data and Unstructured Data. The term structured data refers to fixed fields with customer information like address, zip code that’s stored in a shopping cart. The second one, Unstructured Data includes email IDs, video, tweets, and Facebook likes. This data is analyzed by businesses for decision making and developing strategies.
Understanding eCommerce Analytics
Based on the data collected, companies can build their marketing strategies and improve their services. It helps businesses in data mining, identifying problems, predictive analytics, visualizing data, performing analytic over data. Scroll down to know ‘How Big Data is helping eCommerce grow?’.
- Improves shopping pattern analysis: Big data helps online businesses in understanding the behaviour of their customers. This Data delivers an in-depth picture of various channels in the business including inventory and sales. It helps companies to forecast future trends and adds flexibility in determining the next steps of business operations.
- Helps Customer Service to manage customers: Customer Service helps a business to get instant data by communicating directly with customers. It enables businesses to provide good customer service which is vital for customer satisfaction and retention. Big data analytics helps you to identify the major issues and resolve them timely. It enhances the process so that the customers actually enjoy making the transaction and have a positive experience.
- Higher focus on Micro-Moments: Nowadays, the hot topic of eCommerce market is the importance of micro-moments. In the case of mobile marketing, when people reflexively turn to a device there can be many micro situations. These include him wanting to see something or learn something, or him wanting to buy something. These micro-moments help in identifying the tendency and the action patterns of the customers.
- Personalizes offerings: Big data can help brands to identify their loyal and long term customers using their browsing habits. This type of data makes it easy for businesses to provide special treatment to their loyal customers in the form of offers and discounts.
- Dynamic cost: The data assists in determining the right pricing for their products by tracking the cost of goods, transactions, competitor’s data and other variables.
- Introduce Products that Customers Like: : With the help of social media, surveys and forums, one can easily analyze what type of products are in trend. The users of social media never get bored of talking, liking, and sharing the products they liked, which become the information for us.
- Prevention from Fraud: Big Data can identify the regions, countries and states where fraud is frequent. Big data provides micro-localities where payment defaults take place the most. Analysing this information allows companies to take preventive measures to stop fraudulent activities and monetary loss.
- Management of stock records: The analytical data plays a major role in dealing with stock assumption. The owner of an online store knows in advance which product is in demand so they can arrange sufficient stock.
If employed effectively, Big Data can turn out to be a game-changer for your company. Majority of eCommerce firms are already reaping the benefits of Big Data. While the eCommerce industry is booming and moving fast, make sure you don’t get left behind.
Hire Professionals for Big Data Analytics
For any other assistance or queries, you can feel free to contact us. We have helped multiple eCommerce businesses in achieving their goals & maximizing ROI. Our marketing experts help you understand your audience & they know how when to hit the hammer with their amazing tricks & industry knowledge. Hire our professionals for BIG DATA ANALYTICS who will help you realize your business goals the best.