How good it is to be if you know all the likes and dislikes of your customers, especially, when you are running the online store. It can be a masterstroke when you 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? Which site do they like to purchase from? The answer to all these questions is well-known as Big Data.
Now you must be thinking about – from where you can get this Data?- Big Data Analytics can be the answer to your question. A lot of eCommerce businesses are depending on Big Data analytics, as it helps them to know their customers’ behaviour including age, gender, location, like- dislike etc. The information about the customers is derived through web scraping by experienced analysts.
Big data can be collected in two forms Structured Data and Unstructured Data. Where the first one refers to fixed fields, this could be customer data – address, zip code – that’s stored in a shopping cart. And the second one could be – email, video, tweets, and Facebook Likes.
Benefits of big data for e-commerce– Based on the data collected, the companies can build their marketing strategies and improve their services.
- Data mining
- Identifying problems
- Predictive analytics
- Visualizing data
- Performing analytic over data
Check out some ways how big data and analytics resolve a lot in the case of eCommerce.
- Improve shopping pattern analysis- Big data helps out online businesses in understanding the behaviour of their customers. This Data allows deriving an in-depth picture of various channels in the business, which includes inventory or sales. It helps companies to forecast future trends and will add flexibility in determining the next steps of business operations.
- Help Customer Service to manage customers- Customer services help a business to get instant data by communicating directly with customers. After all, good customer service becomes a vital reason to have happy customers. Big data analytics will help you to identify the major issues, as well as decrease the number of customers any service person has to handle, who mostly leave their jobs because of the furious behaviour of customers. In short, the technology provides you with the data before you get it from customer services.
- Higher Focus on Micro-Moments- Nowadays, the hot topic of the eCommerce’s market is the importance of micro-moments. In the case of mobile marketing, when people reflexively turn to a device. Then there can be many situations such as- he wants to see something, or he wants to learn something, or he wants to buy something, these micro-moments help in to check the tendency and the action patterns of the customers.
- Personalize Offerings- Big data can help brands to identify their loyal and long term customers, with the help of their browsing and spending habits. This type of data makes it easy for businesses to provide special treatment to their lovable customers in the shape of offers and discounts.
- Dynamic Cost- The data assists buyers, what should be the right pricing of their products, as after analysing the competitor’s data, you can easily get the idea about what competitive cost you should market to your products to get the profit.
- 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 will help the companies in taking preventive measures to stop fraudulent activities and monetary loss.
- Management of stock records- The analytical data play a major role in dealing with the stock assumption. The owner of an online store knows in advance which product is in demand, so they can arrange the stock.
Additionally, based on social media scraping and searches made by the customers, can help e-commerce companies to introduce products that customers may like. But as a brand or a new company, is it possible for an eCommerce business to keep an eye on Big Data?-No. This can only possible with the support of the right bunch of experts, who can help you out with your BIG DATA ANALYTICS.