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Big Data Analytics changes ecommerce
Big data is a field that treats of ways to analyze, systematically extract information from, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data-processing application software. Let us get an overview of how big data analytics changes ecommerce.
How technology has gone too far?
It’s just because nowadays everything is done by computers. You can find out about anything online. You can research products, compare prices, easy payment, and mention where to place orders. Everything is collected and stored on the internet. There are a huge collection of chunks of data floating around in it.
In further you will read how big data analytics changes ecommerce?
How Big Data is helping your business?
Every business organization, small or big, needs valuable data and insights. When it comes to understanding your target audience and customers preferences, big data plays a very important role. It even helps you anticipate their needs. The right data needs to be effectively presented and properly analyzed. It can help a business organization achieve various goals.
When we take eCommerce into the picture it helps e-commerce business owners detect the patterns and behaviour of online users, i.e. their potential customers, which results in an increased influx of traffic and sales.
Below shows a graph of increasing demand of eCommerce industry:
1. Improve Your Customer Service
Big data play a vital role in improving customer service because it keeps a track of information about what kinds of products your customers or target audience may be interested in purchasing, with the help of this you can find out what kind of services your target audience may be interested in.
It’s all about to understand how customers think and what they like, and how you can sell your product easily. This benefits the eCommerce business owners to better understand their customers’ desires, which products are trending online, how to make their products more popular and increase sales on their websites.
By collecting this knowledge business owner delivers shoppers’ needs and be ahead of the market competition.
In today’s generation, social media has become a large factor in modern lives. It not only affects human life but also put an impact on business. Not only business owners can use it in marketing, but it can also use for analysis of products, purchasing patterns and sales improvement purpose. For these reasons, Big data is valuable both at an individual customer level and on a general level.
2. Introduce New Products
Big Data Analytics in eCommerce allows you to examine new and upcoming trends in markets. The company not only selling their existing product but also involve in research new and modified product as per base of customer buying pattern
Collecting data from search engines, social media, surveys, forums, and other online networks, you can learn more about what your customers might want.
Carol wise, Big Data Specialist at Boomessays comments: “By filtering data by characteristics of a customer, you can find out what your target market is interested in and discover what kinds of new products they may enjoy”.
3. Safe and fluent online payments
Big data integrates all different payment functions into one centralized platform. Through the analysis of large data sets, you can identify where different kinds of fraud are most prevalent.
By the help of online payments, it makes the lives of customers easily, prevents fraud, which is very common in any online transactions.
Big data allow the detection of fraud and presents methods of risk identification and solutions to these risks.
4. Inventory Management
Inventory and supply chain are the backbones of any business, be it automobile, retail, manufacturing, pharma, etc. All types of industries must hold some form of inventory or the other. Big data allow them to determine when and how much inventory they need in order to maintain the right level of stock.
We’ve highlighted a few points which tune your inventory and supply chain management process:
- Improved Demand forecasting
- Inventory Planning and Development
- Order Management
- Pricing management
- Vendor performance
- Supply chain visibility in real-time
5. Make Big Predictions
By analysing customer behaviour, e-retailers are now capable of making Predictions for their future business. By knowing the demands of customers, they can now predict their inventory accordingly and stock up enough to fulfill the peak period.
It makes an in-depth analysis of inventory to sales. You can, for instance, use big data analysis to look at the time of year in which certain products of yours sells best and maintains the stock accordingly.
View video here: https://ezdatamunch.com/video-sales-forecasting/
Big data Analytics brings a huge change in eCommerce industry, but there are more benefits to explore. Most of the company in commerce already started using Big Data a main source of benefits in a real time for improved sales and higher profits by providing on-the-spot customer service.
In next coming year big data take the eCommerce industry to a whole new level.
Abhishek is working as a Web Graphics Designer at EzDataMunch. He is involved in Maintaining and enhancing websites by adding and improving the design and interactive features, optimizing the web architectures for navigability & accessibility and ensuring the website and databases are being backed up. Also involved in marketing activities for brand promotion.