How E-commerce Companies Can Leverage Big Data to Be Successful
To survive the intense competition, E-Commerce businesses of all sizes are using Big Data to the best of their abilities. To run an E-commerce business, you must have the resources and tools to make the best use of big data for making the correct business decisions at the right time and use the services of companies like RemoteDBA.com that helps in your endeavor of proper data management and security.
Stay at the top of your game in E-commerce which generates loads of data every second, you must know how to manage data efficiently for extracting valuable information about business performance and monitor customer behavior closely, E-commerce businesses depend heavily on their data management and analytical capabilities that most companies outsource. Since Big data analysis provides predictable outcomes and valuable insights about the business operations and customer behavior, the information is invaluable for driving the business in the right direction.
Get the information you most need
Looking in-depth into the business operations requires gathering the correct information at the right time by scouring the information database and selectively choosing information by using suitable filters. The ability to analyze Big Data empowers businesses to understand customers most intimately to devise strategies to win over customers easily by meeting their expectations. The better you know your customers and keep close track of their online behavior and choices that keep changing frequently, the better your strategies are to strike the right chords with customers and make your business grow faster.
Customers have high expectations from e-commerce businesses as they are constantly seeking more convenience and faster turnaround times. How e-commerce businesses can meet customer expectations using Big Data analytics will become clear ongoing through this article.
Better shopping experience
To survive in the E-commerce business, it is not enough to understand the current customer expectations. Still, it is equally important to understand how customer behavior is likely to change in the near future. Gathering advanced insights about the evolving customer behavior gives time to stay prepared to cater to the new requirements when it comes. Foreseeing customer behavior is easy today by using the power of Big Data in predictive analysis that points to the customer behavior in the future quite accurately. Based on the findings, E-commerce companies can surpass customer expectations by offering something before customers ask for it.
Lenovo, the multinational computer giant that operates across 160 countries, leaves no stone unturned to provide the most excellent customer experience. By gathering and analyzing Big Data related to the customer interface, the company collected massive data from various touchpoints. Using real-time predictive analytics could provide a superior customer experience that pushed up revenue collection across the retail units by 11%.
Gather threadbare details about customer behavior on the platform
Amazon makes extensive use of AI, machine learning, and Big Data analytics to keep a close watch on the customer behavior on the platform. Every customer who visits the Amazon website is under close surveillance. In addition to their buying patterns and the items purchased, Amazon gathers all information about what other items the customer took an interest in, the shipping address of customers, and whether they provide any reviews about the products purchased and their buying experience. Today, Amazon is a giant in E-commerce due to the crafty use of data analytics to track every move of customers on the platform that reveals a lot about their purchasing attitude regardless of buying something on the platform.
Reduce the shipping costs
One of the core elements that contribute to the success of E-commerce business is efficient order fulfillment by delivering orders safely on time and at the lowest cost. Logistics is an area from where E-commerce companies can generate a lot of savings. Amazon makes deft use of Big Data analytics for timely fulfillment of orders that improve customer satisfaction. The data helps Amazon select warehouses located closest to the delivery address to reduce delivery costs by at least 10% to 40%. The example is an inspiration for other E-commerce companies who understand the compulsions of using Big Data analytics for growing their business.
Adjust navigation according to visitor’s interest
Using Artificial Intelligence and Big Data analytics, E-commerce companies can read the minds of the visitors to their website because they have a database of information about the interest shown in various products during their earlier visits. It allows the E-commerce companies to personalize visitors’ experience by changing the home page and navigation based on the interest expressed by visitors. For example, if you showed your interest in electronic items and smartphones when browsing the E-commerce website, then the moment you type the URL of the E-commerce company or sign in to your account. It will automatically redirect you to the electronics and smartphones home page by taking a cue from your previous visit to the website.
Increased personalization
E-commerce companies can track every customer so much closely that they can create individual strategies for every customer. Since Big Data analytics allow E-commerce companies to know their customers inside out, they can devise ways of delighting customers through personalization that increase sales. For example, based on customers’ buying volumes and spending, E-commerce companies can offer some special discounts to selected customers to lure them into buying more and even speak to specific customer groups when launching some products that would best cater to their needs.
Dynamic customer service
Superior customer service is paramount in the e-commerce business because it helps in customer retention and expands the customer base through formal referrals and by sharing customer experience through reviews. Customer retention is always in focus because inducting new customers entail 5 to 10 times the cost of selling to an existing customer.
Moreover, loyal customers spend 67% more than those who are yet to express loyalty to the brand or business. Big Data analytics provides information about the customer groups to target for maximizing revenue. E-commerce companies can now track their customers beyond the platform by gathering information about their social media activities.
