Online Businesses are continuously trying their level best to retain the customers and improve the customer experience without knowing that the solution is available at their fingertips.
Despite the cutthroat competition, E-commerce business owners have their own advantages over all the traditional retailers than have their own brick and mortar shops.
E-commerce is the type of business which has its own ability to reach the global market, with access to all the information that brick and mortar retailers do not have.
Nevertheless, it becomes more crucial that all the E-commerce business owners and managers make their operations within the same circle of capability.
Oh Alright! We got this but what is Big Data and how it can be made to use?
Big Data is just a big buzzword when we talk about managing the business operations and it refers to extremely large data sets which can be analysed to showcase all the patterns and trends of human behaviour.
Many business owners are of the view that big data is simply restricted to all the big retailers which have a lump sum amount to make an investment and which can afford to buy data from all the data brokers.
E-commerce platforms like BigCommerce track and give access to all the merchants regarding the behavioral patterns of the customers which assists the business owners to make accurate decisions.
Benefits of using Big Data in E-commerce
This is the most important aspect of E-commerce businesses as along with the popularity of the website even the data of customers becomes much more important.
Alright! Let’s discuss the top 5 benefits of having big data in the business
Big Data is quite helpful when it comes to building buyer roles and even the shopper profiles.
These assists in determining the customer preferences which are of the products that are best and even of the times which they usually shop.
Such insights can be channelised to refine the operations.
E-commerce Big Data might also make an appeal to some of the unexpected shopping behaviours.
Customer service plays an important role in the E-commerce industry.
It can even cost 5x less to maintain the existing customers rather than acquiring the new ones and even the loyal customers which can spend up to 67% more than all the new customers.
If customers are not even satisfied, 13% of them will tell 15 or more people that they are not happy. If they had any positive experience, 72% of the customers said that they will be sharing the positive feedback with more than 6 people.
Big Data can also be used to track the delivery times and the customer satisfaction levels which can assist the companies to identify the potency of the problems and then resolve such problems by providing an accurate solution to it.
Integration apps and even the tools like Reamaze can assist to complete such tasks in the matter of minutes.
Along the cutthroat competition in the E-commerce industry, E-commerce personalization is not a thing which can be ignored rather than setting your business apart. It is practically a requirement.
Around 86% of consumers are of the view that personalization plays a pivotal role in the decision pertaining to purchase.
87% of the shoppers even said that when all the online stores provides the customized experience they are often driven by the company to purchase the things much at a larger rate.
Big Data helps in providing the accurate perception of the customers along with their behavioural patterns, demographics and even more which becomes helpful in creating personalized experiences.
Big Data can be used further to :
Send Emails with the personalized discounts and even special offers to re-engage the users.
Providing the customers with shopping recommendations
Developing a flexible and dynamic pricing which makes them reliable on external factors such as the demands of the customers and it also compares the prices of the customers
Present targeted ads, different customers want relevant messaging. Though the business owners might be using some forms of big data even by representing the targeted ads on all the social media networks.
One easy way to make the brands more personalized is the on-site experience for all the existing customers which helps in improving retention and along with that with all the customer groups.
Securing the online payments
Big Data helps in protecting the online payment processing.ADVERTISEMENT
It even has the capability to implement the different payment functions in a more centralized platform and making it much easier to examine the existing trends of E-commerce.
It becomes worth calling out for the risk while making a use of the centralized platform for such purposes.
Having a lot of sensitive and personal information at a single place can attract much hackers. PCI compliance assists in reducing it along with data tokenization.
To know the modes of the payment whether they are working at their best, creating customized orders can view and select the mode of the payment which needs to be tracked.
The same can get done for all the channels by creating a customized view to look at the type of orders by that channel.
Supply Management and Logistics
Taking the stocks of right inventory can be a major challenge for all the online retailers.
Ordering too little makes an individual that they have actually missed the chance for making a sale and that too means that they need to take extra cost to store all the products and even the risks of not being able to sell it all.
Predicting the analysis can make the use of big data in E-commerce which can assist with all the supply chain issues in terms of :
Making the use of social listening to control which items are to be used and which are the items that are causing a buzz, and along with the rise of the product data.
Determining the shortest routes
Amazon makes the use of big data to assist in the expedited shipping process. They need to find a vendor which appears nearer to the buyer and which further reduces the shipping cost.
The Last Lines
Big Data in E-commerce can be proven very beneficial tool to survive in the market of E-commerce world.
Using SaaS platforms assists the business owners to have access to all the needful tools which helps in making sense in the customer data as well as collecting on-site data for A/B testing and all the UX experiments.
The solution to avoid the hazards of big data is to operate within the same circle of competence as it becomes the perfect tools for the business growth.