In this article we’ve put together 5 ways eCommerce merchants and Retailers can use Big Data to their advantage, which we hope may be of inspiration for you.
- Predictive Analytics
Documenting your customer’s preferences and buying trends helps you tailor shopping experiences to each buyer. You can predict product demand for sales and inventory making it easier to decide the next steps of your business operations.
People shop with the same retailer in many ways. By analyzing data from multiple views the customer can be offered an experience of personalized content and promotions. For example, you wouldn’t treat new customers the same as loyal ones.
In the case of Amazon, their “customers who bought this item also bought…” section lead to a 30% increase in sales when they first implemented it.
- Customer Service
Retailers can use info from live transactions and geo data from apps to track credit card fraud in real-time. Big Data can also help in coordinating customer emails, phone calls, social media interactions, and live chat features to reduce conflict more efficiently. That is why we have integrations to resources such as Zendesk to help analyze this type of data.
- Competitive Pricing
Grabbing data from sources such as product sales, competitor pricing, and regional preferences can help you determine the right prices to set to close more sales. Thus, an accurate profile of your customers will be created from this data to gain insight as to prices to persuade in order to effectively retain customers.
- Decrease Shopping Cart Abandonment
Retailers and merchants can use data collected at customer checkout to help better understand why visitors aren’t converting to sales. By grabbing data from each step of the process, merchants can see exactly where, and most likely why the customer left in order to determine how to bring them back.
There are many who feel that Big Data is difficult to understand and don’t know how it can be useful to their eCommerce business. This isn’t the case however, and you can use Big Data for so many different scenarios including comparing volume of web traffic for a product, versus the sales of that product. Don’t let the word ‘big’ in Big Data scare you because any company regardless of size can benefit from it. As online retailers connect with their customers in real-time, analysis of company data becomes evermore important.
Tell us why using big data has helped you in your online business. Subscribe to our blog to learn more. Feel free to email us at email@example.com or send us a message in-app. We are always around to help!