Big Data has played a pivotal role in allowing businesses to boost their functional capacity, enhance their reach and connect and serve the users better. From extracting qualified user data, collating and segregating references, processing information-rich results, to filtering relevant results and using it to cater to different business information needs – Big Data is being extensively used to resourcefully leverage and drive different strategic functions and selling propositions of a business.
This goes on to prove highly beneficial for online businesses who receive random users from different sources and aim to serve them with their ranging needs. Big Data and e-commerce technology go hand-in-hand to allow businesses and users to connect and communicate better – taking the idea of online shopping to a new level of innovation and accomplishment.
And this is making an ever-bigger impact on how online services are sourced, facilitated and consumed with ever refining collaboration between big data and e-commerce resources. And here’s how Big Data does it to benefit e-commerce companies and shoppers in 5 inventive ways:
1. Encouraging Intelligent Selling
Have you seen portals like Amazon shifting prices for a product or highlighting some product more compared to the other in the same category? This is because Big Data allows these businesses to fetch information related to customer behavior to strategically use them to display results. With these dynamic pricing updates, retailers aim to make more perceptive offerings observing the activity levels, demographic trends and preference matrix, all sourced by real-time user data.
2. Offering More Personalized Interactions
All leading e-commerce websites play high on relevance. They would track all your activities and refer to your purchase and navigation history to allow you more personalized results. This includes smart suggestions and interactive reminders anticipating your interests based on how you interact with the site. Take for example, if you are buying a trimmer from the site, you are most likely to get a list of related personal care products as a suggestion in the next sessions. Or, if you have been searching some mobile phone for a while, you will be receiving personalized emails and messages on different updates and offers from various sellers.
3. Making Accurate Predictions
User data based on taste and preferences help businesses to anticipate future trends and assess upcoming demand better. This allows them to pre-estimate and arrange for stock and plan for the presentation resources, merchandising schemes and sales drives in advance. This further allows businesses to better negotiate with suppliers and sellers and make the supply chain mechanism work in their favor. And to that, most companies are not just tracking consumer behavior on their sites but also peeping through different social channels to get a comprehensive picture based on more expressive and opinionated communication and reactions.
4. Reducing Shopping Cart Abandonment Rate
As per a research conducted by eBay, shoppers usually use three to five different devices to do research before making a purchase. And this speaks a lot about how distractible and uncertain the buying journeys can be to detrimentally affect the shopping Cart Abandonment Rate. Here, implementing cross-device tracking and trends analysis tools powered by Big Data can help businesses deliver relevant content and re-target users tapping different traits and factors of their buying journey – helping them reduce their shopping cart abandonment rate effectively.
5. Controlling online threats and risks
Besides allowing businesses to establish a prompt communication and deliver smart results to customers, Big Data can play a significant role in detecting and controlling possible threats and risks that are increasingly being faced by online users these days. Combining and tallying information from geo data, social feeds and live transactions, Big Data can prevent identity breaches and payment frauds in real-time. And in the times when online scammers and hackers are on a hike, the role of Big Data gets bigger and finer as a certain solution to these online perils.
With ever-strengthening online business support and benefits that Big Data has to offer, it is proving highly imperative to e-commerce industry and its users. Helping businesses and users gain the most of information and analysis, it almost covers all areas of online selling and market penetration. Which allows online trade to make the most of intelligent, personalized and context-aware communication effectively putting up with consumer interest and patron benefits – claiming and ensuring big benefits for everything e-commerce.
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