With the growing number of smartphone users, organizations are looking to leverage technologies that can assist them in capitalizing the increasing number of technology adopters. According to a recent study, the number of online shoppers is expected to soar to about 65% by the year 2021. The increasing number of online shopper has also contributed to the growth of e-commerce portals and product discovery platforms like Taglr.
The growing number of smartphone users or any device connected to the internet for that matter has also given a huge rise to the amount of information the modern organizations have about their prospects. In simple terms – Data. This is why Big data analytics is the hottest topic right now in the tech circle. Companies are using big data analytics to analyze any data that can help them in making smart marketing decisions. So, we thought we will highlight some of the key areas where you can use big data to improve your e-commerce business. If you have an e-commerce store or just sell online through your website, you can use these big data implementations to boost your business gains or for better customer experience in general. So, let’s get started.
Big Data For Personalized Services –
Nothing pleases a customer more than the fact that the retailer knows his/her preferences. Be it the books, the clothes, the smartphone brand, or pretty much anything, modern customers do not like to waste their time shortlisting the products and services that they are looking for. And with big data, you can help your customers cut down their product search time significantly.
E-commerce stores can use the browsing history for all their customers and analyze their preferences. By doing so, they can personalize their promotions, their ads, or just the product gallery, in general, to showcase or highlight the products that their customers might be interested in. You can even personalize your customer communication for every customer to make them feel special and offer them the products and services that they might actually be interested in. This not only will increase your conversion rates, but also will make your customer feel at home on every visit
Big Data To Predict Trends –
The increasing number of e-commerce store in the modern market has made the industry trends to change rapidly and competitively. Offering a trending service for your customers can significantly boost the popularity of your store. Businesses can use big data analytics to analyze trends from social media or other social forums to understand the sentiment behind a trend or a trending product. This information can further be used to stay relevant to the trend and offer the customers the best of the shopping experience. This will help you move up the popularity charts and make your business a hot favorite among the followers of the latest trend and will attract many new ones too.
Big Data To Understand Customer Demand –
With the flurry of options floating around, the customer demand changes with days. What’s in demand today might not be so much tomorrow. This is why to increase sales and profits, it’s absolutely vital to understand customer demand. And with data coming from a plethora of sources, it has become a lot easier for the companies to track the product that is trending among their customer base and to update the inventories accordingly to avoid any deadlocks.
Companies can use big data analytics to analyze their digital marketing campaigns as well to figure out what’s the hot favorite among their customers and determine the number of orders they might receive for the same. This will keep the product in stock with you always and will meet the customer demand at any given point. As a result, it will drive both your sales and profits figures up.
Big Data In Fraud Detection –
One major obstacle for any online shopping enthusiast or an online retail store is the fear of online fraud. However, that fear can be brought down significantly using big data analytics. Big data makes it easier for the online businesses to locate the locations, IP addresses, or just type of transactions that have seen the maximum number of credit card frauds. It can further help the businesses where Cash-on-delivery payment method has failed for the maximum number. Such crucial information can be further used to protect your business and your customers from falling prey to any such situations and consequently bringing down the online fraudulent transactions. And hence making your business safe and secure from any fraud.
Big data analytics is beneficial for both – online shoppers and online businesses. It is transforming the whole world of online retail as we know it, using technologies like big data analytics and machine learning. All top businesses are leveraging these technologies and we think you should too.