NURAY GOKMEN KAHVECI | DIGITAL MARKETING MANAGER
eCommerce companies do not struggle with collecting data; instead that is exactly the problem! Lack of drawing insights and real-time actions from the data is the main trouble. How eCommerce businesses can use the data to their advantage?
According to Forbes.com, “Retailers who leverage the full power of big data could increase their operating margins by as much as 60%.”
There is a huge volume of data that businesses use to improve their customer experience. Here are the business needs that will shape the future of e-commerce:
- Staying one step ahead of the customer
- Analyze customer shopping behavior
- Get valuable real-time insights
- Predict what customer is looking for
- Personalize customer experience
- Identify next best product and/or price for customer
eCommerce companies will generate more leads and boost the marketing strategies utilizing the benefits gained by analysis in real-time and predictive analytics capabilities such as improved conversion rates, personalized customer experience and determination of buying patterns.
eCommerce analytics give you insight into your customer behaviours on your website –visited pages, time spent from site search to purchase, abandonment rates, cart to payment rates, bounce rates, etc. Knowing the customer journey, helps you convert your visitors to customers.
In addition to understanding customer behaviours, eCommerce analytics can help you analyze data from different sources – such as web analytics, social media, email marketing- and allows you to combine data streams to better understand customer expectations. This will let you increase relevancy and engagement; make adjustments to your products and processes that align better with customer wants and needs. It will also allow you to see customer buying patterns, predict purchases over time; make better marketing campaigns; plan the stock and inventory.
Big data and big data analytics in e-commerce are really helping to shape the retail landscape and help businesses and their sales and marketing teams understand how to plan their short-term and long-term strategies.
eCommerce Analytics on Streaming Data
eCommerce is a business managed real-time, Obase eCommerce Analytics solution is developed on streaming data with predictive analytics capabilities, employing big data principles and tools, marrying with MicroStrategy. Check out our eCommerce Analytics solution for more details.