Business Ideas and Tips, E-Commerce, Online Marketing 4 Things to Know About Applications of Big Data in Ecommerce
In today’s fast-paced world, growing a business empire is a monumental task. But if any budding entrepreneur is setting his or her sights on making a name for themselves and their company, they should get all the help they can. So when it comes to helping, state of the art technology is always your best bet to assist you in carving out a successful path for you and your business, and one thing in particular, which can help you do that, is Big Data. But what is this big data?
Big data is the piles upon piles of information or unstructured data that is collected by the firms to make sense of your habits and use it to grow their own business. It helps these businesses to better judge your habits, your likeness, and come up with better products to display to you and help you shop faster, better, and more efficiently.
Big data has always been a key player when it comes to improving your web experience. Be it cookies, notifications, or even your social media history, big data is everywhere. And since almost all e-commerce websites are looking into the benefits of big data, let’s dive in and see for ourselves the impact it has on the industry.
When you are trying to get your company off the ground in this cutthroat corporate environment, it would do you well if you are always ahead of the curve. But how can you be ahead of the curve? Simple, by predicting what exactly is going to happen in the market. But is it really that simple?
With big data, you can predict the trends the market will go through and use it to gain an advantage. Be it social media, browsing habits of your potential customers, ad-buying data, and even sentiment analysis, they can all help you determine the product which is going to dominate the market for quite some time.
Based on the preferences and habits of the customers, companies can try to predict the move their customers are going to make next. How does this help? Consider a product that is not sold that often, but if you combine it with another product, it sells like hotcakes.
For instance, if one of your customers is looking to buy barbell rod from your e-commerce website, based on a few other observations, you can figure out that this customer is a fitness enthusiast, so you recommend them a jar of whey protein, and see if they buy it or not. More often than not, they will buy it. This is how you identify patterns in e-commerce web personalization and Big Data is the key.
Big data can also help you to significantly improve your business by offering seasonal goodies to your customers by combining the first two points, i.e. by predicting trends and identifying patterns. So whether it’s Christmas or Chanukah, you can stay one step ahead of your customers and lead them into buying what they are looking for, without wasting time and effort.
Better Customer Service:
If we talk about the customer care division of your firm, we are talking about the first line of defence of the company. Whenever the customers have any concern about the product or service of the e-commerce company, their concerns will be addressed to the customer care division. So this kind of makes your customer care team, one of the most important aspects of the firm.
Now, with the help of big data, you can use the information these customers provide, via their browsing history, online searches, and patterns, to formulate a personalized customer service experience for them. This, in turn, helps you to retain these customers and enter into a lifelong relationship with them.