With the ever-growing demand for social media apps such as Facebook, WhatsApp, Twitter, and many sellers are creating online groups/pages for their online business. E-commerce has recently become a game-changer. With so much data at hand, it makes it easier for online retailers to apply some data analytics to e-commerce, and to make high-impact business decisions. With such a large amount of digital purchases going on, big data analytics has a significant impact on the e-commerce industry. We’ll highlight points in this blog post by which e-commerce profits from big data analytics.
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What is Big Data?
Big data generally means large datasets that are collected and processed with the aid of the latest technologies. It provides useful market insights for your business and assists in decision-making.has played a crucial role. When it comes to enabling organizations to improve their functional ability, expand their scope, and better communicate and support customers from the extraction of qualified user data.
What is Big Data Analytics?
Big data analytics means the process of harnessing these large data sets to reveal hidden patterns, market trends, customer preferences, etc. With the help of big data analytics, business owners are empowered to derive values from information and make optimal business decisions.
In eCommerce, big data analytics not only helps business owners understand customers well, but also it predicts market trends and assists in boosting revenue. Let me break down the advantages big data analytics brings to the eCommerce industry.
Advantages of Big Data Analytics for Businesses Track shopper’s buying Analysis
Business is all about figuring out people, especially the customers. Back in the time when online transactions were not prevailing and people only shop in stores, it was not feasible to trace the background information of every customer. Nowadays, there are around 2.05 billion people purchasing goods online. Though they tend to switch between sites before making a purchase, the browsing activity data can be tracked and analyzed.
Big data analytics tools can track the buying journey of customers. They capture the interactions a user previously had with a brand, including products viewed, clicks, past purchases, etc. The data allows business owners to get the shoppers’ information and understand the shoppers in-depth- what they like and dislike, which products are in hot demand recently, what time of the year the demand for certain products rises, etc.
Personalized Customer Service
87% of shoppers said that when online stores personalize the shopping experience, they are willing to buy more. After a business gets the shoppers’ info, they can create personalized experiences that cater to their needs.