Big Data and its Benefits for E-Commerce

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Draft big data increasingly echoed along with the development of technology. Now data is no longer an exclusive thing for those who are used to working in the exact field, but it is also starting to be studied by those who work in non-technical fields.

As the business ecosystem grows based on online like ecommerce, processing big data which deserves to be one of the main highlights to analyze the need and the right decision.

In this world ecommerce alone, big data plays an important role in analyzing consumers, operations, market potential, to product innovation. This data analysis can provide framework as a whole regarding consumer profiles and what potential can be explored as a business development strategy.

One of its implementations, consumer data is collected from their interactions with in website e-commerce which is then analyzed to maximize sales conversion strategy.

Not only are strategies that are increasingly innovative, investments in data processing also promise efficiency, increase profits, and also consumer loyalty.

Here are some data analyzes that can support the strategy ecommerce:

Improving Consumer Shopping Experience

One of the crucial things to increase consumer loyalty is to provide a satisfying shopping experience.

For example, when a consumer visits a website, they intend not only to go shopping right away, but also to look around insight what products do they need? With data, doer ecommerce can provide product recommendations that match consumer interests based on their search history.

Not only that, data analysis is also useful for evaluating consumer shopping flows from when they come to leave website. An example is evaluating testing conducted to find out which features are most convenient for consumers to use.

Consumer shopping experience satisfaction is certainly very influential for their decision to return to ecommerce it or not.

Personalized Shopping Based on Consumer Interests

In line with improving the shopping experience, the data collected inside platform e-commerce can also provide a better promotion strategy by personalizing shopping.

For example, consumer historical data that has been registered in the analysis of which product categories are most in demand. When there is an online shopping promo, the perpetrator ecommerce can personalize to only provide relevant discounts to registered consumers.

Channel the most common ways to distribute personalized discounts/promotions are through EDM, social media, and notifications mobile app. Providing relevant promotions to the right targets is certainly the most effective strategy for maximizing purchase conversions.

Improving E-commerce Innovation

Innovation is a fixed price in business to remain flexible to changes in existing trends. Innovation also acts to predict future market conditions and keep consumers loyal.

By analysis big data, business ecommerce can see consumer trends at certain times.

For example, if in the past conventional discounts were only in the form of price discounts, now promotions have transformed into innovative forms and engaging, like promos cashback, flash sale, quizzes on social media, to games inside the app.

Data Snapchat This shows that innovation is very important to maintain engagement consumer. Consumer shopping behavior is not necessarily stagnant but will continue to change along with the times. This is the perpetrator’s home work ecommerce to stay relevant.

Increasingly Fierce E-commerce Strategy War

Creativity is indeed important to create a strategy marketing and promotions that wow and booming. But by adopting the role of big data, actors ecommerce can decide more accurately which strategy is the most effective in terms of cost to maximize the maximum profit potential.

For perpetrators ecommerce great, utilization big data maybe nothing new.

I Infrastructure and human resources are the main challenges for actors ecommerce to adopt big data. Consistency and discipline in the use of big data is a challenge that deserves more attention.

In addition, investment in data processing can certainly clash with other priorities, especially for small players. But remember return which is promising for a more mature business strategy, there is nothing wrong with small players starting to learn it.

increasing awareness in the utilization of data is also predicted to make every business person online interested in mastering it, especially to predict market trends and make the right decisions to win market share more.

The role of big data also stimulates service innovation ecommerce higher quality and improve competitive advantage. Competition ecommerce which are increasingly prestigious also foster a healthy business ecosystem and reduce the potential for market monopoly.

The party that benefits the most is certainly none other than the consumers themselves, because they have many choices of quality services with shopping satisfaction online the maximum.

5 Tips for Growing Your Online Business with Marketplace Tools

During a pandemic like today, many people prefer to spend time at home. This is the reason for the booming online business. Moreover, various marketplaces provide attractive features for both buyers and sellers.

It is undeniable, we are in the digital era where it is very easy to find out how many people are browsing about your specific product. You can also find out what keywords customers often use when they buy products at your online store. Then, is knowing enough to grow your online business? What if there were tools that could help you increase visits and purchases on your online store?

Marketplace tools in ecommerce analytics software are the easiest techniques that can add more value to your online store. When analyzing various data, we don’t just look at random data, but each metric has a function and purpose. Here are some tricks for growing your online business with marketplace tools.

  • By predicting trends and demand

Every online store wants to know which products will sell well in the future. By knowing market trends using marketplace tools, you can have a strategy ahead of competitors and create best-selling products that are selling well. Trend forecasting is a feature in ecommerce analytics software that can tell you what’s going viral right now.

Almost every business has predictions regarding market demand.

It’s the same with online t-shirt sellers. They also have to determine how many purple shirts should be ordered to the factory. Because purple is not as popular as red, the number of orders for purple t-shirts is definitely less than red.

The prediction example above is done simply based on previous sales. But if you use marketplace tools, this historical data will be reprocessed into accurate results thereby minimizing the risk of excess stock loss.

  • By knowing the buyer

Marketplace tools have specific functions. One of them is observing the types of buyers in your online store, then creating buyer personas.

 

In the buyer persona, you can find out, age, gender, what time are your customers usually online, what is their lifestyle like and so on. For example, you can sell excess product stock at the most appropriate time when the majority of customers are online.

Marketplace tools can also find out consumer shopping behavior and easily provide a number of promo or bundling recommendations.

From here, Walmart then rearranged the location of the beer rack to be adjacent to the baby’s diaper rack.

  • By providing the best customer service

Because online stores are at least face to face, it is customer service that represents your store and communicates with buyers. Friendliness of customer service is an important factor for consumers to trust your online store. Therefore, the easiest way to develop an online business is to improve the quality of your customer service.

Use marketplace tools to identify important metrics such as how long a visitor interacts with customer service before deciding to buy or abandon a product.

  • By optimizing personal service

As explained in the previous point. Each customer has a different character. It will be difficult to provide services that meet your needs without the intervention of marketplace tools. You can optimize the service by sending email or chat notifications about promotions and discounts. You can also recommend product choices according to the tastes of each consumer.

  • By providing dynamic and flexible pricing

This method is not wrong, but what if there are hundreds to thousands of stocks? It would be difficult to count each one and use each strategy.

This is where marketplace tools work. This analytics software will provide solutions by targeting the right buyer profile so that your online business can develop optimally.