Going by market analysis, Data Analytics has played a vital role in the e-Commerce ecosystem and will continue to be the major game-changer.
Thanks to the rising need in a short period of time, the frequent use of Data Analytics in all major departments like Marketing, IT, Operations, etc. became crucial to process potential clients and market data to adopt strategic strategies that will eventually lead to providing services successfully.
That’s why experts say:
“Without Data, you are just another person with an opinion”
Numbers speak it all
- More than 75% of companies using Predictive Analytics data experienced higher sales
- 66% of customers feel annoyed when irrelevant offers are sent to them due to lack of relevant data
- 65% increase in business margins with the use of relevant data
- 48% of shoppers are more likely to shop on personalized recommendations offers
Data Analytics a Boon for E commerce 4.0
It is no Rocket Science to analyze the fact that customer demand will evolve rapidly in the days to come, and this change will be responded by sellers using AI in a bid to comprehend the demand or what customers would want.
Here are the top 4 ways how Data Analytics will respond to the changing dynamics of eCommerce 4.0 for good:
1. Improved Shopping Pattern observation- Using Big Data Analytics can help sellers to available at the moment, demand spike, etc.
2. Anticipate future operation strategies– Using Big Data Analytics helps sellers manage business operations better, be it inventory, demand forecasting, supply chain, pricing or sales strategies.
Also, using Big Data Case studies will give a seller a thorough understanding of different business operations and the inevitable problems they involve.
3. More spotlight on Micro-Moments– Successful sellers can leverage this hottest trend for quick actions like- I want to buy, I want to know, I want to go, etc. to predict customer tendencies and action patterns.
4. Improved Online Payment functions– More than 51% of e-Commerce sales are done via mobile platforms as per statistics. This means online payment options need to be more secure and safe than ever before.
Using Big Data Analytics can help the detection of fraudulent activities and securing of payment gateway by centralizing it into one platform and making it easy for clients.
Analyzing massive Data Sets will not only do wonders for e-Commerce businesses but customers too.
E-Commerce companies will use data-driven insights to enhance the way customer demands are met and will revolutionize the buying and selling ecosystem.
If you too are a fan of Data Analytics and understand its relevance in your business, get in touch with the professionals at SPIN Strategy and welcome strategic planning and increased ROI for your business, today.Visit: SPIN