Ecommerce industry has become an integral part in internet market within the last decade. A recent study shows that more than 80% of internet users have purchased something or other through online. With this huge online population, there are lot of data that are scattered around which can tell us a lot about the industry, customers etc. This is where the big concept of Big Data and Big Data Analysis comes in.
Big data is nothing but a collection of large sets of data that can be used to analyze the nature of an industry or behavior of customers. For example knowing the details of a customer behavior in your site like from where he came, what he liked, what pages he visited etc can help you to customize his visit next time.
When a customer signs up with you then you have data about his/her purchase history, transaction details, product interest etc and also you get to know his behavior in your site through various other sources, which through perfect analysis can help to personalize his next visits / purchases. In recent times you could have come across personalized product / service recommendations from ecommerce sites, these are made possible only through big data analytics.
Big data also enhances customer service. You get to know what the customer wants from you and can shape up your steps accordingly thus satisfying him and retaining him. The details of the shipment and its delivery time can be made available to the customer with the help of big data. Analyzing these logistics data can help in more organized process, quicker delivery thus resulting in customer satisfaction which is a must when it comes to online shopping.
Big data analysis leads to more data about the industry, trends and thus it can forecast a trend change or behavioral change that can happen in the coming days, so that you can plan your marketing or approach accordingly. More data leads to more accurate analysis, accurate analysis leads to better decision making which is a must for e-commerce. It is these decisions and predictions that increase the efficiency thus resulting in higher customer retention and sales conversion rates.
Evolving with the business is the only way to sustain in this competitive world. The industry is shifting towards big data and its importance has grown drastically. Use your big data, evolve with the industry and reap benefits.
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