How Big Data Analytics is Changing eCommerce Businesses

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How Big Data Analytics is Changing eCommerce
Businesses
2
Importance of Big Data in eCommerce Businesses
3
Volume of online data
4
5 Most common challenges faced by eCommerce
retailers

• 51 of retailers are unable to access data to
  measure marketing ROI
• 42 of retailers dont have required technology
  / resources to link customer data
• 39 of businesses dont collect and store data
  regularly
• 29 of retailers have very limited amounts of
  customer data
• 45 of retailers fail to use data effectively
  for personalised marketing

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Other eCommerce challenges
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How to use Big Data to improve eCommerce
businesses

• Predict market trends Use trend forecasting
  algorithms to analyze data from social media
  sources and web browsing habits to identify what
  is causing interest in the market.
• Predict demand trends Use Big Data Analytics to
  predict demand and supply trends at pivotal
  periods of the year.
• Create personalised stores Big Data can be
  leveraged effectively to make automated
  recommendations about various products and
  solutions customers might be interested in, or
  find relevant to their needs.
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• Balance pricing of products Using Big Data
  sources, businesses can effectively identify
  optimal prices for various products after
  analysing transactions, competitors and other
  related variables.
• Customer Service is Key to Success
  Organisations must attempt to gain a well-rounded
  understanding of their customers by analysing
  online and offline interactions and through
  post-sales feedback.
• Increase Sales Big data should be used to
  analyse reasons and patterns of cart abandonment
  to increase sales significantly.

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Final words

• Big Data is going to play a pivotal role in the
  retail and eCommerce domains.
• An increasing number of eCommerce businesses are
  using analytics in real-time to gain enhanced
  insights with the aim to offer superior customer
  experiences.
• In the field of eCommerce, sales are critical in
  deciding the success or failure of a business.
• The application of Big Data Analytics in the
  sector is effectively paving the way for
  businesses to make the most of the data resources
  at their disposal.
• Learn more at IQLECT