The role of deriving insights out of the enormous volume and variety of data any online business encounters today is mind-numbing. E-Commerce firms that process this gathered data to derive patterns and target customers’ purchasing behavior can benefit greatly.
The abundance of data that these E-Commerce firms deal with daily makes the application of Big Data imperative to make smart and accurate data-driven decisions. Let’s look at some of the primary ways to leverage Big Data effectively by E-Commerce businesses.
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Personalized interaction and resolution to queries raised in real-time by customers and prospects via Chatbots have become a crucial part of User Experience. Using Big Data to understand customers’ behavior can help E-Commerce players schedule and automate conversations involving Natural Language Processing (NLP) and create curated content.
The sheer variety of data coming in real-time from the web and the Internet Of Things (IoT) sensors is expected to touch over 75 billion devices by 2025. Iota Communication’s take on the close relation between IoT and Big Data provides insights into the massive amount of data involved.
Coupling this ability to analyze Big Data with the advancements in Machine Learning, AI, NLP, and other related analytics streams makes insight generation fast, accurate and effective.
The result of such data-driven decision-making is that you give your data systems more power to solve client queries in real-time. Clients who invest their hard-earned money into your solution offerings feel valued and heard. This logic applies to other online businesses in the entertainment sector, such as gambling sites. In a sports-crazy country like India, platforms like Asiabet help players find the best bookmakers. They can place bets based on expert reviews with exclusive tips on increasing their winning odds.
When your business strategy places data as the main parameter, the outcomes not just give a satisfying user experience but provide user delight.
Scope For Automation
Identifying the areas of your business operations that are repetitive and then incorporating the automation element can do wonders to your overall productivity. For instance, having a 24/7 active Chatbot service to resolve client queries can elevate the user experience of your E-Commerce platform like anything.
By applying Machine Learning algorithms, your Chatbots and other forms of automated conversational systems can be fine-tuned for providing more accurate and customized responses in real-time.
Targeted Content Strategy
Does your target audience like memes or long-form text content? Should the color palette be peppy and colorful or more businessy and formal? Let your analytical systems decide for you instead of making bias errors and careless content errors.
Leverage the Big Data you receive from targeted marketing campaigns and then use it to refine the content strategy for your platform. This plan will help attract the right audience to your platform and increase conversions. Emarsys gives you insights on Big data examples to boost your next email campaign.
Robust Data Security
The exponential rise in volume, variety, and veracity of incoming data has the potential to make your system vulnerable to data breaches and other forms of Cyberattacks. Any such incidents resulting in disclosing your customers’ confidential data means instant death of your brand’s reputation. The financial repercussions and the legal battles that follow are unimaginable for any E-Commerce business owner.
The entire shopping process needs to have zero security loops – right from the login credentials to the checkout and final product delivery. Customers today are as tech-savvy as ever, and they prefer E-Commerce platforms that provide fault-proof security features. Data control and management with in-built security features is pivotal.
Advancements in Big Data technology have made it simple for E-commerce firms to provide personalized shopping experiences for each customer. By data gathering and analyzing past behavior exhibited by the user, change your User Interface to suit their preferences the next time they visit your App/website. This dynamic modification will make the overall experience enjoyable and addictive, ultimately increasing your pool of loyal customers.
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E-Commerce players who are thinking “Big” are achieving big! Based on the upcoming trends we discussed earlier, it is evident that data-driven decision-making is the way to go for online retail businesses. Companies who invest smartly in Data gathering, processing, and visualization systems will win more customers and business growth!