Ecommerce Sites Must Leverage Big Data To Increase Their ROI

Must Read

Free Netflix in India: A Result of Slow Growth In Q3 2020?

Netflix is testing a new strategy that could lead to free Netflix in India. The online streaming...

Tesla First Cancels Return Policy And Now Cuts Warranty Period

Just last week Elon Musk surprised everyone by cutting the price of Tesla Model S twice in...

Jio Pages: The Indian Browser Reliance Is Betting On Now!

Looks like Reliance wants to establish Jio as a synonym of technology. After launching a fleet of...

Big data is what online retailers should look for!!

Big data is a term used to refer the exponential growth of available data that consists of a massive volume of structured and unstructured data. The data sets are so huge that it is difficult to process using traditional database and software data processing applications. This is how IBM defines Big data:

“90% of data in the world has been created in the last two years alone. This data comes from sensors to gather climate information, posts on social media sites, digital picture and videos, purchase transaction records, cell phone signals and such. This data is called Big Data”.

Ecommerce business and retailers with online presence operate in a very competitive and fast paced environment. There is a demanding need for retailers to satisfy the customers who have a varied range of choices and Ecommerce systems need to provide appealing solutions before impatient customers who tend to switch to competing websites.

Advertisements

Making Use Of Big Data

The benefits of Ecommerce data analytics are vast and clear for all online retailers. Online retailers are some of the best beneficiaries of big data analytics because they have access to endless amounts of intelligence about their customers’ behaviors and purchases. But, while 80% of retailers say they’ve heard of “big data,” only 47% say they understand how to apply it to their business, according to a survey by retail research firm Edgell Knowledge Network.  Big data is the hottest trend doing rounds, that has all industries working on analyzing and using the huge amount of data in a manner that results in growth and profits in the online market. Ecommerce industries deploy predictive models in combination with recommendation engines that drive automated next best offers and tailored interactions across multiple interaction channels.

The big data analysis helps the retailers to know how they can best satisfy their consumer needs.  These are some of the analytics of big data that Ecommerce retailers will look for:

  • 79% of consumers follow brands on social networks
  • 70% of shoppers trust product reviews
  • 63% of consumers use smartphones to research purchases
  • 86% of customers are influenced by negative reviews
  • Less than 1/3 of retailers have a conversion rate better than 4%
  • 21% of consumers abandon online checkout when they have an inefficient process
  • By 2018, 54% of transactions will happen on mobile .

using bigdata

 

Here is an infographic on the usefulness of big data on Ecommerce industries provided by Monetate.

bigdata

Flipkart Making Best-Use Of Big Data

The online Megastore Flipkart used big data and analysed user perspectives to gather information, so as to derive changes and transitions as smoothly as possible. They streamed various performance metrics of their website on a large screen, so that their engineers could track performance in real-time. Whenever they wanted to change the design of the website, they allowed multiple versions of the site to be live simultaneously. This framework redirects 10% of flipkart’s traffic to new design. They can then evaluate the impact of change with the metrics collection tool. If the new change leads to a dip in sales, they can immediately roll it back, affecting less than 10% of its traffic.

Now with various big data providers arriving in the scenario, even small ventures can make use of it in a very cost-effective way. Using big data helps improve customer experience, enhances opportunities for personalization and prediction, help’s in dynamic pricing and improving the supply chain efficiency. Big data is now definitely a must for a business to be able to cope up with the ever-increasing dynamic user expectations along with the same users are the sources to big data analysis.

Advertisements

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Google Boots Out 3 Immensely Popular Android Apps from Play Store: Questions About Content Policing Resurface

With such a flourishing wilderness of Android apps on the Google Play Store, there is every likelihood...

Reliance Future Group Deal In The Soup: SIAC Orders To Put The Deal On Hold

When Reliance agreed to acquire Future Group for $3.4 billion, recently, the share of Reliance Industries Limited rallied on the stock market....

Can Facebook Be Trusted For Newly Announced Hosting and Shopping Services?

Every coin has two sides. For Facebook Inc. (NASDAQ:FB), the positive side says that it has launched interesting, new features to further...

When the Going Gets Tough, the Tough Gather Online

Tech shows; we all know them, love them, and wish we could get to them. Unfortunately, that's not always possible. Or is...

Flipkart, Amazon Hurtle To Secure Their Slice in Aditya Birla Fashion

The battle conch for the festive season has already been blown. Now in a bid to take control of a new frontier,...

Jio Pages: The Indian Browser Reliance Is Betting On Now!

Looks like Reliance wants to establish Jio as a synonym of technology. After launching a fleet of Jio products in the last...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This