The use of Big Data and analytics is helping e-commerce business stay one step ahead of the game. Big Data is a large collection of information that organisations can use to determine which product, price and advertising is best to maximise their profits.
Ecommerce and Big Data
This is a large collection of data that organizations can use to make better decisions. And e-commerce business can benefit the most from using Big Data, because of all the information they collect during day-to-day operations.
Many big retailers know the value of this information and offer customers many preferences when shopping on their site. These preferences are all generated from Big Data analytics. There really is no limit to customer preferences when using this tool.
Big data consists of two types of valuable information, structured and unstructured. The structured data is the regular information that includes name and address. Unstructured data is collected from places like social media and includes likes, tweets, clicks and videos. This information is what is valuable to e-commerce businesses, which can optimise customer service.
How can e-commerce utilise this data
- Building a better customer experience is one of the most important uses for Big Data. The customer has come to expect superior treatment from e-commerce business and this data can be utilised to keep them satisfied.
- Predictive analytics is used by e-commerce to predict what the consumer will buy. Amazon uses this better than anyone with science and not just relying on their marketing ability.
- Personalisation involves using Big Data to personalise emails and increase conversion rates.
- Pricing can be changed constantly to keep up with competition using real-time analytics.
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