Data Analytics is the advanced technique of dealing with a
large amount of unstructured data also known as Big Data. Its importance was
first understood when industries realized that the data they’re storing can be
used to improve the business and customer service.
E-commerce was probably one of the foremost industries of today,
which tapped into using Data Analytics since the personalized service and
better prices were the only way they could pull customers away from brick and
mortar stores to shop online. And how successful this has been can be
understood from the rise of giant companies like Amazon, Flip kart, Alibaba
etc.
How Data Analytics is
helping E-commerce?
a.
Enhancement
of Shopping Pattern: In an offline store, customers come, shop and go, and
there’s nothing to draw any pattern of the customers’ choices. But on an
e-commerce site, this data is stored and companies can track what each and
every customer is buying or looking for. This helps companies in multiple ways.
First, they can recommend related products the next time a customer visits the
site. They can send offers and discount thorough emails and inbound marketing.
They can also draw many other patterns of when the customers are doing most of
the shopping and what they’re saying about a product etc.
b.
Effective
Customer Service: The only reason why the online shopping industry has
grown so big is the customer service they provide. They make the customers feel
like they’re winning while doing shopping. According to the surveys, almost
every e-commerce site agrees that they can provide better customer service by
using data analytics. It helps the companies in detecting major issues and with
the help of predictive analysis, they can figure out a solution.
c.
Effective
Pricing: If you have been using online shopping regularly, then you must
have noticed that their prices change dramatically. It’s like the prices of airline
tickets. Prices are devised according to the risks and potentials of the
products, and of course, it is done with the help of Data Analytics.
d.
Predicting
Future Plans: Predictive analysis and Prescriptive analysis are the most
important facets of Data Analytics, and e-commerce websites are benefiting from
both of them. Using the massive amount of data being generated every day, the
sites can make acute predictions about the demand, supply chain, prices,
traffic etc and prepare them accordingly to earn the most profits.
e.
Micro
Moments: This is a very new trend in the e-commerce industry and it focuses
on what the customers are discussing about the products. It is actually
analogous to mining the text data through the advanced Data Analytics tools,
and based on the collected data, companies can understand the customers’
behaviors and shopping patterns.
f.
Safe and
Easy Payments: The number of online transactions in on the rise, and the
e-commerce industry has been the most vulnerable ground for fraudulent
activities. Again, with the help of Data Analytics, companies can detect
suspicious activities that may lead to frauds and can take the required actions
in advance.
Resource Box
There are 12-24 million e-commerce websites in the world,
and they are changing the way we do the shopping. If you want to be one of the
precursors of this revolution, then Data Analytics can be your gateway. Enroll
in this Data
Analytics course in India today and give your career a boost.
