The Impact of Big Data On Retail eCommerce
For retailers in e-commerce in 2017 will exhibit ground breaking progress in terms of taking advantage of big data technology as a tool of optimization and online sales strategy. And this is only the beginning. Companies that use history and the stored data regarding the behavior of consumers in real time will be able to create a more comfortable environment for their customers and also introduce improvements in the process of shopping.
To help your business achieve greater success by using BIG DATA technology, consider two effective strategies to set up and use “user experience stats” in online retail.
To begin with, we should mention a well-known, but very important fact: the customer can find their way to your store through any channel. It can be direct referrals, email-newsletter or referrals from social networks and so on.
Collection and analysis of large amounts of data that are generated by different kinds of interaction with the customer has great potential. It allows you to analyze the consumer behavior and come up with the relevant offers and exclusive deals that, in turn, drastically boost your sales.
Online stores can create personalized user profiles on the basis of the history of interaction with the site, engagement and user activity, and use them for successful promotions that promote CLV (customer lifetime value).
Dynamic pricing – a new source of revenue
Dynamic pricing is another segment where BIG DATA will further revolutionize the process of personalization based on the user experience in e-commerce.
With this technology, online store platform captures data about the history of user interactions with it, analyzes it and creates the relevant price of each product for a single potential buyer.
Analytic algorithms that take the actual prices of competitors into account, the ratio of the old and new prices, regional factors and customer activity, allow online stores to offer the buyer a unique price of the goods.
Among many others, personalization and dynamic pricing are the two biggest advantages of BIG DATA technology implementations that have made big changes in the world of e-commerce.
The process of big data collection and analysis may sound complex to the laymen but actually its surprisingly simple. The analytics can be acquired using simple algorithms and once they start working you can view them on a clean interface. The paths for interaction can also be defined based on certain conditions so you can have a completely automated sales system that would sell for you while you focus on new ideas and strategies of growth.
Ever thought a single retail eCommerce software can have such dramatic impact on your business? Well, it’s actually happening and its happening now.