How Big Data in E-Commerce Helps in Improving Customer Retentionby Steve Tedson Marketing
Big Data is considered as a core ingredient to revolutionize different vertical industries, from healthcare, banking, education, and more. The technology has carved a niche in the e-commerce market as well.
Big Data Services has big potential thus can benefit e-commerce business in several ways, here are a few of them.
1. Smart Shopper Analysis
Understanding customer behavior is essential for business growth. When Big Data is in place, you can get information on the latest trends, customer interests, and what spikes in demands. Retailers can use the data to deliver personalized customer experiences. Also, big data helps in gaining insights about the recent customer searches thus you can seize new business opportunities.
2. Supports Dynamic Pricing
Pricing is one of the key factors that have a huge impact on e-commerce success. Customers tend to shop from online businesses that offer the best prices. Due to stiff competition in the market, dynamic pricing is the best approach to make your website responsive to external factors like competitors’ prices and consumer demands. Big data is a smart and reliable tool that supports e-commerce retailers with dynamic pricing feature.
3. Improves Inventory Management
Stocking the right levels of inventory is the biggest challenges for e-commerce retailers. Extra stock results in extra storage expenses on the other hand inadequate stock can send your customers to competitors. Big data predictive analysis rescue sellers’ by calculating stock inventory levels while including predictive booms during the festive season.
4. Boosts Business Performance
By integrating Big Data technology, you can track shopper’s journey to drive relevant content. It minimizes cart abandonment rates and improves conversion rates. It is the smartest way to redress these issues and build long-lasting relationships with them.
Implementing big data analytics is a worthy investment for any business and tapping into the expertise of certified professionals Big Data Consulting Companies help sellers to make the most of it. The journey may seem daunting however retailers who overcome the challenges can use Big Data to achieve tremendous growth.
Created on Feb 21st 2019 01:34. Viewed 147 times.