E-Commerce: 4 Things To Know About The Application Of Big Data
E-Commerce: In an increasingly globalized world subject to sudden changes, growing one’s entrepreneurial and commercial business has increasingly become a primary and ambitious goal for every organization.
For any novice entrepreneur, it is very important to make their business known and aim to grow in the medium to long term.
The most advanced technology is the best solution to help the business be successful and embark on a path of growth and development consolidation.
What better technology than Big Data? What is Big Data, and what role does it play within corporate information assets? Big Data is a large amount of information or unstructured data that companies collect, organize and use constantly to grow their business.
Big Data perform a role of informational and cognitive aid and support within companies of any size: they help to interpret the commercial habits of consumers and allow customers to facilitate the process of choosing and concluding purchases in the fastest and as efficient as possible.
Furthermore, we must remember that Big Data improves and optimizes the experience of every private and professional consumer on the web. Whether it’s cookies, notifications, or Social Media, Big Data is everywhere and is “pervasive.”
Almost all the main E-Commerce sites are benefiting from the many advantages attributable to the use of Big Data.
For this reason, this guide aims to analyze the four main impacts of Big Data on the Electronic Commerce sector.
Table of Contents
Predict market trends
Every entrepreneur needs to get their company off the ground in a competitive and increasingly fierce environment populated by competitors.
Making forecasts on the main market trends and how the economic and commercial scenarios will evolve allows the entrepreneur to set up his own commercial strategy better and “play ahead” of the competition.
Is it really that simple to forecast market trends? With the use of Big Data, it is certainly increasingly possible to predict current trends and the future outlook the market will go through in the coming months or years.
Social media, the constant study of the behavior and buying habits of potential consumers on the electronic channel, and the purchase date of the main customers can help the entrepreneur and his company to understand the “basket” of attributes and characteristics that the product must possess to conquer market shares and attract the trust of the consumer.
Identify customer behavior patterns.
By analyzing customers’ preferences, purchasing habits, and behavior, companies can try to predict the latent, explicit, and implicit needs of consumers.
Think, for example, of a product that is not marketed very much on the market; if it is offered at a discounted price with another highly successful commercial reference, it will certainly have a greater chance of conquering greater market shares.
Big Data offers the possibility of ad hoc identifying customer purchasing and behavior patterns, “customizing” them according to the different needs and requirements of the consumer segments who make online purchases.
Shopping for products subject to seasonality
Big Data can also help the entrepreneur to significantly improve his business by offering products characterized by the seasonal factor.
Think, for example, of the sale of ice cream, hot chocolate, panettone, pandoro, Colomba, etc. Big data makes it possible to plan and organize sales campaigns and the promotion of seasonal products in the best possible way since it is possible to anticipate and predict customers’ moves and purchasing choices.
Very often, Big Data helps companies guide the purchasing patterns of their consumers who conclude their orders on the E-Commerce channel.
Offering better customer service
Thanks to Big Data, it is possible to improve the quality of Customer Service: customers who express special needs or want to find more information on the product or services provided by the company can contact the customer assistance team by telephone, via chat, email or by filling in the online form on the institutional website.
All the information that customers forward is an invaluable source of great added value for conducting marketing surveys and for setting up commercial sales strategies in the best possible way.
Thanks to the help of Big data, it is possible to use customer information to set up an ad hoc personalized customer service experience. This helps every company build customer loyalty and establish a medium-long relationship.
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