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Big data allows e-commerce to achieve a more efficient resource management and speed up decision making to favor their growth. In more concrete terms, big data materializes in softwares that collect, analyze, and present large quantities of data. An example can be found in price intelligence tools that optimize the fixing of prices based on the changes in the market. It is a technology that large multinational corporations, like Amazon or Netflix, have more than implemented and that many retailers are already incorporating into their guided businesses for the ample benefits it brings. Some of the benefits we explain to you in continuation:
Big data to improve your business management
1.- It allows you to anticipate market changes
Through big data you can carry out a predictive analysis of the supply and demand to anticipate the moves of your competition and define the most adequate price strategy at any time. It is especially useful for trend identification and for planning a discount campaign. Because of this, client behavior and shopping history will be accounted for.
2.- You obtain real time feedback
Big data tools collect information in real time to obtain quality data. This makes it possible to obtain feedback on the actions implemented and respond quickly to emergency problems or drastic market changes.
3.- Improve the logistics of your e-commerce
Big data also allows you to achieve a more efficient stock management and shipments of your online store. Data analysis offers you valuable information, like what products are sold most in a specified day or schedule or which route deliveries are made to promote the cheapest and fastest distribution, a benefit that redounds to both the business and the consumer
4.- Cost reduction
On one hand, big data’s tools also induce a greater fluidity of information, in such a way that employees and users can access updated data of any product at any time. This reverberates in the productivity of the business, which, at the same time, generates a cost reduction. On the other hand, the implementation of these softwares, that generally work in the cloud, represent savings for the business, which avoids having to have large data storage infrastructures.
5.- Offers a better shopping experience to the user
Within the benefits of big data there is the possibility of getting to know in detail the behavior and preferences of users to offer them recommendations for personalized products and increase the conversion rate. At the same time, the client satisfaction grade with the brand will be better.
Big data applied to your actions in marketing
6.- You execute a better segmentation of your data base
Having a greater volume of information about every client facilitates the segmentation of users, in such a way that you can send each one communication with the products, messages and the most effective calls to action. Within this information you can find both their preferences and the phase of the shopping process that they are in.
7.- You get a higher loyalty rate
Similar to what occurs with the previous benefit, building loyalty in the clients of your e-commerce will be simpler if you know what to offer to each of them so that they stay loyal to the brand. This personalization can apply both to communications and product offers and to interactive marking campaigns that generate a greater engagement.
8.- You can reduce the abandonment rate of your e-commerce
With the facts facilitated by the tool you can detect patterns following the clients before they abandon the cart or why they decide not to include an item in the basket and assess possible actions to avoid it, such as sending an email with a limited time sale.
9.- You obtain information from social media
From social media you can also extract interesting information based on which to tune your organic and paid campaigns toward. You can track client opinions through these channels, the possible reviews by influencers or evaluate the level of user interaction with the profiles of the e-commerce.
10.- Reinforces your brand image
Thanks to the real time data collection you can also find out if your campaigns are generating sympathy within your audience, or on the contrary, if it necessary to apply changes. This faster speed in decision making is key to reinforce the bran image and obtain a greater number of prescribers.
One of the functionalities that make the achievement of all these benefits possible is the capacity to self-learn the big data softwares. Other than the collected data, these tools generate learning models that perfect the results. If we are talking about pricing, the accumulation of historic information about the market and the competition will lead the tool to the most effective price recommendation every time. These tools can be incorporated to a complete pricing suite that optimizes the business management.
Find out how Minderest can take your business to the next level.
Contact our pricing experts to see the platform in action.
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