Benefits of big data in ecommerce

Benefits of Big Data in ecommerce Platforms

‘Big Data’ is a term employed to describe a very large sized collection of data. The data is so vast as well as complex such that none of the conventional data management tools have the capability to store it or properly process it. We take a look at how the usage of big data proves immensely useful to ecommerce platforms.

  • Give customers a superior experience

Certain entities leverage big data to pinpoint possible frauds as well as safeguard the identity of shoppers. It is now possible to prevent credit card fraud in real time. Sellers need not compete by pricing alone. Big data can be used to deliver a seamless, personalized as well as pleasing experience to all kinds of shoppers.

  • Bring down the instances of shopping cart abandonment

It is an overwhelming task to track why potential customers don’t complete the purchase online. Big data analysis lets you know the reasons with ease. This knowledge helps offer a better selling proposition to purchasers leading to reduction in shopping cart abandonment.

  • Shopper analysis

Big data helps in developing accurate shopper profiles. E-commerce sites can determine visitor’s preferences such as the timings when they mostly shop or their favorite products. Using this information, you can better target potential customers with offers.

  • Enhanced customer service

Customer service is key in ecommerce. It is far easier to retain customers than getting new ones. Also repeat customers spend more than first time customers. Big data enables tracking of delivery times as well as levels of customer satisfaction. So, you are aware of the potential problems and proceed to rectify them before a customer uses your ecommerce platform.

  • Provide more personalized interactions

E-commerce websites track visitor’s activities and use their purchase as well as navigation history to deliver more personalized services. Examples are smart suggestions as well as interactive reminders based on how you interact with the website. For example, if you are buying a laptop from the site, a list of various computer peripherals will come in the suggestions.

  • Accurate predictions

Big data helps enterprises to anticipate future trends as well as better assess future demand. Thus, inventory can be ordered, the delivery system put in place, offers determined and sales campaign planned. Big data consists not only of data on the website but also of various social channels. Thus, a comprehensive and potent sales campaign can be put in place to maximize sales as well as profits.

  • Reach out customers at the right place and through the right communication channel

Big data in Magento ecommerce platforms helps contact customers as well as prospects when they are ready to purchase, on their preferred channel (social media, SMS, email) in the most appropriate location (driving their vehicle, at work, at the mall, at home).