According to a Statista report, the speed at which the E-commerce industry is booming, it is estimated to hit $4.5 trillion in 2021. Today, on an average basis, 54% of millennials make online purchases. To amplify customer satisfaction, delivery methods, and better decision making, the E-commerce industry is using big data analytics services. There are several E-commerce companies that are already incorporating the benefits of big data analytics to unveil market trends, customer preferences, and effective marketing campaigns.
Opting for big data analytics services, one can take decisions from useful data and hidden patterns that are examined, analysed, and categorized. This can also companies find new and innovative approaches to enhance customer service delivery and make business operations more competent. Big Data Analytics in E-commerce Safer online payments: Big data and analytics’ centralized system guarantees all online payments to be more safe and confident. The technology helps in detecting doubtful transactions and fraud in a few minutes and keeps the process transparent between both the customer and the vendor. Flexible pricing policy: Big data analytics allow to read, analyse, and categorized a humongous amount of information that helps in developing a flexible pricing policy. The retailer can either make a decrease or an increase in your prices by analysing `real-time market conditions. Improved mobile commerce: Can you even imagine an E-commerce firm without any mobile presence. Today, mobile technology is merging with technologies like big data to accentuate the features to make the experience more user-friendly. Big companies are working vigorously to unlock the features of data analytics to create a platform enabling everything on-the-go while saving time and energy. Enhanced consumer-retailer relationship: Big data helps retailers to penetrate deeper to enhance the customer-vendor relationship. The technology has simplified the complex process of understanding dynamic consumer behaviour and trend at the same time. Personalization: The toughest thing for any vendor is to find its product differentiator to keep him going in the long run. Therefore, to know more about their consumers’ behaviour and choices, companies strictly focus on consumer analysis. And, to do so big data is the ideal business tool that analyses customer’s behaviour and preferences to create tailored products and services. The humongous amount of data sets has resulted in unlocking such possibilities which were once impossible. Today, one can understand the dynamic and complex consumer behaviour and make changes accordingly. This not only helps in making customers happy but also keeps retailers away from uncertain risks.
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November 2020
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