How E-commerce benefits from Big Data Analytics?

[fuyili]

I know data is important. However, the problem is, how to employ Big data to e-commerce business?

Please give me some ideas.

Thanks!

 

[fisicx]

I know data is important. However, the problem is, how to employ Big data to e-commerce business?

It depends on what you are selling and to whom.

For example: if you knit scarves and only sell one per week then big data has no value.

 

[Mr D]

Research.
There is a lot of big data out there, whether its of any use to your business is open to what you find and how you run your business.

 

[fuyili]

It depends on what you are selling and to whom.

For example: if you knit scarves and only sell one per week then big data has no value.

Then, what do you see the relationship between big data and large scale e-business? Or how does big data impact the e-business industry?
As far as I know, some e-Commerce owners need some price data, competitor's data, product data...

 

[fisicx]

As before, it depends on what you are selling and to whom.

Every case will be different.

 

[Mr D]

Some of the benefits of Big data in e-commerce business are:

• It helps you to Predict Trends. trend forecasting algorithms can be used by retailers to predict trends of what’s causing a buzz online.
  
  
• Trend forecasting algorithms collect data from Social Media Posts and Web browsing patterns in order to identify what's causing a buzz.
  
  
• It helps you to Optimize Price. Big data enables retailers to identify the best price for products by tracking transactions, competitors cost of products and other variables. With data and analytics, retailers can map the rise and fall of demand and match pricing accordingly.
  
  
• Helps in Forecasting Demand. Almost every business performs demand forecasting. If you have big data, you can make accurate demand forecasts and ensure you're never at risk of overstocking or understanding. Accurate demand forecasts are valued because inventory is expensive to keep on shelves.
  
  
• Helps to Create Personalised Stores. It has been well documented that personalization increases conversions. With Big data and fast webserver technologies, businesses can generate dynamic websites that are filled with relevant products based on the historic behavior of a consumer and their personal preferences.
  
  
• Helps in Optimizing Customer Service. Customer service is vital for both customer satisfaction and retention in the retail industry. Big data allows businesses to optimize their customer service and provide an enhanced customer service experience by compiling data from previous online interactions, social media information, and purchase history.
  
  
• Big data helps in Generating More Sales. Big data can play a very important role in generating more sales for any eCommerce business. Retailers can use big data to offer a personalized experience and prevent potential abandonment.

Big data is a game-changer when it comes to retail and e-commerce. Today e-commerce brands are using more analytics to drive strategic action and offer better customer experiences.

You use Big Data a lot then?