Use Big Data To Improve Your E-Commerce Business

Use Big Data To Improve Your E-Commerce Business

With the growing number of smartphone users, organizations are looking to leverage technologies that can assist them in capitalizing the increasing number of technology adopters. According to a recent study, the number of online shoppers is expected to soar to about 65% by the year 2021. The increasing number of online shopper has also contributed to the growth of e-commerce portals and product discovery platforms like Taglr.

The growing number of smartphone users or any device connected to the internet for that matter has also given a huge rise to the amount of information the modern organizations have about their prospects. In simple terms – Data. This is why Big data analytics is the hottest topic right now in the tech circle. Companies are using big data analytics to analyze any data that can help them in making smart marketing decisions. So, we thought we will highlight some of the key areas where you can use big data to improve your e-commerce business. If you have an e-commerce store or just sell online through your website, you can use these big data implementations to boost your business gains or for better customer experience in general. So, let’s get started.

Big Data For Personalized Services –

Nothing pleases a customer more than the fact that the retailer knows his/her preferences. Be it the books, the clothes, the smartphone brand, or pretty much anything, modern customers do not like to waste their time shortlisting the products and services that they are looking for. And with big data, you can help your customers cut down their product search time significantly.

E-commerce stores can use the browsing history for all their customers and analyze their preferences. By doing so, they can personalize their promotions, their ads, or just the product gallery, in general, to showcase or highlight the products that their customers might be interested in. You can even personalize your customer communication for every customer to make them feel special and offer them the products and services that they might actually be interested in. This not only will increase your conversion rates, but also will make your customer feel at home on every visit

Big Data To Predict Trends –

The increasing number of e-commerce store in the modern market has made the industry trends to change rapidly and competitively. Offering a trending service for your customers can significantly boost the popularity of your store. Businesses can use big data analytics to analyze trends from social media or other social forums to understand the sentiment behind a trend or a trending product. This information can further be used to stay relevant to the trend and offer the customers the best of the shopping experience. This will help you move up the popularity charts and make your business a hot favorite among the followers of the latest trend and will attract many new ones too.

Big Data To Understand Customer Demand –

With the flurry of options floating around, the customer demand changes with days. What’s in demand today might not be so much tomorrow. This is why to increase sales and profits, it’s absolutely vital to understand customer demand. And with data coming from a plethora of sources, it has become a lot easier for the companies to track the product that is trending among their customer base and to update the inventories accordingly to avoid any deadlocks.

Companies can use big data analytics to analyze their digital marketing campaigns as well to figure out what’s the hot favorite among their customers and determine the number of orders they might receive for the same. This will keep the product in stock with you always and will meet the customer demand at any given point. As a result, it will drive both your sales and profits figures up.

Big Data In Fraud Detection –

One major obstacle for any online shopping enthusiast or an online retail store is the fear of online fraud. However, that fear can be brought down significantly using big data analytics. Big data makes it easier for the online businesses to locate the locations, IP addresses, or just type of transactions that have seen the maximum number of credit card frauds. It can further help the businesses where Cash-on-delivery payment method has failed for the maximum number. Such crucial information can be further used to protect your business and your customers from falling prey to any such situations and consequently bringing down the online fraudulent transactions. And hence making your business safe and secure from any fraud.

Conclusion –

Big data analytics is beneficial for both – online shoppers and online businesses. It is transforming the whole world of online retail as we know it, using technologies like big data analytics and machine learning. All top businesses are leveraging these technologies and we think you should too. ')}

Make Your Marketing Campaigns More Effective With Big Data

Make Your Marketing Campaigns More Effective With Big Data

It will not be an exaggeration if we start by saying, “Big Data is shaping the future of all corporate operations.” From logistics to talent acquisition from performance evaluation to marketing campaigns, big data has been a driving force in decision-making in all corporate operations. However, the biggest impact big data has made is in the field of marketing and sales. Today, we look at some of the areas where the use of big data has helped marketeer improve the results of their marketing efforts. If you are a digital marketer or are just associated with any marketing campaigns in general, you too can sharpen up your marketing efforts using big data.

Offer Better Customer Experience

The modern consumers get hundreds if not thousands of marketing emails, SMS, and a plethora of other marketing content in their inboxes every day. How many of them actually capture the attention of the consumers? Almost none. Ok, some do manage to get a click or two, but with the digital marketing budget skyrocketing every day, do you think an online marketing campaign fetching a click or two is actually worth investing? We don’t think so.

This is where big data comes into the picture. Big data helps you to customize your marketing campaigns to target your potential customers in a highly engaging and personalized way. This not only makes the campaign relevant for the user but also makes the consumers feel special as they see only the relevant content featuring in the campaign.

Big data analytics allows you to understand the consumer behavior through the content they are accessing on your website, the device they are using to access the content or just the general content they are interested in. Based upon all those data points and understand the buying cycle of the consumers you can offer them the products and services they might be interested in. It boosts the chances of a potential customer actually becoming a customer a lot higher. You even can use the geographical locations of your consumers to offer them localized deals and offers. This approach of personalized marketing campaigns boosts your conversion rates, engagement with the customers and brand loyalty in general. So, use data to know your customers better than you already do.

Discover New Opportunities

Identifying and tapping the growth opportunities at the right time is the key to the success of any business. And with the help of big data and machine learning, you can identify any growth opportunity just in time to prepare your business for it. Using the data from your organization’s customer engagement platform with the publicly available data for the consumers your business analyst can help you identify new markets and opportunities for growth.

This field of data analytics uses predictive analytics to identify new targets and growth opportunities in the said markets. Using the predictive analytics you can evaluate the potential growth opportunity based on the market share you have in any particular region and the areas of improvement to boost those numbers.

Precise Attribution

The success of any marketing campaign can only be evaluated based upon the conversions it drove towards your business. Earlier, the marketers used the last-touch model to determine the marketing attribution. However, the issue with this approach is that it does not take into consideration the online and offline campaigns or activities that led up to the conversion. And this is where Big Data comes into play. Using big data, the marketing experts can precisely identify the events triggering the conversion and sales for all your marketing campaigns.

The marketing experts these days have strong attribution tools which enable incremental attribution through all your marketing channels like display, social media, email marketing, or the Google or Facebook ads. This makes it easier for the organization to allocate resources making all your marketing investment give the best ROI.

Final Thoughts

With the growing technology around us, the role of big data analytics in coming years is only supposed to go up in the coming years. So if you are looking to sharpen up your marketing decision making or just make your marketing campaigns even more effective, big data is the way forward. ')}

Big Data – What It Can Do For Your Business

Big Data - What It Can Do For Your Business

Big Data is the easiest way to understand the modern world. As technology penetrate our lives, the influence that data can have on anything and everything we do is unmeasurable. Both offline and online. Almost anything you do turns into data for the technology.

As a consequence, we’re inundated with virtually endless facts, perceptions, numbers, and percentages in our hand. And, understanding and studying this overwhelming amount of information on hand is what Big Data is all about. A little complicated, but of great use.

A Closer Look At Big Data –

The information scattered across in form of traditional or digital form is huge. Bringing all that information under one roof for a specific purpose could lead to a greater understanding of the modern world. It could be used as a constant source of discovering new patterns and analysis. Tech companies use this large amount of data to analyze consumer behaviours, market trends and tailor their services or products accordingly.

One industry that has specifically leveraged the power of Big Data to a greater effect is the world of e-commerce business. All big e-commerce businesses in the current market use big data to understand the market trends, customer behaviour, their buying patterns to streamline their operations and gain more customers.

So, it’s about time we look at how big data is transforming the e-commerce market and how online advertising and product discovery platforms like Taglr is helping smaller retailers harness the power of big data.

In-Depth Shopper Analysis –

For any business, it’s of utmost importance to understand their shoppers behaviour. Big Data makes it easier for them. By analyzing big chunks of data and preparing analytics on latest trends, customer preferences, and the growing demands, business owners can now make sure that their products are in store and are being promoted accordingly. Big Data analyzes all the searches made by customers to update you on any product that you don’t have in store or online but should have. Big Data analysis continues to illuminate the changing customer behaviours like the most popular shopping time, the most popular products, and many such things to help you seize new business opportunities.

In the modern competitive market, more and more offline retailers and online stores alike are using Big Data analytics to tune their marketing strategies, inherent shopping processes, and social media advertising to boost their sales and customer engagement.

Improved Customer Service –

In the modern competitive market, one bad customer service experience can cost you a customer, forever. According to a study, a major chunk of customers will not shop from a business with which they have had a bad customer service experience in the past. A good customer service is a key to success for all modern businesses, online or offline.

Taglr’s Big Data analytics provides predictive monitoring on the issues your customers are/will be facing, to streamline your customer service and make sure that the problems are resolved at a faster pace.

Easier and Safer Online Payments –

Big data has the capability to integrate multiple payment gateways on one platform. It not only makes it easier for the customers to use but also minimises the online fraud risks. The advanced data analytics is strong enough to identify payment frauds in real time and raise a concern immediately.

Furthermore, big data can also identify money laundering transactions, which might appear as legitimate transactions to naked eyes. With all the safety combined with ease of use, data analytics makes it easier for the online and offline businesses to sell and upsell.

Seamless Integration With Mobile –

The number of smartphone users is constantly on the rise. According to a recent study, we might be already approaching towards the time where desktop computers will become obsolete.

And in such times, big data fits right in. Businesses can now collect more native data to transform their products and services. They also can gather data from different sources to analyze their potential customers at once.

We already are seeing Google giving preference to websites that are mobile friendly and responsive. So, in case you do not have a mobile-friendly website, fret not, you can still open your store with absolute ease on Taglr to reach the right customers.

Final Thoughts –

The increasing adaptation of Big Data by e-commerce industry could very well be the difference between a successful store and a store longing for customers. Whether you are looking to take your business online or just want to advertise your products online, online product discovery platforms like Taglr can make it happen for you with absolute ease. Taglr offers a wealth of technological tools like in-depth analytics using big data, machine learning, and artificial intelligence to help you find success in this modern technology-driven market. ')}

How modern technology is revamping retail

How modern technology is revamping retail
Since the last decade, technology has been empowering online retailers to target and serve customers in better and smarter ways.

Since the last decade, technology has been empowering online retailers to target and serve customers in better and smarter ways. This includes leveraging retail analytics for decoding search data and social media information to really read customers’ minds. To catch up with online retail and tech-savvy customers, it is essential for offline retailers to step away from traditional marketing and adopt revolutionary retail technologies.

Offline retailers are progressively innovating to harness the smallest buying cues potential buyers leave behind and using those tech-innovations to fulfil every buying need. However, it is also important to align marketing efforts with technology progressions by addressing the following:

Discoverability: A Google study revealed that 90% cell phone users are unsure of their brand preferences when they start shopping. Retailers must, therefore, be easily discoverable when shoppers search for products/services. Potential buyers are always exploring varied apps/portals to find the best offers and deals, making it imperative for retailers to be discoverable on the web, including quickly appearing in “near me” searches, to aid these buying decisions.

Smart and economical advertising platforms like Taglr are of great use here as they significantly increase visibility for retailers and their offerings, thereby also guiding customers towards better buying decisions.

Accessibility: Given the limited attention span and short activity spurts of today’s customers, brands risk on losing out by not being instantly available throughout the customers’ purchase process. Offline retailers must be able to offer deals/offers, how-to videos, price transparency and a wider product range in quicker and easier ways, which is where unique ad platforms like Taglr come to aid.

How offline retailers can leverage IoT-based technological breakthroughs to stay afloat in an online world

‘DOOH’ it right

Billboards are a static, non-targeted, non-customized advertising mode. But what if retailers could collect massive data volumes in real time about people in close proximity to billboards, for better ad customization and targeting? Enter targeted Digital Out of Home (DOOH) technology – A tool that captures smartphone IDs whenever they ping Wi-Fi routers, then matches the smartphones to existing advertising IDs that index online searches and social media information to create an immediate mass profile. The digital billboards then serve ads fitted to the demographic actually looking at it, in near real time. With changing aggregate crowd profiles, the billboards keep adapting too.

DOOH technology aggregates relevant profiles with a crowd of people, proving as a huge opportunity for marketers who are unable to achieve real-time targeting of demographics in offline environments.

Cameras, sensors, the works

Footfall cameras coalesced with zone analytics and mapped in real-time with inside dwell times/traffic of shoppers can introduce a massive change in offline retail. Retailers can also use Wi-Fi sensors and merge them with business intelligence tools to effectively tap into offline shoppers with a 360-degree approach.

BLE Beacons

Bluetooth low energy (BLE) beacons, working with active Bluetooth connections, are based on shoppers’ proximity to stores. Across the globe, retailers are leveraging beacons to draw more shoppers into their stores inopportune and convenient ways. Around 4.5 million active beacons are likely to come into existence this year, 3.6 million of which would be in offline retail, states a study.

Equipped with 3D indoor maps, the above tools give shoppers the exact location of retailers, while store owners are able to organically draw a larger number of customers.

Artificial Intelligence and its paraphernalia

By integrating Chatbots into offline retail, window shoppers/potential buyers can easily be directed to retail outlets of their choice. AI-enabled IoT devices help customers in their shopping experiences and allow them to discover highly customized offers by simply interacting with a bot, ultimately reducing customers’ decision-making timeframes and boosting footfall/business for offline retailers.

Intelligence in-store

Futuristic retail technologies can turn a simple touch-screen gadget into an intelligent in-store advertising terminal. Imagine a touch-screen offering a customized welcome to a customer who walks into a store, recommending products according to his/her specific browsing history/preferences/ buying behaviour, etc. and displaying just the right product(s) along with best deals/offers.

Additionally, beacon/Wi-Fi sensors attached to store merchandise can connect with smartphone applications and trigger customized data on an in-store screen to drive a purchase. Say a customer is looking at a particular outfit in a store, and the screen comes live with data about the customer’s size, colour options, prices, discounts, etc.

Customers can even upload pictures of products they are looking for, or transfer current images from their gadget to check for similar items. This would show several comparable products along with the necessary details.

Conclusion

The time has truly arrived for offline retailers to redefine in-store experiences. And by leveraging new retail technologies, big data analytics, machine learning algorithms and innovation, retailers can successfully bridge the gap between real world retail and tech-hungry shoppers. ')}

How big data analytics is revolutionising the retail

How big data analytics is revolutionising the retail
How big data analytics is revolutionising the retail

Online retailing has brought with itself ongoing debates about its differences with offline retail. The truth is that online and offline retail are like two peas in a pod, and the real debate is how big data analytics can revolutionize the world of retail, both online and offline.

However, in this digital age, online shopping gains preference over offline retail for various reasons. Online/mobile shopping gives shoppers more options, instant product and price information, along with added conveniences like faster delivery. Taglr is one such all-encompassing advertising platform that offers online shoppers as well as retailers the best of the best.

To catch up, offline retailers must accurately predict customer behaviour to customise their offerings as per changing customer preferences and budgets. A major enabler of this is retail analytics – the contemporary mantra that both online and offline retailers can adapt to revolutionize their business.

Retail analytics/software solutions are changing the game by:

  • Helping retailers improve their business models, devise intelligent pricing and supply chain solutions, improve customer engagement
  • Making market expansion easier for offline retailers in particular
  • Aiding in developing valuable clientele solutions via loyalty analytics
  • Uncovering latent data patterns and facilitating accurate predictions of future outcomes from massive data volumes generated in the retail world
  • Allowing optimisation of loyalty analytics aspects including pricing, marketing, promotion, merchandise planning
  • Empowering retailers to provide highly personalized shopping experiences by adopting an omnichannel approach

Additionally, big data analytics can also help with:

Customer behaviour monitoring

Customer-retailer engagement happens through different touchpoints, sometimes in unpredictable ways. For instance, while shopping online, a person may abandon his/her shopping cart, but the same customer could purchase several products at the offline retail store. The reverse could also be true. Analytics can help retailers in continually monitoring customer behaviour to be able to offer appropriate incentives to activate transactions either online or offline.

Dynamic pricing

Adopting dynamic pricing in sync with demand-supply fluctuations can help retailers combat stiff competitive and stay up-to-date with category-wise pricing trends – A pricing system that considers diverse variables like product sales, competitor pricing, regional preferences, customer actions, etc. to determine appropriate prices for specific products.

Focused customer support

Customer-focused support is an aspect of retail where big data analytics plays a crucial role. It gives support reps a 360-degree view of every customer’s interactions/transactions with that specific business. How?

For instance, an angry customer registers a complaint online about an unpleasant experience along with Facebook and Twitter lash outs. The right data analytics solution can update customer service about this in real time, so when the customer calls to support, the real-time updates automatically redirect the customer to the right representative. This leads to better resolutions, increasing the customer’s satisfaction quotient as well as his lifetime value.  

Fraudulent activity checks

Data analytics eases the process of monitoring fraudulent activities. Say a customer returns a product after using it or falsely claims an item was not delivered and instead sells it elsewhere. Retail data analytics can help retailers detect fraud patterns in real time and thereby curb such malpractices.

Of course, monitoring the above activities could become cumbersome when there are thousands of daily transactions, with further complexities created by initiatives like loyalty programs, etc. In such ecosystems, spot on data analysis via retail software solutions becomes no less than a miracle of sorts.

The omnichannel approach

According to a recent Deloitte report, digital is influencing 21% in-store organised retail sales in India. To match up to the rising tilt towards online retail, many brick-and-mortar retailers are working towards offering an omnichannel experience.

An omnichannel approach is a redefined retail strategy that includes the best of both worlds. Such an approach can help retailers create additional brand recall for consumers and an additional revenue channel for themselves. Shoppers Stop expects a 15% revenue hike through its digital touch points in the next 2 years; Amazon is introducing 3D product videos to offer the touch-and-feel factor; Croma, Shoppers’ Stop, Puma, Big Bazaar, etc. have gone online – Real world validations of omnichannel retail.

Predictive retail analytics can help retail models acquire significant market gains by helping achieve the following:

  • Scientific targeting of right customers at the right time with right information through the right channels
  • Improved Pricing and Supply Chain Management
  • Sophisticated analysis of historical sales, inventory and promotional data
  • Better understanding and forecast of customer needs/wants/trends, product personalization and recommendations based on browsing history/purchase patterns/interactions and behaviour data
  • Identification of new audience clusters, and channels that increase order velocity, customer acquisition and retention
  • Demand-supply trend analysis, Sentiment analysis, Returns analysis
  • Ability to seamlessly manage communications across multiple channels
  • Outstanding shopping experiences

Consumers are major change and growth drivers for the retail industry – They want value for money, greater variety, and more holistic shopping experiences. And all-encompassing platforms like Taglr offer these contemporary shoppers more than what they seek.

Retaining these valuable customers, prudent pricing, targeted marketing/advertising, complex decision making – These are just some of the tough decisions retailers constantly grapple with. In such an environment, analytics becomes a tool to combat competition, a facilitator of optimum business decisions, and a goldmine for the world of retail. ')}