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. ')}

E-Commerce Trends That Will Drive Business In 2019

E-Commerce Trends That Will Drive Business In 2019

Volatile – could be the apt term to describe the modern e-commerce market. With trends coming in and fading away thick and fast, it is really hard to predict what the e-commerce world has in store for us. Online shopping has become the primary mode of shopping for many and with the increasing number of online stores, it is only going to grow even further. Customers’ expectations are higher than before from their online stores, and the business is going the distance to meet the same.

Gone are the days when just having an online store for your business was enough to drive success. The modern customers are smart and a lot fickle. They are no more interested in finding an online store that sells the articles they need and making the purchase from that. They want their online shopping experience to be enjoyable, realistic, and satisfying. And in the urge to meet the customers’ expectations, the e-commerce trends keep on changing on a regular basis.

So, we thought we will predict some of the trends that will drive business in the year 2019 for the online shopping stores. These trends are already taking shape in the e-commerce world, but in the coming year or so we might see them on a much larger and noticeable way. So, let’s get started.

Advanced Product Visualization

If you’ve ever dropped an item from your online shopping cart, you will agree that product visualization had contributed in one way or the other in that decision of yours. Product visualization plays a significant part in helping the shopper make the purchase decision. A well-visualized product on the website has a higher chance of attracting the customer than one with a dim lit picture.

This is applicable throughout the e-commerce sector. Be it clothing, luxury or electronic segment, the lack of physical feel is substituted by the product visualization in the online world? It assures the shopper of the authenticity of the product and puts the seller under good light.

Some of the technological developments which have helped better product visualization include the seamless zoom feature, which now a day is available with virtually every online store. Customers can zoom on to the product to get a better understand of the product even without touching it. Even the online shopping marketplaces are encouraging the sellers to upload high-resolution images of their product to make sure that they can be magnified without any loss in image quality. On the tech end of it, they are making sure that the images are not taking a lot of time to download, which if in case, could result in the customer bouncing to another page. Some merchants also have demo videos to help the customers understand the product functionality in detail.

As the next step in product visualization, we are seeing the rise of 3D imaging. Now, 3D imaging has a long way before it establishes itself as the mainstream product visualization medium; however, the recent development in the 3D technologies suggests that we are not far away from it.

So, to sum things up, 3D technologies together with the seamless zoom capabilities and other configuration options, the year 2019 might bring us a futuristic shopping experience and will be a decisive factor in driving success to any online business in the year 2019.

Artificial Intelligence FTW

We have spoken at length about how artificial intelligence is the future of e-commerce in our previous posts on numerous occasion, and we stand by it even now. The incredible ability of AI to gather the data, analyze it and draw patterns from it to drive sales is just amazing. Be it the virtual shopping assistance or the virtual fashion advisors, AI in every possible way is at the peak of the ongoing e-commerce revolution?

In addition to the virtual shopping assistance or virtual fashion advisor, AI will be heavily used for understanding the customer behavior by extensively analyzing the way shoppers interact with the products. With the help of AI, businesses will be able to predict the products that might interest a particular shopper and will be able to show the suggestions accordingly even before the customer types in the keyword in the search bar of their website. Combine AI with Natural Language Processing (NLP) and you offer customers the freedom to search for their products in their local language and dialect. We are already seeing it being used effectively by some of the big e-commerce platforms. Even product discovery platform like Taglr is making good use of Artificial Intelligence and machine learning to help their shoppers discover the products that they love with absolute ease.

Re-emergence of physical stores

Now, this might seem like an odd trend to look forward to in the year 2019. Especially considering the fact that when we are talking about online shopping the only way forward seems to be going only in one direction and that certainly isn’t going back to the brick-and-mortar stores. Yes, irrespective of what the online stores have to offer, for some customers nothing can replace the touch and feel of going to a physical store or an in-store experience. And the leading global retailers such as Amazon and Alibaba understand that quite well.

This is why they are experimenting with a totally new and advanced in-store experience to leverage the power of hands-on shopping. We have already seen Amazon open a retail store in New York and we expect more retailers to follow the suite soon.

So, don’t be surprised if you see a new store open up in the neighborhood with the name of your favorite online store, the chances are it might be their first offline store in your city.

The Bottom Line

If you are an online seller or an online shopper wondering what are the trends that will drive business in the year 2019, enhanced product visualization, in-depth artificial intelligence integration, and the re-emergence physical stores are some of the trends that we can think of.

If you think there is going to be some others as well, kindly do let us know in the comments box below. ')}