The number of online buyers is increasing through time since the pandemic hit the world. But if we look back, then we can see there was always a boom in the graph of digital buyers in the previous years. This pandemic may make them more prone to online shopping, but research from the previous years shows that the number of online buyers has reached almost 1.92 billion, which is almost a quarter of the world’s total population. And with the numbers of digital buyers, the online stores had also been increased. Research shows Amazon solely displays almost 122 million products on its website and these numerous online transactions produce a huge amount of data. In this article, I will depict the benefits of using this big data to improve business growth and increase sales. But jumping to that part, let’s start with an introduction to Big Data Analytics.

What is Big Data Analytics and Why It is Important?

Big Data Analytics is the process of using the large data set of a business process to improve the whole process, increase sales, and for other betterment to stay competitive. With the help of big data analytics, a business owner can make strategies to collect information from their previous experience and make strategies to improve the flaws or the part which went negative previously and strengthen the stronger part for the overall betterment. Since the pandemic hits the world, huge numbers of the brick-and-mortar businesses have already shifted themselves to the digital platforms and stepped up for the eCommerce business. And this made the market competition more fierce, as everyone is trying to win the competition by beating others and everyone shares the same goal, increasing sales with a global consumer base. In this case, Big Data Analytics leveraging is the best option to stay out of the market competition with improved business processes and increased sales. It is important because it helps a business to find out their mistakes and weaker portions of their previous process, and let the business grow with proper strategies and approaches, just like the line we used to hear, Learn From Your Past To Live Better In Your Present.

5 Benefits of Using Big Data Analytics in eCommerce

As I previously said, Big Data plays a big role in the eCommerce industry and it helps the business to grow more and learn from its past to improve itself for the better future as well as the present. If you are still wondering about the role of Big Data Analytics in eCommerce then, let me break down all the benefits in the following 5 common points,

Increases Sales and Revenues.

By analyzing the big datasets of your eCommerce website, you get to know the most effective parts of your previous strategy which have brought more customers to your site, as well as the weaker parts that need to improve for betterment. After finding out both the points, you can build new strategies and approaches with those updated parts and improved processes which will eventually drive more traffic to the virtual door of your online store. Using a complex algorithm, big data analytics can predict the guesswork of the upcoming trend in your niche, letting you always be updated with new things. Every business person wants to know what’s next arriving in the market and if you are aware of the new trend before the others, then both the sales and engagement will be increased on your site and you will earn more revenue from this.

Drives More Traffic to the Site.

Research says everyone likes it when they get something before even mentioning it. The same happens in eCommerce as well. Like,  if your customers can get product recommendations of their choice before searching for it, then they will tend to visit your store more and maybe with a plus one too. Big data analytics track down the customers’ background, their choice, and their surfing histories, and with complex algorithms, it helps the business to personalize each customer’s choice and recommend the products and services of their choice before they enter a single keyword on the search bar.

Improves Customer Services.

No one will like to wait for an answer when they ask any question about a product or service of their choice for longer. And after the wait, if they will not get their desired answer then they might abandon their shopping cart on the site and hop to the other sites. To improve this situation, you can seek help from big data analytics, it will help the employees behind the customer services of your eCommerce site by providing the insights of the customers from their feedback forms, and let them understand easily what the customers generally look for. Hence you will never lose any customer from your site.

Optimizes Product Pricing.

Most of the businesses used to set the price for their products and services by comparing the existing prices of their competitors. But for the larger eCommerce sites, it would not be possible to set the price for each product by making the comparison, it will consume both the time and resources. Big data comes in this scenario, it helps the business persons to decide the price of a product by tracking down the transaction, competitors, cost, and other variables. Also, it helps retailers to map the rise and fall of the product demand, and based on the popularity of the product in the market, it would be easier to pricing the products.

Provides Competitive Advantage.

When you are updated with the datasets and using analytics to leverage the datasets in your business process, you will also be updated with the latest technologies and the trends which will attract more customers to your site and increase your sales. Hence, leveraging big data analytics to your eCommerce site puts an extra feather on your crown, and makes you stay out of the fierce market competition by providing a competitive advantage.

The above written 5 points will help you to understand the influence of Big data analytics in eCommerce along with the benefits you will get if you leverage this to your site. It will not only improve your business processes but also increase the sales and customer engagement to your site as well as the customer experience, which eventually provides a competitive advantage to your business and makes you stay out of the market competition.

Thank you for reading the full article. If you have enjoyed the article, then please share it with your friends and colleagues. Also, do not forget to share your review with us. To technologize your eCommerce business and leverage the big data analytics on your site, please contact us. And if you still don’t have one, then please get in touch with us to get a ready-to-use website for your business. Team WinSquares is always there for you.