With the rise of e-Commerce, humungous amounts of customer data are now available for even better insights
While Big Data has evolved rapidly as an aid to eCommerce marketing, it is also true that a large part of its capabilities is still unused. However, the scenario is expected to change in 2020 and beyond. Data scientists are already working towards standardizing data to make it easier for businesses to increase the utilization of data while protecting consumer privacy. The massive data sets available can be analyzed for improved forecasting to predict sales, demand, and optimize prices, driving lower inventory, and the ability to deliver customized promotions.
Since the e-Commerce industry is highly competitive, personalized marketing is imperative for business and brand differentiation. To create a customized shopping experience, merging the purchase history and search of customers will help to generate more cross-sell opportunities. With a market increase in automation, there is also a definite improvement in customer experience, reduction in customer service costs, and considerable savings in repetitive manual efforts. A case in point is superior intelligence ChatBots, leading a very high adoption rate. Four years ago, an expert from Business Insider predicted that about 80% of enterprises would be using ChatBots by 2020.
Big Data is also supporting enterprises with more cross-border sales by integrating with the global marketplace with minimum investment. It offers a centralized forum for different payment operations. Automated language, local payment options, and streamlined shipping have increased cross-border transactions. The logistic platforms and plugins can work out the worldwide transit cost accurately during checkout.
Governments are imposing strict rules and regulations concerning the privacy of consumer data worldwide. GDPA and CCPA have raised the bar for privacy protection in Europe and the USA, and more such regulations are expected to follow. Social media has played a crucial role in marketing strategies lately. Not only for marketing content dissemination but also to collate customer data to use for customized messaging. Retailers are shifting from surveys and net promoter scores to analyze quantitative and qualitative research. Also, businesses can categorize their preference of prospects considering the product, target audience, and the overall market. Keeping in mind the continuous opportunity it provides for insights and trends, the massive data can be clustered over time for better use.
Big Data has already impacted e-Commerce strategies, and it will only take it to a whole new level with time. It is helping to improve and change the business outlook by enhancing automation opportunities. The Big Data revolution has already enhanced online businesses, making it secured, more profitable, and successful.