5 Ways to Leverage Your Data for E-Commerce
Big data is one of the things that became increasingly popular in recent years, big data affects many aspects of business and industries in the world, both physical and digital. In the digital field, big data will have a much bigger role in e-commerce world today. Some of online retailers have already used analytic tool to analyze shopping cart or show individual contents based on IP address. However, big data have a bigger benefits, such as providing a personal and optimal shopping experience for customers in real time. For online retailers, big data very likely to optimize the process of shopping and communication with customers in general.
With the rapid development of the industry on the internet and the proliferation of online companies that have a lot of data, big data can help these companies in several ways, for example:
- Trend Monitoring
Big data analytics can help a business by providing opportunities to check trends on the internet. Data trends will show what terms and keywords have been searched for, where they are searched for and who they searched for. This information helps companies see what makes people interested, and adapts to that specific market. Trends can also help companies determine the best direction for a company’s website.
- Price optimation
With big data, data mining and real-time analysis are possible. Online retailers can adjust the price dynamics of a product. Because of the high level of transparency of the internet, there is a need for competitors to be observed at all times and adjust the price of their own products to remain competitive. Big data offers comprehensive market analysis for dynamic pricing policies.
- Fraud Prevention
Through analysis of big data sets, companies can identify where the most common types of fraud happened. For example, companies can find out which provinces or countries have the most credit card fraud cases, or where cash-on-delivery agreements are often violated. This allows companies to take steps and ensure each transaction is free of fraud attempts, by implementing anti-fraud actions in certain areas.
- Online Advertising Optimation
In the past, display advertising was not very successful. But, now with big data and programmed purchases, online retailers can display their ads more accurately to customers who might need them. With modeling look-a-like, it’s possible to get new customers. Real time advertising is also cheaper and more effective than any ad that has ever existed in the past. Therefore, with big data, online retailers can reduce advertising costs while increasing their media reach.
- Improving Customer Service
Companies can use Big Data to find out what kind of service they prefer. Maximizing data on each customer, companies can find valuable things about customer service. Even so, by collecting feedback from customers, the company will eventually be able to know the obstacles within the company that cause significant problems.
The rapid growth of the industry makes e-commerce little by little continues to shift conventional stores as the people’s choice to shop, especially in Indonesia where the estimated e-commerce market share will grow to around $ 81 billion by 2025 later. One thing can increase the competitiveness of an e-commerce company amidst the proliferation of high competition in this industry is Paques. With Paques Smart Data Lake as a ultimate tool, e-commerce company will be able to process data that looks worthless into valuable information to deal with this increasingly growth of e-commerce industry.
