Digital disruptions and transformed perceptions have created quite a stir in the global business landscape. Almost every business today aims at achieving unsurpassed operational efficiency, thus taking their dream ventures towards unparalleled success.
What we come across in this context is a crucial question. Considering the collective growth rate of the global business arena, what is it that has helped enterprises take the giant leap towards fulfilling their objectives.
The answer is Big Data, which happens to be an integral, internal, and inseparable segment of enterprise functioning. With the power to translate crucial business data into actionable insights, Bid Data is making all the difference for innumerable companies across industry verticals.
Let’s get down to the basics and discover what Big Data truly represents.
Decoding Big Data
According to popular definition, the term ‘Big Data’ refers to the complex, structured, or unstructured data sets generated by companies. Processing these data sets will lead to increased profitability for the respective company or enterprise. While decoding the term or creating a formal definition, it won’t be feasible to ignore Big Data Analytics.
Big Data Analytics: Why and How
The extraction of big data leads to successful big data analytics, which helps companies gain deeper insights into profit yielding opportunities. The analytics is categorized into three crucial segments that include:
- Social media analytics: Every modern enterprise or present-day businesses generate bulk data from numerous social media platforms and sites. Social media analytics refers to the analysis of data sets obtained from the popular social media channels.
- Mobile analytics: Rapid proliferation of mobile devices and widespread popularity of mobile innovations have prepared the ground for mobile analytics. The concept refers to the analysis of data sets obtained from mobile phones and devices.
- Predictive analysis: As the term suggests, predictive analysis refers to the practice of analyzing historical data sets, thus developing a better understanding of consumer preference and behavior.
With these three unique big data analytics approaches, entrepreneurs will have the golden opportunity to ensure unparalleled customer engagement leading to unprecedented success and massive ROIs.
Since social media analytics plays a pivotal role in the entire big data analytics process, big data ensures ample benefits for e-commerce portals. Let’s turn to some crucial stats for a crystal clear picture.
- Stats 1: If market statistics are anything to go by, then approximately 40% of users on social media platforms opted to purchase items after sharing it on social media platforms.
- Stats 2: Another statistical data from the same report suggest that almost 71% of users on social media channels rely on referrals while planning their purchases.
These statistical references clearly state the paramount significance of social media analytics, which brings us to discovering its application in the e-commerce arena.
Big Data and E-Commerce: Unraveling Use Cases
The incorporation of big data analytics in the e-commerce sector will give rise to better customer engagement, increased traffic, and several other benefits. The following points will elaborate more on this segment.
- Personalized customer experiences: A retailer will have countless customers shopping with them, which will undoubtedly create multiple touch-points in the sales process. Data from all these points must get collected and processed thus leading to personalized shopping experience for every customer in real-time. Big Data makes that possible by helping both brand loyalists, and new customers enter into a collaborative ecosystem.
- Detecting fraudulent practices: Big data strengthens Business Intelligence, thus uncovering all the fraudulent practices taking placing within your e-commerce business.
- Customer service: E-commerce portals need to keep note of customer complaints and queries on their online portals as well as social media platforms. Big data analytics will equip them with unprecedented problem solving skills, leading to optimum customer satisfaction.
- Embracing dynamism in pricing: Obtaining data about competitive price points, from multiple sources, will accelerate the determination of the correct pricing standards. Big data analytics will bring crucial factors such as regional preferences, consumer choices, and competitor prices into the picture while determining the right price.
- Predictive analysis: With an idea of consumer preference patterns, product demand, and supply chain management beforehand, you will undoubtedly gain the liberty of developing your product inventory as well as devising marketing plans. And it is Big Data that is making it happen for you.
From consumer engagement to profit margin expansion, Big Data provides all that an e-commerce owner could ever wish for. As of now, present scenarios herald a bright future for it in the e-commerce landscape.
If your business too requires the power of Big Data to give you a competitive edge, then it is worth exploring CIGNEX’ unique technology capabilities. We specialize in next generation Open Source Data Integration, Management and Analytics through our proprietary platform – Panoramyx. The solution helps in connecting with various structured and unstructured data sources. As a result, data collection and its insights become swifter, and outcome-oriented, thus leading to better decision making capabilities within your company.