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Whether it is Amazon, Shopify, your own platform or eBay, ecommerce is driven by information. From holding customer details to promoting popular products, the engine behind online trading is called big data.
There are six areas of big data:
We offer our clients valuable insights into their online sales. Armed with this knowledge, you can make your online business more efficient and create more sales conversions.
Marketing begins by understanding your customers. Big data can help you discover how buyers search for your products, while providing key details and buying habits.
When you know someone’s age, location and interests, you can start building a picture of your typical customer. Data can also help to explain surges in demand for certain goods and overall shopping trends. This information should be fed into your wider business strategy.
Pricing is vital to any business. With real-time information you can see if your pricing strategy is leading to more sales, and if growing revenue is actually producing more profit. You can even be flexible with your pricing, taking account of market trends, volume and demand.
Demand forecasting is another piece of the big data jigsaw as it can predict seasonal trends, so you can ensure you have enough stock on your virtual shelves.
Today’s online buyers expect ecommerce websites to recommend products based on their individual preferences, as it helps them find the best product for the best price.
You can use big data to drive your customer service by highlighting the most common complaints or reasons for returns. This will enable you to make informed decisions on rectifying problems with products, your service or sales process.
Online payments power ecommerce, and using big data can make improve your online security making transactions a lot safer for customers.
Are you making the most of your ecommerce business? If not, talk to the professionals at Parker Russell who can help your business succeed in the competitive online environment.
From tackling tough questions over tax, to making sure you collect customer data while being GDPR compliant, we can help your business run smoothly. If you need the tools to make your online store a success, please do not hesitate to contact us.