Today, I am going to blog about Big Data in E-commerce. when we talk about Big data it is highly important to understand what is big data and how it is effecting todays E commerce. Another important question is who is using Big data.
Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organisations do with the data that matters. Big data can be analysed for insights that lead to better decisions and strategic business moves. Big data is used by all types of industries like Banking, Healthcare, Education, Government, Manufacturing and Retailer.
E-commerce industries are using big data to create a better shopping experience, boost customer satisfaction and generate more sales. big data is about improving the experience that shoppers have when they make a purchase online, increasing the satisfaction rate of customers and generating higher profits. Some shoppers may search a specific product or services on their smartphones, some may browse on their computers whereas some will try finding those product and services on their tabs and Ipads.
Below is a model how a big data architecture can optimize multi-device e-commerce search.
The structure above demonstrate the enrichment of product metadata for showing on different screen sizes, including product descriptions, image tags, categories, ID numbers, etc. Intelligent automated suggestions and/or synonym recognition for user’s specific search queries. Queries chaining for contextual, long-tail search queries. Individual product suggestions derived from preferences of users with similar characteristics.
Benefits of Big data for E-commerce Industries.
Big Data deliver something more valuable:- Amazon uses advanced tools to constantly adjust pricing. This retailer can compare pricing data from competitors and automatically adjust the price of its own products. There is now more than ever a real need to offer something more than value, which means retailers have to develop a good reputation and become the go-to option when a shoppers wants a low price and a good experience.
Deliver more personalised interaction:- Amazon is well-known for using big data to make product recommendations to shoppers. If you have ever shopped on Amazon, you have probably noticed the ‘Customers who bought this item also bought’ section. Adding this simple feature to product pages actually resulted in a 30% sales increase when the feature was originally implemented.
Making accurate predictions:- Gathering data on shopper’s fashion preferences allows the E-commerce businesses to offer a better experience for their visitors.This helps them keep the right products in stock and negotiate the best rates possible with their tailors and suppliers.
Reduce The Shopping Cart Abandonment Rate :- Cross-device tracking, also known as re-targeting can be used to reduce your shopping cart abandonment rate. eBay found that shoppers usually do research from three to five different devices before they make a purchase.Big data can be used to record the different steps of the buying journey and to deliver relevant content to Internet users before they complete a purchase.
Conclusion:- To conclude Big data is a boon to Ecommerce industries. In future Big data along with ongoing advancement in technologise can become extremely powerfull tool, for not just the E-commerce business owner but also for Consumers and end users.