E-commerce retailers are using 2014 as a banner year to apply big data benefits to online conversion and sales strategies – and they’re just getting started.
Increasingly, companies that leverage data that’s already in existence can take advantage of real-time insights to drive conversions and sales in new and enticing ways.
To help your business achieve more with big data, consider the following two strategies for providing a more efficient, customized user experience in online retail:
Personalization Brings Big E-Commerce Wins
For starters, consumers often shop with the same online retailer but through different channels including website, email marketing, and social media platforms.
Collecting and analyzing the huge amounts of data that come with so many different marketing touch points has huge potential, including processing real-time offers to shoppers based on their personal interactions with the brand, as well as offering special content for shoppers and exclusive promotions.
Businesses that track a user’s data needn’t stop at name, address, and IP address. By creating a personalized user profile of website history, engagement, and conversion activity, online retailers can create informative profiles of their ideal customers and pursue behaviors that promote higher lifetime values.
Dynamic Pricing – A New Route to Revenue
Dynamic pricing is another channel that big data has revolutionized, further personalizing a consumer’s e-commerce experience.
Through this process, an e-commerce platform captures data from the specific user’s multiple touch points and quickly analyzes a number of factors to generate a dynamic, accurate price for an item each time.
Using analytics that take into account up-to-date competitor pricing, past and future sales prices, regional preferences, and customer actions enables online retailers to provide the consumer with a unique, on-point price.
Online experience personalization and dynamic pricing are two of the many ways big data is bringing big change to the e-commerce world, but the possibilities won’t stop there.
The ability to not only trace but analyze individual transactions across the complex landscape of online retail has massive potential – another way big data analytics can make e-commerce companies more efficient and more profitable.