How Big Data Analytics can effectively revolutionize eCommerce Businesses?

The e-commerce industry has grown by leaps and bounds during recent times. According to a survey done by shopify.com, global eCommerce sales are expected to touch the mark of 4.2 trillion US dollarsby 2020 and will exceed 6.5 trillion US dollars by 2023.

With the industry gaining such mammoth proportions, it is becoming increasingly difficult to keep a tab on the requirements of the customer.

This is where Big Data Analytics comes into the picture. By analyzing the massive amount of data created by millions of customers, an e-commerce company can improve its service.

Enter the game of big data analytics by collecting relevant data about your customers and analyzing them. This way, you will gain valuable insights into customer behavior that will shape the future of your company.

How Big Data Analytics is making Business Profitable?

At TopDevelopers.co, we have prepared a list of the top e-commerce website development companies to help the businesses that are looking for a quality developer. Be it eCommerce or any other sector, Big Data as a technology has been turning out to be revolutionizing the processes gradually. The aspect that makes Big Data Analytics efficient is the correctness of the data. It gives you aspects that you can move your businesses towards a path of better ROI.

In the case of the eCommerce industry, there is plenty of data that is not efficiently analyzed but rather just accumulated and stored. The core of marketing for any business is connecting with them at the right point of time which makes the marketing and sales more interesting. For instance, you as a person will think about buying something to drink only if you are thirsty so if the person is contacted when he is thirsty then he is more likely to buy something to quench his thirst.

If the huge amount of data is further processed efficiently, there is a greater chance that the eCommerce businesses can reach out to their customers and connect with them much better than as of now. Thus, big data will possibly equip eCommerce businesses with better tools to reach out to their customers with the right product or services.

How Big Data Analytics Impact eCommerce Industry?

Conduct a more Robust Consumer Analysis

Your customers leave essential patterns in their data. You, as a business, can generate immense profit by analyzing these hidden patterns in a customer’s buying behavior. eCommerce businesses have started realizing that Big Data Analytics helps to improve sales.

For Example, if you are a department store owner and you come to know that all your customers buy more beer just before a major sports game, then you can stock up more beer a couple of days before the game. Such small analysis, and being ready to serve the instance rise in demand, will drive your revenues northwards.

By collecting and analyzing the data gathered from customer reviews, you can conduct much more in-depth sentiment analysis. Using the Natural Language Processing technology while data mining texts, you can analyze the underlying sentiments in the customer reviews. With Big Data Analytics, brands can know the customer’s view of their brand with more accuracy.

Big data analytics allows businesses to know which product is positively viewed by their customers and which one is viewed negatively. It helps them in improving their products/services in such a manner that it aligns with customer’s expectations. To conduct a more in-depth analysis, you will need the services of expert Big Data Analytics companies. These service providers will help you to achieve your goal of leveraging the power of Big Data in your e-commerce business.

Improved Customer Service

It is a well-known fact that acquiring a new customer is significantly more costly than keeping the old one. It is the reason that loyal customers are the most valuable asset of any business. No business can survive without a loyal base of customers, and big data analytics helps in increasing the loyal customer base by providing the customers with excellent customer service. Hence you should focus on customer retention rates to expand your business.

Big data helps in making the businesses more responsive through better integration of various CRM channels. Big data helps your customer service support staff by providing them critical information about a particular account. This way, your customer service team can be prepared to deal with repeated issues in a much better manner by using the insights derived from analyzing the data.

Big data analytics helps in reducing the number of frustrated users who are tired of repeating themselves over phone or chat. It happens because using a big data analytics system, all the members of the customer service team know precisely what the problem is.

By analyzing the constant chatter in social media about your brand, you can prepare a contingency plan to avert any potential customer service disaster.

Improved Mobile Commerce

There are more than a billion smartphones in the world today, and their number is rising. Building a dedicated mobile app for a business has evolved from being a luxury to becoming a necessity. In today’s digital world, where people spend most of their leisure time on mobile as compared to a desktop or a laptop, your brand must have a presence in the mobile app market.

Today mobile apps are transforming the e-commerce industry. By having a dedicated mobile app for your company, you can gather valuable data about your customer’s buying behavior.

This data, when fed into an efficient big data analytics algorithm, can prove to be a game-changer. It can predict buyer behavior by analyzing past patterns and help you in increasing the average sales per user.

By using the data gathered from technologies like Geo-tracking and utilizing programmatic advertising, big data analytics can help you in connecting with consumers in critical moments just before the purchase decision is taken. It helps in improving the conversion rate, in-turn having a positive effect on the bottom line of the company.

Personalized Experience

Big data analytics help in transforming the relationship between the company and its customers. It allows the company to view the world from a customer’s point of view. It enables companies to minimize the gaps in their product offerings.

By analyzing the buying pattern of its customers, a savvy company can personalize its products and services according to the customer’s preferences. Brands can improve their product by analyzing the feedback given by customers. It includes analyzing the feedback on various parameters like customer satisfaction levels, willingness to recommend their product to others, and social media chatter about a brand.

With Big data analytics, personalization has reached much deeper levels. It is now possible to tweak the appearance of a website according to the customer’s preferences. Experienced e-commerce business owners understand the role of UX in increasing user engagement. By personalizing the UX experience of a customer, your brand stands to improve its sales figures.

Marketing is a domain where the power of big data is in its full Glory. By analyzing the online shopping behavior of a customer, your brand can store tons of detail about a customer. Relevant advertisements can be placed on the favorite websites of a customer, which in turn translates into higher revenues. As we know, marketing is all about understanding the customer’s pain point and directing your commercial message in such a manner that the customer’s pain point is addressed. Marketing research has become more laser-focused with the advent of Big Data Analytics.

By utilizing the power of big data, your brand can recommend products based on the personal preferences of each customer.

Flexible/Optimized Pricing Policy

Pricing is a big headache for any e-commerce store. Pricing plays a vital role in determining the success of any e-commerce store. Old school pricing strategies like cost-plus markup and rule of thumb used to work in smaller departmental stores. These pricing strategies fail to work when you are running an eCommerce store where you are supplying your items to a wide geographical area.

Using the power of big data analytics tools, the business owners can monitor the competitor’s price in real-time and accordingly adjust their pricing.

These Big Data Analytics tools help you in keeping your pricing flexible, always keeping you a step ahead of the competition.

Safer Online Payments

A factor that is standing affecting the growth of e-commerce is the reliability and safety of online payments of online shoppers. Many cases of online fraud have come up, which have shaken the confidence of consumers on eCommerce businesses.

Big data can help in reinstalling this confidence. By applying a smart big data algorithm to your e-commerce site, you can find out an anomaly in the typical spending behavior of a customer.

For example, if a customer is spending an average thousand dollars every month on your website, then the system will inform you and the customer if suddenly a $5000 order comes up. In this way, Big data analytics can help in safeguarding the customer against online frauds.

Better Sales and Demand Forecasting

For a business, it is essential that apart from attending to present business, it catches new opportunities also. Big data analytics can help in improving sales by efficiently predicting demand.

Today sophisticated big data analytics algorithms are predicting demand patterns by analyzing binary search trees.

By analyzing past patterns, smart big data algorithms can also conduct demand forecasting. An e-commerce business relies upon the optimum stocking of wares.

Big data analytics can tell you exactly which items to stock add in how much quantity by analyzing the past patterns. It helps you in optimizing your inventory and in boosting your profits.

Wrapping up

Using Big Data Analytics, you will be able to gain a higher and more in-depth understanding of your business. An eCommerce business entails managing many separate functions like inventory, supply chain, marketing and sales, production, and so on. Big data analytics will improve your operational efficiency in all these areas and help you in gaining an edge over the competition.

Opt For The Best Home Loan Rates In India

Financial advisors often tell you that, “there are several important factors for a home loan. Yet none is as important as your home loan interest rates.” The point is pertinent, as these rates impact the total amount of interest as well as the EMIs. Keeping this in mind, it is important to ensure that you have chosen an organization that offers the ideal home loan rates for your loan. Here are a few ideas to help you to get the best housing finance:

Research: With a wealth of home loan information available online, you should conduct a thorough research while identifying the right course of action. You should also ensure that you have a good credit score. Even if it implies that you need to pay off some minor credit card dues or a personal loan before hand, the effort is worth it in the long run. You should also ask questions online as well as to local bankers and financial experts. All this will help you to identify the most receptive housing finance organizations with the best home loan interest rates .

Financial expert: A third party expert can always be consulted for better insights. You can make better decisions with the help of the right expert by your side. It is important not to rush into this decision, though. You should hire one only after your own research is complete. Find one with enough experience and contacts as well. A good financial advisor can also help you to negotiate interest rates efficiently and can serve as the most rewarding benefit of third party services. Most experts can even help you to analyse the terms and conditions related to your loan.

Apply to several organizations: It is important to search for a home loan across nationalized banks, private sector banks and other housing finance companies. Applying in several organizations improves your odds of getting the right home loan offer as quickly as possible. While it may seem like an expensive choice, given that each will charge you non-refundable home loan processing fees, it does speed up the process. As most home loan processes could take about two weeks or so, it’s best to apply simultaneously and save on precious time.

Other factors like the type of interest, the loan tenure and the terms and conditions will affect your loan. With the best possible rate in hand, though, it is much easier to work with other components. While this doesn’t imply that you should ignore other factors, it does mean that you should prioritize all the factors based on your financial situation such as income, assets and liabilities. A good home loan interest rate along with other compatible factors will add up to a good deal for you.

Know More About Home Loan Protection Plans

Home loan protection plans (HLPP) are unique insurance plans for home loan borrowers. Simply put, this gives a lump sum benefit in the event of the death of the insured, which can be used to pay off the pending home loan amount to the bank or housing finance company. This basically helps to safeguard your decision of buying a home using a housing loan . That being said, it is important to know a few facts about this to make the best decision possible.

• It is a term insurance.

This cover works as a term insurance i.e. provides coverage at fixed rates of payments for a limited period of time. In case of death, the nominee gains full benefit, which is the lender, in case of a house loan. While most mortgage organizations have collaterals, this insurance cover is a great asset for the insurer as it can ensure that the borrower’s family don’t lose their house in the event of an accident.

• The premium is a very small amount.

Like term insurance, the premium on this is a small amount and can be paid annually or in a single payment. Most Indian housing finance companies also allow you to include it in home loans, if you don’t have sufficient balance for paying the premium.

• There are no benefits in the event of survival.

This type of policy has no benefits if the insurer survives. This drawback is the main reason why low cost insurance plans are available in the first place. However, this home loan insurance cover is valid for the entire duration of the loan. That makes it a great and affordable safety net in case of death as your home stays within the family. For most people, this is an important cover as their home is the largest asset for them.

• You can use term insurance for the same purpose.

If you already have term insurance of an equivalent amount and time period, you may not need to buy HLPP separately and can use the same. In most cases, people need to buy it as they don’t have an existing term insurance policy of equivalent value.

The safety of this policy is very important to people who do not have any major investments that can be used to repay pending amounts in EMIs. While this is not a necessity for people buying homes as an investment, it can be deemed as a requirement for self-occupied property purchases with housing finance.