Big Data: Empowering the world of e-commerce

The revolution caused by Big Data and intelligent technologies is leading to a more efficient, personalized, even automated customer journey, one which a digital marketer cannot afford to miss, says Deepak Mittal, CEO, IntelliGrape/TO THE NEW

e4m by Deepak Mittal
Updated: Jun 23, 2014 12:45 PM
Big Data: Empowering the world of e-commerce

Ever wondered how you get shopping recommendations exactly corresponding to your style. Or even a list of recommended restaurants closely matching your taste buds. Still thinking how your favorite online retail store knew that you are in love. Welcome to Big Data world. Yes, you must have heard this term millions of times. However, it’s not a technology fad but a paradigm shift which revolutionized the face of e-commerce businesses.

For any e-commerce business to sustain and remain competitive, it is imperative that they embrace latest trends in digital domain. And Big Data is one such wave, which is helping e-commerce companies reach customers on a never before seen scale, at the same time offering customers with uniquely tailored experiences.

With the amount of time and money being spent online growing every year, businesses need to keep a close watch on how its customers are behaving online. Big Data Analysis is helping companies gain deeper insights into customer behavior and industry trends, thus letting them make strategic decisions to improve their operational and marketing ROI. 

One brilliant example illustrating the intrinsic value of “Big Data” is of retail store chain, Target. The case made headlines, when Target knew a teen girl was pregnant, before her father did. The reason why Target could peep into her private life was because of her shopping patterns and habits. Such is the power of Big Data.

Online retailers are relying on Big Data to gather valuable, real-time insights that drive smarter, more profitable strategic business decisions. Since the choices are based on data insights, it saves companies from investing energies and funds at wrong places.

A leading bank in Europe used Big Data for accurate customer segmentation. With customer’s transactional behavior analysis, they quite accurately predicted the likelihood to change to a different segment. The result was a more refined list of potential personal / private banking customers, which helped them devise a robust marketing strategy, leading to a significant increase in number of new customers.

As an online retail store, you would always be wondering - What products are my customers looking at? What are their preferences and interests? Which products should I stock? How should I predict product volumes for future seasons? What should be the right pricing strategy? What is the effectiveness of my digital marketing (mobile, search, display, social) campaigns on sales? Big Data has answers to all these.

To provide customers a personalized experience and optimize the search funnel, a US based food e-commerce giant got itself a recommendation engine, which led to a million dollar boost in revenues. Utilizing Big Data analytics, the company got a recommendation system to suggest products and services most likely to appeal to individual audience, based on their browsing behavior, past transactions and other customer’s transactions.

Let’s admit it, Big Data is here to stay. The e-commerce industry will keep witnessing this shift driven by Big Data and intelligent technologies. And this shift is leading to a more efficient, personalized, even automated customer journey. As a digital marketer, you need to jump on the wagon as you can’t afford to miss out.

Deepak is co-founder & CEO of IntelliGrape Software, the technology arm of TO THE NEW, specialising in developing and managing mission critical applications for web, mobile, cloud and social media platforms. He loves being close to technology, is a hands-on coder and regularly speaks and evangelises various technologies in conferences and user group meetings. He has also authored a book on Firebug.

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