Everything we do, whether it is offline or online, is a data source and as technology grows so do the ways to collect and measure data. Understanding any key changes or trends in behavior is key to understanding the changing world around us, and to identity any developments or changes in our customer’s behavior.
However, one of the drawbacks that has arisen when trying to analyze the behavior of customers is that there is often too much data to sift though. We are inundated with a myriad of facts, percentages, numbers and perceptions which has made organizing and understanding data much more complicated than it needs to be.
In Ecommerce data has been a “buzz” word that has been making its way around for a while, with its sole purpose being a source of continued discovery and analysis. Data and analytics offers a huge amount of insight for an Ecommerce business or organization, with these businesses being able to take the information they find from data and analytics and use it to find trends and developments that will help streamline their offerings, gain more customers and resell to their existing ones.
In 2018 the face of Ecommerce will change dramatically, and here are five ways in which that transformation will be made possible:
Analysis of Your Customers Key Shopping Habits
Understanding the behavior of your customers is essential for success, and this is even more critical if your business is solely Ecommerce based. Data and analytics is an essential part of an Ecommerce business to provide information on your customers preferences, an uptake in demand or trends that determine if some products are selling better than others. Data can be used to ensure that the most popular products and services are always being marketed and are available for purchase online. You can even find out through data what searches are being conducted for products that you don’t offer, which will help you gain new opportunities to sell them and diversify. Important customer patterns and behaviors will become apparent through data and analytics, and you can even drill down to find out which are the most popular times that people visit your site and make a purchase.
The Return of the Customer Being King (or Queen)
Unhappy customers and poor customer service is something that no Ecommerce business should fall victim too. The statistics on this are alarming – 91% of unhappy customers will not buy from a company they have experienced poor customer service from. Therefore, focusing on developing how you treat your customers is crucial to the success of your Ecommerce business.
It is essential that you make it as easy as possible for customers to connect with your Ecommerce business, find answers to their questions and sort out issues quickly and easily. Through data and analytics, the metrics you need to see how quickly your customers can do this will be available.
Online Security for Payments
Payments online must be able to be made easily but more crucially than that, they must be as secure as possible. Advanced analytics can provide you with a powerful and intuitive platform that can discover fraud in real time and provide proactive solutions for identifying risks. Data and analytics can also detect payment money laundering transactions that seemingly appear as legitimate payments and protect you against these accordingly.
Mobile Ecommerce is Growing
The use of tablets and smartphones is increasing exponentially, and it is predicted that desktop computers may become obsolete in a few years. Data and analytics make Ecommerce via tablets and smartphones crucial to competing in the marketplace and brands can now collect data from a wide range of different sources and analyze customers via mobile technology.
The Rise of Virtual Reality in Ecommerce
Virtual reality is revolutionizing the Ecommerce world, and offers tools and insights needed for businesses to efficiently present their brand, advertise and offer a growing shopping experience for their customers – all in the comfort of their own homes. Through virtual reality data and analytics can be changed based on their findings, often without any human interaction at all. Virtual reality will streamline the Ecommerce shopping experience thanks to the analysis of data.
Data and analytics has completely enhanced the Ecommerce process, making it much easier for online stores to be successful and profitable. For those Ecommerce sites and platforms looking to gain an edge over their competitors, data and analytics can often be the key to success or failure. Ecommerce will grow even more with the use of data and analytics, and the customer journey will grow and improve using these two mediums. Ecommerce businesses should ignore data and analytics at their peril.