How to use big data to build your e-commerce brand
Big data and e-commerce are at the forefront of most business changes at the moment. Productivity levels and growth are now driven by these two critical elements of modern business and e-commerce is the joyful recipient.
What is big data
This is a term for all the information and data, both structured and unstructured, that a business encounters and uses on a daily basis. As computing improved, the ability to collect, save, store and report on massive data sets emerged. Big data is essentially typified by the three Vs – volume, velocity and variety – and is now able to be collected in huge amounts, stored, and analyzed in the cloud. Volume is the amount of data and some of this will be unstructured and make no sense whatsoever, but it will be there and require detailed analysis to make sense of it. Velocity is the rate that the data is received analyzed and transmitted onwards. Variety is the type of data, and this can vary from simple demographics to the most detailed, browsing and buying habits of a large number of customers and consumers. The secret to being able to use the wide variety of data types, is to ensure that your data bases are integrated.
Top ways to use big data
Send out customer specific gifts and freebies
Using big data to send out branded, yet personalized customer and client gifts will build your brand. The technology exists and there is no reason why you should not be using it. From sending the simplest branded gifts such as custom armbands in Tampa is a great start, but then using big data to determine which arm band is sent to which client or customer is the trick of the information age that is now possible with big data.
Send out new product information and news
Providing your customers with information and news on the products or service that they have purchased or accessed in the past, and in fact throughout their entire purchase history with your firm, is a possibility with big data. This also be done automatically with the use of Artificial Intelligence.
Analyze what’s selling and what’s not
One of the top uses of big data is in its analysis. Being able to understand your customer and client base is the first step on the way towards growing this customer base or increasing sales to current customers and clients.
Price more competitively
With access to the vast amount of competitor pricing data that will be available on pricing and products, by accessing big data you will be able to hone your pricing.
Big data is the future of business. Whether you are online or not, accessing big data will be the only way for your business to compete in an information or data age. The process is simple, and it is worth doing your research, reading more articles like this one and being prepared to take your e-commerce initiative to the next level.