In concise terms, Big Data is defined as the management and analysis of huge volumes of data that cannot be treated in a conventional manner and that, with the help of technology, can achieve great results.
In this context, we can say that Big Data offers the possibility for brands and organisations to make adjustments in their marketing strategies, which translate into a greater number of sales. Here are five ways how e-retailers can use Big Data in their favour.
5 Ways How E-Retailers Can Use Big Data
By collecting data in real-time while consumers make their purchases with the same retailer but in different ways and at multiple points of contact, they allow the retailer to identify areas of opportunity to offer the buyer a more personalized experience.
2) Dynamic price
To offer its customers a competitive price, it is necessary to collect data from multiple sources, so you can compare prices with respect to competitors, sales of another product catalog, consumption habits by region, promotions, etc. In this way you can determine sales strategies.
Also Read: How “Big” Is Data In The Retail Sector?
3) Customer service
Undoubtedly, offering good customer service is key to consumer loyalty, especially in the online world. In this area, with Big Data you can collect information from different channels and make crossings to offer a better solution and, thus, users will feel more valued.
4) Fraud prevention
The collection of large volumes of data and their analysis help to increase the detection of fraud. However, it requires the appropriate infrastructure to detect them in real-time. If you have one, it will result in a more secure environment to manage your business and improve profitability.
5) Predictive analysis
The analysis is crucial for all e-retailers, it does not matter if it is a large company like Amazon or Walmart or a small company. Big Data helps identify events before they occur, both the behaviour of customers and the market.
Why it is important to have Big Data as an ally if you are an e-retailer, because the industry is doing it and, seriously.