Indian retailers are embracing e-commerce technology to create new online behaviors. Boosted by demographics, increasing Internet infiltration, smartphones. and social media, the retail opportunity in India is considerable, and the growth of e-commerce is creating many exciting experiences for shoppers.
In turn, sellers and retailers are focusing on their online presence, offering consumers a plethora of choices at competitive prices. B2B markets, including small and midsize businesses, are also taking advantage of an increasingly level playing field.
The e-commerce influencers
Social, mobile, and cloud computing are becoming ingrained into the core of the e-commerce world. While social media is the biggest influencer when connecting sellers with buyers, mobile technology enables a larger transaction scale, and cloud computing reduces costs while increasing website speed and efficiency. Furthermore, predictive analytics helps e-commerce businesses optimize their marketing strategy to promote targeted advertising and develop reliable sales.
Let’s discuss how analytics can impact a business. The action carried out by every individual user is converted into quantifiable data. The data report is used to splice consumer demographics into smaller segments, which can help predict demand, manage the supply chain, enhance customer satisfaction across verticals and geographical limits, work on website architecture to improve the user experience, and ultimately, build consumer loyalty.
In today’s digitized commerce world, online retailers must implement best practices to address key challenges and maximize benefits. Predictive models help businesses in determine the intent of their customers, which helps retailers meet market demand. This information is also becoming increasingly valuable to track user behavior.
Engine analytics enables e-commerce entrepreneurs to target customers on the basis of their behaviors. E-tailers can offer complementary and/or alternative products, search options, and brands, send customers targeted product promotions even when they are offline, and keep visitors on their site longer to help prompt purchases.
For instance, suppose a customer is searching for a rice cooker. An e-commerce retailer can recommend available models and brands and offer details to help inform the buyer. Simultaneously, related searches such as milk cookers, utensils, or other kitchen utilities can promote upsell.
Prompt interactive shopping
Interactive shopping aims for customer loyalty. Integration of an online logistics platform helps maintain end-to-end visibility of purchases and orders, and business intelligence software helps process customer transaction data. It also enables retailers to offer multiple delivery options, and can prompt customers for additional purchases based on their buying patterns. Consistent customer service, coupled with technology, can greatly increase customer reliability.
Data mining software enables businesses to be more proactive and make knowledge-driven decisions by harnessing automated and prospective data. It helps retailers understand the needs and interests of their customers in real time. Further, it identifies customer keywords, which can be analyzed to identify potential areas of investment and cost-cutting.
Supply chain analytics
The supply chain analytics framework supports root-cause analysis and shows day-to-day operations. These metrics, combined with predictive analysis, helps organizations optimize costs and invest more effectively. It enables scenario planning and performance tracking, which can enhance the e-commerce company’s overall performance.
To conclude, predictive analytics can help e-commerce companies improve operations and customer service and boost customer retention and satisfaction. Visionary organizations are already moving to leverage analytics technology to gain an advantage over their competitors.
For more digital transformation strategies, see Is Your Machine-Learning Implementation Debt-Free?