The report generated by IDC has revealed that the big data analytics sector is expected to record a tremendous growth of data from the current 61% to 175 zettabytes within the next three years. Big data represents a huge amount of this data produced by businesses operating across different domains on a daily basis.
The problem comes in when you have to process and analyze all these chunks of data and use the decision-making outcomes. To process massive amounts of data needs you to possess incredible analytical skills before getting the job done. Big data analytics gives you the freedom to process data and generate insights within the shortest time possible.
Gathering customer data plays an integral role, especially if you are running an online business. By including big data analytics amid data collection, it becomes easier for business owners to learn more about the nature of their customers. However, many people fail to understand the power of big data analytics in enhancing the success of online businesses.
This blog post shares actionable insights and the impacts of big data analytics on online businesses’ success. Read through the article for more information.
Enhances Secure Online Payments
When running an online business, you need to have secured modes of payment that work for the business as well as customers. Big data analytics enables you to evaluate any form of typical spending behavior across your business and notify customers in real-time. In addition, you can easily set up an alert for fraudulent transaction activities.
Fraudulent activities include monitoring different purchasing activities using the same credit card within a very short time. Also, keep an eye on different payment methods that come from a common IP address. Big data analytics has introduced the use of a central payment system for all payment activities to enhance easy monitoring.
In addition, you can analyze some of the payment methods that work well for most customers to eliminate inconveniences. You can also measure the effectiveness of new payment methods to eliminate the chances of customers leaving products hanging on the shopping cart.
Optimizes Prices and Increases Sales
Most customers have the tendency to appreciate good deals. Online businesses utilize big data analytics to visualize some of the fairest prices across the industries to ensure that every product is worth its price. The most loyal customers to a particular brand tend to receive the sales notifications earlier, notifying them about the new prices.
Note customers may be forced to pay either higher or low depending on where they live from the company headquarters. Remember that companies are constantly competing with each other trying to secure potential customers to elevate their brands across different domains. By putting data visualization tools (AnyChart, ChartExpo, Tableau, or Fusion Charts) into practice, it becomes easier to identify the best success routes.
When setting up prices, you need to evaluate your competitor data to get a glimpse of what your competitors are doing in business. Also, you need to identify the best-selling channels that work well for your customers to serve them what they need.
Predict Trends and Forecast Patterns
Business growth mainly depends on what you are doing to make your brand unique. In an online business setting, you should be extremely careful with every move you make since it is likely to have a long-term impact on your business growth. Big data analytics gives business owners a chance to predict the future of their companies.
After collecting data from different sources within the business, data visualization such as excel charts helps you uncover patterns and trends hidden within the data, and gives you a glimpse of what needs to be done for the well-being of your business. Also, you can evaluate your past data, and the current state of your online business to help you detect the future of your brand.
If you note negative instances within your data values, quick action needs to be taken to create a conducive business environment that will attract customers instead of sending them away. The secret is to do proper data analytics and visualize the report to generate actionable insights that you can use.
Enhances the Shopping Experience
The good thing with running an online business is that you generate endless amounts of data that you can use to propel predictive analysis operations. Big data analytics aids in tracking the number of clicks recorded per page and those who add products to the cart and abandon them. Also, it evaluates the amount of time taken between visiting the homepage and recording a purchase.
This is where predictive analytics comes into play to shorten the time it takes before recording purchases and to reduce the instances of customers living products on the cart. Once all the features are taken into account and worked upon, customers experience a simple and seamless shopping experience.
You need to ensure that customers do not need to undergo multiple stages in order to purchase a given product. Remember that prospects do not have a lot of time to keep answering unnecessary questions before buying a product. This makes them abandon the products on the cart.
Dynamic Customer Service
Every business strives to offer excellent services to enhance customer satisfaction. You might have refined products with competitive prices, but a lack of exceptional customer service will likely bring your business down. Securing new customers is a daunting exercise that needs you to offer the best services in the industry in order to seal the deal.
Companies that offer exceptional customer services receive multiple customer referrals, thus securing more customers. Data analytics takes part in evaluating customers’ perspective toward your business and help you identify your weaknesses and strengths. You should focus on working on the business areas of weakness to satisfy customers.
You should collect data from different sources such as social media to be able to learn what customers say about your brand. This will give you a starting point on the areas that need changes, especially customer service to enhance satisfaction. Also, request customer reviews after service provision to evaluate your business growth.
Final Thought
Your business growth mainly depends on the provision of your services and how you handle customers. Remember that creating room for repeat customers significantly impacts your business success since they spend more than 67% compared to new customers. Big data analytics plays a central role in streamlining business operations and identifying areas within the company that need adjustments.
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