Big data Use cases in E-Commerce Industry
1. The use of Predictive Analytics
This analytics can be used to analyze what will be the trend and what will create a buzz in social media by predicting the future with forecasting algorithms. Also, predictive analytics is used to determine what a customer can buy in future this can be known as sentimental analysis, which will analyze what a customer discussing e-commerce products on social media.
2. Optimizing the Product Price
Using real-time analytics in big data can help retailers to enable the best price for goods by tracking through the transactional records, competitors, and other things. So this is why the pricing of a particular product in an e-commerce store often varies.
3.Helps to Forecast the Demand
For websites like Amazon, it is very important to execute accurate forecasting on demand, because it is very complex to manage their inventories on shelves. Amazon uses some real time forecasting tools to track the historical data and those tools will have the provision of assessment in demand fluctuations.
4.To bring Better Customer Experience
I. 89% of customers are refused to buy a product in an e-commerce portal, after experiencing poor service with them.
II. 83 % of customers often require immediate customer support while purchasing a product online.
Big data lets the business to create a 360-degree view on users in order to bring stressless and optimized customer experience by compiling the previous online/offline transactions, social media discussions, product reviews and etc.
Read more at : How Big Data Can Be Used in Ecommerce Industry