One of the major benefits for ecommerce companies is from being internet-enabled, every step of their business from customer acquisition to product delivery, can be tracked. “This provides a very compelling reason for ecommerce companies to use data analytics. The dynamics of the ecommerce industry and razor-thin operating margins are driving the faster adoption of Big Data analytics,” says K G Manjunatha, Chairman and CEO, Kenscio Digital, a Bengaluru-based digital marketing solutions and services company.
It is found that brand marketing, buyer perception, risk assessment, product pipeline management, backlog and fulfilment tracking, recommendation engines and pricing are some of the most popular demands on the analytics side from the ecommerce space. While some assessments may be required on a daily basis, some are more opportune in nature. “Big Data analytics is helping ecommerce companies adopt real-time pricing based on customer demand and competitive pricing. With the analyses of large amounts of product data and consumer likes, purchases and reviews, among others, the portfolio of products can be optimised for each user or group of users based on similar clusters or segments. Analytics also help predict what customer needs and assist in recommending the products,” says Manjunatha.
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