Summary: Big data can save you money by helping you understand how to market to your customers and allowing you to only order merchandise that sells.
For any online business to succeed, it needs a good product and superior customer service. What will take your e-commerce business to the next level, however, is a data analysis. There are different tools to monitor the activity on your site, but what is most important is what they can do for you.
Be More Efficient
Data on your website can help you identify ineffective merchandising efforts, which items are selling quickly and which are not selling at all. It can be more precise and show you if only four color options are selling when you offer seven. Then you can stop offering the colors that don’t sell.
You can also analyze the click behavior of your customers. It will show which items they view but do not buy and which items they do not even look at. By studying the behavior of your target market group, you can tailor your site to suit their needs and turn inventory more effectively.
Push More Inventory
Using a shopping cart analysis will help you understand which items are purchased together. You can then encourage customers to buy items that are commonly bought with what is in their cart, thus pushing more inventory.
Data can even be linked to your suppliers’ databases, allowing you to automatically order goods that are selling quickly, and put holds on orders for items that are not moving. This way, you won’t spend your earned money on merchandise that does not sell.
Big data can help your online store be more cost-effective and assist in efficient marketing towards your customers.