How can Big Data Rescue your Dying eCommerce Business?
Consider this. You have a private farm and you want to prevent people from using it.
Now, be honest, and tell, which of the following signs will stop people from entering your farm?
Sign 1: “Public Beach Ends Here. Private Property ahead.”
Sign 2: “Warning: Shark Sighted!”
Without a doubt, it is sign 2 that will keep the people away from your farm. Why? Because the first sign is just an informational sign which simply conveys a message.
While on the other hand, sign on the right is Behavioral communication.
Having said that most of the companies still segment their audience by demographics, which makes it difficult to grab the actual audience.
Professional companies have switched from demographics to psychographics. Companies no longer rely on your age and your social status, what companies are working on, is pattern recognition of the users.
Psychographics is basically understanding the behavior of your users. What they are doing and how they are responding to the data that is given to them. Once you understand the science of it, it will be easy for you to give your customers the service they need.
If you’re able to stimulate any of the emotions that evoke the above behavior you will be able to use the power of big data and rescue your dying eCommerce business. With ever-compelling online solutions and benefits that Big Data provides, it is proving highly relevant and imperative to the eCommerce business around the globe.
But first, let us look what exactly is Big Data?
The amount of digital data in the universe is growing at an exponential rate, doubling every two years, and changing how we take-in and put data out there. In the start it is just the information, and if can do something with that information that information turns into lethal data.
A data, which can be used to benefit you for your business. This data known as Big Data can add value to your business and help you to expand your horizons into the various customer database.
Since data is available to the every-level user, you will have the benefit of understanding the behavior of the user and act accordingly. You can use social media, where your audience is present all the time to take in the data and use it to solve problems of your users. Oh, and yes, in doing so you can make some good money too.
This was all possible because of Bid Data and how it impacted companies across the globe.
“The rate at which we're generating data is rapidly outpacing our ability to analyze it,” Professor Patrick Wolfe, Executive Director of the University College of London’s Big Data Institute, tells Business Insider. “The trick here is to turn these massive data streams from a liability into a strength.”
In a scenario like this, you need to harness the power of big data to rescue your dying business. Here are 3 ways which can be used to get most out of Big Data.
More Data Interpretation than data management: There is an enormous amount of data coming every second. But if you do not plan how to interpret that data, you will benefit from it.
Data is the most important asset for any business. Whether you’re starting a business right now or already a well-established web design company, you need to learn the art of data interpretation.
Take away: Do not spend the time on complex data systems. Just pick the one you are comfortable with and take whatever is useful for your business. Learn to read the patterns and how you can use these patterns to analyze the behavior of your user.
Use the combined data effort instead of standalone data tools: You can either use one tool to get the data from your customers, or you can combine all the data analysis tools and see what best you can take out and use that to influence the customer.
For instance, you can use Google Analytics to analyze the keywords and landing page, and you can combine it with HeatMap to create a multiplier effect to better judge the behavior of your audience.
Take away: In this era of informational age, it is wise to use several data analysis tools instead of using one tool. Of course, every tool has its expertise, but for you to succeed, you need to analyze everything and take our whatever you need from it.
Don’t rely too much on data, use some brain too: As an IT professional I know the importance of data and its usage. On the other hand, I also understand that data is just raw information if you don’t make it to good use.
This means analyzing data is not the end, in fact, it is just the beginning. You can predict things with this data, and see observe how people are responding to the data.
If the response is good, you can repeat the process. But if the response is not as per your expectation, you can always try another change your approach to figure out another trend.
Key away: Using only the tools is not good enough. You need to take real-time insights and even if it doesn’t involve IT support and see how it affects your users. Take surveys and see what people think about the service that you’re offering.
To wrap it all up
Big Data is a revolutionary thing. Companies are making the most of the big data just by analyzing the data and act accordingly. As mentioned earlier only data will not benefit you with anything, if you really want to do something with that data, analyze that data and see what you can get from it.
These tips might not benefit you, but surely some of them will benefit you. The above-mentioned tips are just a glance on the potential of Big Data in eCommerce, you can take out whatever feels right for you can use that to rescue your eCommerce business.
Irfan Ak is a digital marketing agency consultant and a blogger. Currently, he’s associated with web design company He is a passionate digital strategist. He has worked with various other brands and create value for them.