The e-commerce and digital marketing industries stand to gain significant benefits from the evolution of big data analytics. With large scale, massive audiences offering huge amounts of raw data, there are a growing number of cases where data is helping add value to a company’s overall experience.
At its core, big data supports two initiatives: The sourcing of new value opportunities, and the improvement of existing, core value chains in e-commerce and marketing initiatives. Both projects use big data to ultimately expand a company’s offerings and improve customer satisfaction.
How big data improves experiences
Big data tapps into the core user experience to develop measurable ways of identifying improvement in experience. Quite simply, any company that uses data on a site-wide scale is in fact using big data to solve the need for improving user experience.
There are numerous ways that data can be implemented to improve a user’s experience. Dynamic pricing and other tactics can more easily secure a sale while incorporating an experience curated to a user’s own expectations. In the end, the goal is to secure more sales and improve satisfaction, which data-influence tactics like dynamic pricing can provide. In conjunction with more effective, targeted, curated marketing experiences, the overall concept of a user experience can be improved with the help of big data.
How big data finds customers and value
Many companies are looking for ways to make customers purchase more often and commit to purchases more quickly. Big data allows insights into some of the most intricate reasons a customer may or may not complete a sale, all without needing to incorporate long, tedious surveys or conducting costly, in-depth focus groups.
For large companies like eBay, which serves millions of customers, big data plays an essential role in developing new products and personalized recommendations. A core survey alone is not enough to understand something that depends on personalization. Companies need more detailed information to market products in new, more noticeable ways. Big data is not just helping create solutions like these, but implementing them as well.
This strategy also applies to the payment and ordering processes. Most customers desire a convenient, digital, app-based experience for buying food from local restaurants and stores, but that experience can suffer if the app experience does not meet or exceed the quality of the physical experience. Big data provides insights on best practices for building a payments solution, while also identifying core markets.
Powering the future of commerce with big data
Most firms stand to gain immense value and satisfaction through smart big data policies. As long as customers trust how a company uses data, and as long as the data is used to add value opportunities for customers, realize new services and products, or improve existing relationships and interactions, there are countless ways that data can improve customer experience. Companies of all sizes are depending on data to give experiences customers want, and these practices will continue to become commonplace as big data’s effectiveness is realized across all industries.