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Bob Gourley

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Four Ways Big Data is Impacting E-Commerce

From assessing the effectiveness of your current operation and efforts to ensuring that your business has a more complete understanding of the needs of its customers or clients, data aggregation and analysis services have the potential to change the way that merchants and retailers operate in today's increasingly digital marketplace. The greater insight and understanding that may be obtained by collating and analyzing large blocks of data has the potential to be a real game changer, one that can allow ecommerce businesses to make smarter and more informed decisions.

Learning more about the impact big data is having on the world of ecommerce can ensure that your business is able to keep pace with changing trends and new technology. Here are four areas that big data impacts with ecommerce.

1. Utilizing accurate data to make superior decisions

Big data has the ability to provide business owners and management professionals with the insight and detailed information needed in order to make more effective choices and decisions. From crafting and implementing more effective marketing campaigns and promotional efforts to making internal changes to organizational structure and operational processes, access to the right information can be of critical importance, big data service can help to ensure that businesses are better able to capitalize on opportunities, adapt to changing market conditions and even employ elearning solutions that may benefit employee training and customer education efforts.

2. Access to important facts, statistics and information

The high cost that was associated with collecting, collating and aggregating data in the past has proven to be quite the obstacle for many businesses, especially smaller organizations that may have lacked the financial resources needed to obtain in-depth data analysis services and solutions. Cost-effective ways to obtain data pertaining to customers, demographics and even current and prospective operational methods means that more businesses than ever are able to benefit from the insight and understanding that data aggregation and analysis are able to make possible. Ensuring a more concise, accurate and comprehensive understanding of everything from your corporate training and development to profiles detailing the habits and needs of your customers can make a world of difference in today's competitive marketplace.

3. Focused marketing and personalized advertising

Unlike conventional retailers and merchants who may be able to easily attract the attention of potential customers that can be found in surrounding areas, ecommerce businesses are often forced to rely upon their online and digital marketing efforts as their sole means for generating new business opportunities. Big data provides the detailed information that can be used to outline specific demographics and potential customers. This information can allow for more personalized and target-specific marketing efforts and advertising campaigns able to produce superior results. The ability to implement a more successful marketing campaign can be a make or break issue for many ecommerce retailers and merchants, and information that may allow for the creation of personalized advertising can often be a critical asset.

4. Improved customer relationships

Customer loyalty and satisfaction can be essential in terms of ensuring repeat business. Detailed information regarding the shopping habits of both your existing customer base as well as the potential customers and clients you wish to attract and acquire, as well as data pertaining to the internal operations of an ecommerce business, may play a major role in ensuring that customer satisfaction does not become a liability. Businesses that are seeking to improve the experience and level of satisfaction that their customers will be able to enjoy often require considerable insight and detailed information in order to make any operational changes that may be required.

All and all, big data services are playing an increasingly important role when it comes to streamlining a sales process or being able to more accurately and easily address customer concerns—which are all huge aspects in the ecommerce world.

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Bob Gourley writes on enterprise IT. He is a founder and partner at Cognitio Corp and publsher of CTOvision.com