Can you account for all your streams of uniformed data? Many ecommerce businesses can’t. So if you can, you’re one of the few.
Many ecommerce companies have large sets of different data, which all comes from different sources. And, to keep tabs on it you’ll need many different resources, right?
When it comes to capturing your customers’ data it’s simple… that is, if you’re using the right technology. Using the right technology can ensure that the right data information is captured.
When the right data is captured, you’ll experience many benefits. You’ll not only have the reassurance that your systems are all up to date, but you’ll be able to enhance experiences for your customers. And, you can then leverage data to facilitate your business growth.
In this article I discuss how you can achieve this.
Utilize data lakes and insights
A data lake is a storage repository that holds a vast amount of raw data in its native format until it is needed.
Ecommerce professionals can take advantage of these and use them to fit data into pre-made analytics models - to allow a more holistic approach to data management.
By using this method you can pull on different pockets of data, when required, and use it for analysis.
Your analysis can help you improve your demand forecasting by looking into the way your customers use your website.
This will then allow you to tailor your communications to customers, and you’ll be able to send them information about the products that they are interested in the most, which in turn will help to boost your sales and overall business growth.
Predict opportunities
Many data management systems enable you to integrate AI and machine learning with your processes to “predict” your customers next purchases.
It looks at buyer history and can help your website pull through “recommended” products based on a product they’re already viewing.
A great example of an ecommerce giant that has implemented this successfully is Amazon. And, from this technology, Amazon has grown to be one of the world’s largest ecommerce stores with an annual revenue upwards of $100 billion.
At Loqate we connect ecommerce platform providers with the right data management system to suit their needs. You can find out more about our technology here, or if you’d like to talk your requirements through, contact us below.
