eCommerce Analytics is Transforming, how far have come & here’s what you need

https://www.tatvic.com/blog/author/malvi/Malvi Modi and Naitik Chandak

eCommerce has come a long way since its inception and is continuously transforming the way of doing business. Much of the growth is the result of increasing smartphone & internet consumption. Having said that, different eCommerce players are also transforming their way of doing business. Most of the players from small to giant are now taking the help of analytics to make it focused and more concentrated on the needs and wants of the users. 

Looking at the current state of marketing and analysis, there are various mediums like Facebook, Affiliates, Email, Referrals, etc through which eCommerce players try to increase their user reach. Of course, it involves a lot of spending. Moreover, it becomes a challenging and tedious task to decide where to invest more and less at the time of remarketing.

How could an analysis help here? 

Through predictive analytics, we could have answers to all the questions like

  • Who is the right set of people to remarket to?
  • How much to spend for remarketing?
  • What would be the right medium to invest on?

Let’s first understand what PredictN is. 

PredictN is a machine learning model that generates an Audience Segment (Qualified Visitors) who carry the probability of getting converted as a customer within the next ‘n’ days. 

Some of the use cases for eCommerce:

  1. Users who are likely to buy a particular product 
  2. Users who are likely to purchase a product twice a month
  3. Users who are likely to use credit as a mode of payment
  4. Users who are likely to add the product to wishlist

How does it work?

For more details visit here

eCommerce as an industry is taking a huge evolutionary leap. 

We’ve come to a point where digitally native companies are working around voice commerce, partnering with local businesses on exclusive ads, and most of all testing a mix of Virtual and Augmented Reality giving impactful O2O experiences. Our world is becoming a storefront as brands try to convert users using every tech-savvy solutions out there, including games and live streams.  

Shopping malls are rediscovering themselves as experimental destinations. Tech commerce behemoths like Alibaba are conversing the offline experience with online – a physical store to see the products you can order.  

Future of eCommerce

Progressive Web App  

Progressive Web Apps ensure the look and feel of the website matches that native apps on the device being used. As more and more consumers begin to expect an omnichannel experience from their favorite brands, the use of PWAs in eCommerce will soon be seen not as “a little something extra,” but as an essential part of the customer experience.

With native app experience but on the web platform with no constant App updates. 

Dynamic Pricing for Optimal Sales and Profit

To stand out in this highly-competitive environment, eCommerce companies need to monitor their competitors’ prices, analyze seasonal and historical demand, and react to these insights in nearly real-time. With the historical data of supply and demand, prediction can be more accurate with the needs of essential products geographically.

AR and AI experience 

In the era of technology, using a better tech stack leads to more efficient user experience. Augmented reality gives far better experience without visiting the store for purchasing the product. A real-time seamless experience of personalized experience for the user is much more time saving and with the help of AI, it gives the best suitable product recommendation to the users.

While the user can see the complete product staying at home and no need to visit the store also user can customize the product color in realtime.  Sephora Virtual Artist is likely the best-augmented reality example. Website – https://www.sephora.com 

Drone Delivery

With the help of tech-savvy inventions, the companies are now able to deliver the product by a drone which reduces the cost of transportation and human efforts, most of all helps with the last-mile problem. Products with smaller amounts will be delivered by drones will lead to faster and efficient delivery.

To avoid major delivery costs, the drone delivery system is much sustainable for smaller products and faster delivery. Flirtey is doing very innovative and real-time delivery by drone. Website – https://www.flirtey.com 

Real-time conversation using Chatbot

Consumers have multiple queries while buying the product online and support executives may not be available all the time. With the help of AI Chatbots, the problem can be resolved. Chatbots are widely used by many eCommerce companies to provide real-time support for customers.

An AI-based Chatbot can be really helpful to answer repetitive questions rather than having a human effort. A chatbot for eCommerce store and customer support. From handling customers to solving their queries morph.ai is changing the way of real-time customer support. 

Conclusion

The future of eCommerce is not just limited to this, there is a way more to come. But summarizing the bit, analytics would also be evolving and finding new capabilities to generate insights on the same.  

Malvi Modi and Naitik Chandak

Malvi & Naitik are GAIQ Certified professionals and work as CSM at Tatvic Analytics. Their work revolves around analyzing interesting insights from the data collected and providing value added solutions to the client for betterment of their businesses.
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