Here's How Data And Analytics Can Benefit E-Commerce Business Owners | RetailTechPodcast

Here's How Data And Analytics Can Benefit E-Commerce Business Owners

At present, most business owners use just 0.5% of all the big data at their possession. As machine learning technologies are getting significantly better at retrieving and transforming scattered data into actionable insights, e-commerce companies are finally starting to unclog their data pipe. "But every hunch should be backed by solid data, showing you exactly what people are buying, what price they are ready to pay on average and so on. Most believe that you need to pay at least five figures to some consulting company for such research. But that's no longer the case. Data analytics platforms can supply you with all those insights for a fraction of the cost. You just need to learn how to interpret that data". Data analytics platforms can supply you with all those insights for a fraction of the cost. Big data analytics unlocks access to more granular insights, allowing you to surge or drop the prices depending on individual customer's tolerance just like Uber does. Data-backed price management initiatives bring significant results in the short terms perspective: 2%-7% increase in business margins and a 200-350% average growth in ROI over a 12-month period according to Deloitte data. Big data analytics allows your business to become more agile and instantly respond to market changes - surge the price for shovels during heavy snowfall. Read more