By now, everyone is aware of the term Big Data. It refers to the use of advanced analytics against a diverse set of data. This dataset varies in type and size. Big data comes from log files, web, social media, sensors, networks, devices, and even transactional applications. It is mostly gathered in real-time. With big data, analysts, researchers, and business owners can make faster decisions using the data that was previously inaccessible. Techniques such as data mining, machine learning, natural language processing, text analytics are utilized to gain insights and make decisions.
For those in B2B e-commerce, you must be aware that big data has tested to be a driving force of progression in e-commerce practices and platforms. It’s helped businesses to not just understand the immense amounts of information but alsounderstand what their customers want from the digital channels they run. In fact, the infusion of big data has helped businesses get valuable insights from the available datasets to use the right e-commerce strategies and make their businesses expand. Here are 3 ways it’s helping B2B e-commerce:
Increased analysis and more insights
Going through a plethora of customer data can be really time-consuming. But with big data, you can understand your buyer’s behavior and predict their preferences and use this information to increase sales.Big data analysis can provide key insights to update your existing offers for serving the customer needs in a better way. You can make better and meaningful customer recommendations on the basis of the customer wants.
Improved customer experience
Customers start abandoning a business due to poor service. All customers look for positive experience and a unified buying journey. When a customer is able to find what he needs, he gets happy and comes back again to shop, especially if all what he needs is in one place. Big data allows you to use predictive monitoring and come up with ways to track the journey of your customers and improve their experience. Instead of making your customer go navigate through web pages, you use insights such as historical transactions, recommendations and bring targeted options to improve their purchase experience.
Secure ways to pay online
With big data, a business can improve how its customers pay online and make the transactions safe. It helps to detect fraud in real-time and money laundering scams which appear as legitimate transactions. Big data can integrate different payment functions in a central platform to reduce the risk of fraud while making the transactions safer and easier for the customers.Using advanced analytics from big data, business cannot just prevent fraudulent activities but also come with proactive solutions to identify future risks.
As a business grows, its customers’ data grows. With big data, you can stay ahead of your competitors and track and analyze your data in a better way. With advanced technologies and strategies, you can reap full benefits and support your business in the long-run. If you haven’t started utilizing this technology, it is high time to give big data a thought.