Making E-Commerce Smarter and Efficient with Digital Data

E-Commerce

E-Commerce

Digital data in e-commerce can help deliver personalized services and improve customer experience

E-commerce is one of the industries that is booming rapidly and is driven by data. With the advent of data analytics and innovative technologies, the sector is gaining solid traction and ground to deliver better customer experiences. As the competitive landscape across e-commerce is growing at a striking pace, businesses are now focusing on more strategic initiatives to garner a competitive edge. They are providing a unified experience throughout the customer’s journey and seeking to set up a trusted relationship with the customer.

Delivering an effective and successful strategy in the e-commerce industry to drive more sales and gain more value is built primarily based on customers’ shopping behaviors, such as what they prefer to shop and why and how they react to technologies employed by businesses, among other. According to a report, global retail e-commerce sales are expected to reach from US$3.53 trillion in 2019 to US$6.54 trillion in 2022.

Digitization in E-commerce

With the digital transformation, the e-commerce industry has drastically changed. As the use of digital technologies continues to be the core of e-commerce businesses, high-quality e-commerce must emulate the offline world. Digital transformation in this space gives organizations the ability to adopt digital tools and processes in order to accomplish strategic business objectives and goals. There is no doubt, it is a comprehensive process that can bring a sizeable cultural and organizational shift in the business.

Online buying and payment system is among digital revolution tides that has already redefined the e-commerce industry. This enables online shopping fast, secure, and effective by offering an efficient and easy payment option. On the other side, delivering better customer experience is the primary goal of every e-commerce company that can be achieved through personalization. Thus, leveraging artificial intelligence (AI) can be an effective approach to offer the products that a customer is more likely to buy based on his/her intelligent search history analysis. It brings analytics that can be used for improving interactions and engagements with customers via texts or voice messages.

Understanding Your Customers using Digital Identity 

A digital identity is an online or networked identity that is used for identification purposes and should grow organically over time through an ongoing exchange of information and value between a brand and a customer. As a result, it builds a trusted relationship between them where customers are treated as a loyal consumer, rather than just a customer.

Identifying good customers is an integral concern of any digital business. In this way, considering digital identity could be the key to bring new market opportunities for an e-commerce business by developing trust based on who the customers are, and what they do online and prefer.

E-commerce companies have a wide range of data sources to strengthen predictive analytics that help forecast how customers will behave in the future. Retail websites typically monitor and track the number of clicks per page, as well as the average time they spend on the website for purchase. This gives companies the ability to assess demographic, age, style, size, and socioeconomic information if customers are signed up for a rewards or subscription program.