Real-time analytics provides actionable customer data to deliver a better customer experience.
Today, e-commerce businesses may face huge pressure as customers want their queries to be resolved efficiently and in real-time. This increasing demand from consumers, along with staying ahead of the competition in the modern fast-moving digital world has led retailers to explore new technology that can give them the ability to boost their business conversation rates. In this context, leveraging real-time technologies can enable brands to dynamically adapt their reach, competitiveness and relevancy to their target audiences, at the most critical times.
As the landscape of e-commerce has become highly competitive, companies are looking for innovative ways to deliver services to customers and digitally transform their businesses. Real-time analytics has the potential to meet their needs by offering actionable insights that can help offer precise, faster, and effective decision making. This can also empower and enable online stores to serve their customers more effectively based on their behavior and the ever-changing market scenario.
With these enhanced capabilities, companies are increasingly investing in real-time analytics tools and software.
Improving Trust with Real-Time Analytics
Consumers these days have ready and easy access to information on anything, anytime, and anyplace. On the other side, companies have enormous user data that they consider it to be a valuable source to make improvements in their business strategies and drive better customer experience. Collecting the basic information based on customers’ gender, age, past online activities, and other customer behaviors can assist retailers to draw meaningful insights in order to deliver personalized services. But, collecting the data is not enough as effective and successful personalization requires complex processing of the big data.
Using real-time analytics in e-commerce gives e-tailers the ability to integrate the data collected from various devices and sources to interpret customer demands in the future. It further assists in gaining in-depth insights into a customer’s profile that can help determine what and when they want, what attracted them to buy things and other preferences.
Challenges
As enterprises have access to voluminous data that involve every aspect of a customer’s concern, from their demographics to usage patterns and preferences, they often face with information overload and too many choices. This results in service failures to cater to specific customer preferences and loyalty moves to their competitors. To deal with these challenges, organizations need to leverage analytics solutions that can help them become more engaged with customers and their requirements. They also must optimize communication for appropriate messages transmission.
Monitoring the performance of social media campaigns in real-time can also enable them to track the links correctly that would lead to specific social media posts, ultimately delivering enhanced customer service.
Decoding Customer Data using Streaming Analytics
Significantly, enterprises are struggling to handle the data vastness, the diversity of data channels, and the inability to correlate these distinct data streams to extract useful insights. In this regard, organizations should consider streaming analytics that can not only pull out germane information from a massive volume of data to optimize their marketing strategies, but also guide them on how to communicate with their consumers in an effective manner.
With the help of streaming analytics, e-commerce businesses can monitor store or online sales, campaign success, and customer behavior continuously. Besides, it allows them to recognize and receive alerts on sources for product reduction by assessing inventory and POS data in real-time, maximizing revenue using dynamic pricing based on real-time demand and inventory data.