Big Data & ECommerce

Be ‘4th Industrial Revolution Ready’ with SkillUp Online

Ecommerce & Big Data

Retail eCommerce market is poised to touch $4 Trillion mark in 2020. Data, correction- Big Data, is now of paramount importance to eTailers. Over 1/3rd of retailers are in dark due to data being in siloes. Big Data is the single big hurdle and the solution at the same time.

  • 51% cannot access data and calculate wrong ROI.
  • 45% do not use data for effective marketing.
  • 42% do not have trained resources to link individuals and data together.

    • Being unstructured data, coming in various forms throughout the e-commerce supply chain, disciplined collection of such data is a major challenge. But now with Big Data Technology, such data can be easily collected and managed

Why Big Data Cannot Be Ignored?
  • Are you able to predict future trends: Big Data is ideal to predict future trends. Trend forecasting tools comb Big Data (Social Media Posts | Web Browsing habits & more) to find out what will sell? Sentiment Analysis also plays key role in identifying the immediate future trends.
  • Do you get the price right: 1% price increase can translate in to 8.7% increase in operating profits. 30% of pricing decisions made by e-business stakeholders without Big Data support fail to deliver the best price.
  • How to boost personal engagement in virtual world: Big Data enables e-tailers to provide dynamic and personalised store fronts with merchandise that the customer is interested to buy.
  • Great Stumbling Block – Cart Abandonment: Big Data is the solution to this perpetual problem. It provides platform to the Ecommerce where they can give personalised services and experience to reduce such instances.
Challenges
  • Lack of Coherent Big Data Strategy: Big Data is a behemoth. Haphazardly gathering data and then analysing it is not a fruitful strategy.
  • Big Data is Really Big: One of the major challenges for most eCommerce businesses is to understand which data to use for which analysis. If wrong data is fed at the input levels, even the most sophisticated analytics system would come up with faulty insights, leading to incorrect and potentially costly decisions.
  • Lack of Right Talent: Right implementation of Big Data requires a team of well trained and skilled Developers, Data Scientists and Analysts with domain knowledge and industry understanding.

Big Data & Real Time Purchase Tracking

Walmart has invested heavily in real time merchandising to track millions of purchases made each day. They do this to identify instances where higher profits can be made. They successfully mapped the rise and fall of demand and matched the price accordingly to get maximum profit. All this insight and action in matter of minutes!

“The volume and velocity of data in Ecommerce is growing at unprecedented speed. In order to be successful, businesses need to have workforce that is trained and skilled to respond to the Big Data challenge. Only then can they reap rewards”.

Advantages of an upskilled Workforce

  • Indian eCommerce is growing at the fastest annual rate in the world: 51% and it shall be $51 Bi industry by 2020
  • 31% of companies are looking to re-train, upskill the industry relevant talent to ride the high wave of Big Data.

How can SkillUp Technologies help you leverage Big Data?

(Leave us a line, if you have not done so already and we shall get in touch with you)