Real time data enhanced by AI can stop you from falling behind in the fiercely competitive e-commerce market
E-commerce sales are at an all-time high and the sector is growing tremendously. The growth makes the competition fiercer than ever whilst digital advertising costs spike due to the rivalry. Marketeers try to find winning formulas by looking at customers behaviors. But they are often far from finding customer journeys and intentions that matter. Despite wide availability of digital data surprisingly, [99.5%](lhttps://hostingtribunal.com/blog/big-data-stats/#gref) of collected data never gets used or analyzed. It is a massive lost opportunity.
Let’s face it
Traditional ways and ongoing efforts do not seem to unlock the hidden value. Conversion rates got stuck in 1-4% and you keep on loosing 98% of your new visitors.
Market moves forward in leaps and bound so you keep on looking for alternative options and better performance.
The good news
Harnessing real time data with artificial intelligence is pivotal way to transform your business. It offers insights that enable faster and effective decision making and actions. Looking for customer behaviors in e-commerce data with traditional solutions equals to looking for a needle in a haystack.
We were on the other side of the table and we know that sometimes you feel you need a different way. You keep on discussing traditional campaigns, analytics and reporting. Likewise, you still struggle to identify individual customer behaviors, and act accordingly.
You always find yourself discussing the traditional segmentation and the importance of demographics. Yet, frequent stream data to track consumer’s changing demand will bring the real jump in conversion rate. It is more important to understand customer's intention than the preference. For example, a digital shopper with a preferences only for luxury goods can have the intention of purchasing an ordinary red jacket in an unpredictable moment. You also analyze the conversion paths and customer journeys with limited dimensions. You rely on scanty data like dwell time in the product page and number of views. But, your real time data and behavioral model should provide the combination of events. Through this way you can understand the visitor's engagement with the website and unlock the hidden value. You also find your team in endless data collection and analysis tasks. Even though, it should not be the core function that your business needs to focus on. These are some common examples, and we are sure you have more to say.
We also believe this feeling becomes forte as e-commerce business transforms into a spot market. So, you need to grasp the real time intention of the customers. Traditional segments, dynamic journeys, limited features in conversion paths are not enough.
Recently, pandemic proved past behaviors may become redundant. Real time behavioral models will grasp the intention of visitors at the very moment. Then, you can decide on the immediate engagement actions and tactics. Acquisition costs are increasing and uncertainty around digital advertising arising. Google announced plans to phase out cookies by 2022. Customer data ethics are becoming critical and strict. You can gain higher returns through seamless data management and without reliance on third party data. Focusing on real time first party data like clickstream is becoming a new norm in a fast changing sector. Big data and real time system infrastructure related technologies are improving. They also become affordable. Thus, you can have access to rich insights for decision making with ease. From there, you only need to interpret, take an action and track.
89%of enterprises are investing in tools and technology to improve customer experience. Yet, very few are relying on real-time data and analytics for decision making. Real time data and analytics are key to show up at the right moments that matter to your online visitors. So why don’t you start unlocking the hidden and real opportunities to boost your revenue up to 10%-30%.
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