Retail: Why 'Data' is at the heart of ecommerce digital transformation?
Becoming digital leads to 3 key business benefits - improved customer experience, data driven, agile and low cost
Ecommerce as a channel is not necessarily always profitable. Customers can easily compare competing products/pricing and make choice in seconds.
Earlier times businesses doing data analysis post-facto was sufficient. Today they need a real-time data infrastructure and applications that enable AI and machine learning. Unlocking, analyzing & acting on data is at the heart of digital transformation.
Businesses are putting their data to work in order to acquire customer lower CAC, improve customer experiences high NPS, streamline operations higher margin.
- Some of the data use cases that help grow profitable revenues are:
- Effective Promotions & ROI
- Better pricing based on customer behavior and real-time analysis
- Improved customer propensity analysis & targeted marketing
- Accurate demand forecasting
- Anomaly detection to protect customers and business
- Personalized search and recommendation, effective cross/up sell
- Sentiment analysis
- Voice and image-based search
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