Can Data Science transform the eCommerce industry?

The eCommerce companies all over the world are witnessing a huge transformation after the incorporation and application of data science. In the current market ecosystem, data plays a vital role to help eCommerce platforms grow so much so that the online retailing companies are taking the business to the next level with a thorough analysis of relevant market data.

Can Data Science increase profitability for eCommerce platforms?

With huge data resources from different sources, it is now easier to purchase anything with the single click of a mouse, and the information or trail (data) that is stored can be used in the future by retailers in order to attract more customers to make more purchases. As per companies offering eCommerce website development services in Kolkata, if the target customer is searching for a new product on the search engines.

Key takeaways –

·  Data Science can properly analyse market data to successfully predict purchases, profits, and losses.

·  Data Science can help analyse market data to create different customer profiles and learn their views.

·  Data Science algorithms can help predict disease outbreaks and mortality rates.

·   Data Science can help retailers find out new ways to retain the existing customer base.

The most interesting thing about data science is that it can successfully manage social media accounts like - Twitter tweets, Facebook Likes, Instagram, and Pinterest photos and organize them in such a manner helping the e-commerce platforms know more about what their customers want. Further, data science can even assist in collecting, storing, sorting, and analysing market data to draw meaningful and productive insights as well.

How can Data Science revolutionize the eCommerce ecosystem?

However, there are different ways where data science can help in revolutionizing eCommerce platforms. But there are some counted and best ways as suggested that can bring in transformation –

·  Determination of shopping pattern: Data science is quite helpful in determining shopper patterns or behaviours. By simply studying consumer behaviour it can help you understand what influences your target audiences to make buying decisions. By studying consumer behaviour product marketers can represent their products in such a manner that it generates a maximum impact on the consumers.

·     Personalized product suggestions: A personalized product suggestion is one of the best ways that Data Science can help eCommerce transform and leverage. For example - Amazon which is a popular and most liked eCommerce platform personalizes and creates individualized recommendations for its customer base in order to improve customer experience and boost sales and generate 35% more revenue.

·      Predictive forecasting: If predictive intelligence is used on an eCommerce, then it would easily increase ROI or return on investment amicably. Forecasting makes use of different data resources and calculates out accurate future predictions like the history of previous sales, customer searches, and demographic information as well.

·      Prevent frauds: Data science can effectively prevent all types of fraudulent activities. Running an eCommerce business can be quite risky as it is not even barred from cybercrimes such as identity thefts, phishing, shipping, and billing-related scams. ECommerce businesses can be benefitted Data Science by helping detect any kind of suspicious online activity.

There is no doubt to the fact that Data Science has impacted the Online retail store development process and is transforming online stores immensely. Data Science is ever-evolving and can help provide new innovative ways for a phenomenal eCommerce industry across the globe.