Thanks for visiting our site. As a way of saying "thanks" here's a FREE course on how to make $688 a day online using FREE methods: 

(CLICK HERE TO ACCESS)


The rise of e-commerce has created an avalanche of data, most of it untapped. In 2020 and beyond, retailers will increasingly use data to improve their business while protecting consumer privacy.

The rise of e-commerce has created an avalanche of data, most of it untapped. In 2020 and beyond, retailers will increasingly use data to improve their business while protecting consumer privacy.

As e-commerce grows, so does the data stored. However, only part of this information is used. However, this is likely to change as data scientists are getting better at merging, standardizing and analyzing.

This will affect ecommerce merchants. What follows are my data forecasts for 2020.

Impact of data in 2020

Personalized stores. Combining search and customer history, as well as visitor lookalikes, will create a much more personalized shopping experience. This will lead to higher conversion rates and more cross-sell opportunities.

Personalized marketing. Marketing will become more sophisticated. Merchants will send multiple versions of email based on customer segments. For example, if a customer only buys T-shirts, sending a pants offer is unlikely to be effective. Similarly, buyers who only buy discounted goods are unlikely to respond to a full price quote. The market for both types of customers requires data collection and segmentation.

Increased automation. Automating repetitive tasks not only saves human resources. It also enhances the user experience. An example is the use of chatbots for customer service, which can improve the accuracy and response time. In 2020, find ways to automate so that each employee is asked to describe repeated tasks. Keep in mind that not all such tasks are candidates. Many have variations that require human intervention.

More cross-border sales. Automated language and currency translation, simplified shipping (including customs) and local payment options will help merchants penetrate global markets with little investment. Even human translators (like Peter) become less expensive. And shipping platforms and add-ons can calculate the exact worldwide shipping cost on a charge.

Better forecasting. Business intelligence tools can now predict sales, optimize prices and predict demand in detail. The result is less inventory and targeted promotions based on product requirements. Businesses can move faster without spending a lot of money. For starters, marketers can acquire an intelligence platform or hire a machine learning specialist who can predict R or Python.

Research with social media. Marketers will focus on understanding the customer and her behavior, leveraging huge, public information on social media sites. Retailers will move from using net promotional results and surveys to analyzing qualitative and quantitative information. Marketers can begin by manually categorizing customer opinions and outlooks around products, product types, and the business as a whole. Over time, this data may be collected for continuous insights.

More privacy laws. Governments around the world impose strict privacy laws on the collection and use of consumer information. Examples include Europe, Korea, and California. It will no doubt come. Merchants will spend money on legal fees, employees (such as data compliance officers) and advisers. Marketing opportunities are likely to decrease as well as customer experiences.

Thanks for visiting our site. As a way of saying "thanks" here's a FREE course on how to make $688 a day online using FREE methods: 

(CLICK HERE TO ACCESS)



Source link

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here