Success Story: Fintech data platform gets a boost from stream processing
A partnership between iZettle and GetInData originated in the form of a two-day workshop focused on analyzing iZettle’s needs and exploring multiple…
Read moreThe year 2020 was full of challenges in many areas, and in many companies and organizations. Often, it was necessary to introduce radical changes or face bankruptcy. The e-commerce sector is no exception. Due to lockdown, most life activities, both social and business, have moved to online reality, and it was no different in the case of shopping. The coronavirus pandemic forced e-commerce businesses to face a completely new reality - for example in 2020 consumers in the U.S spent over $861.12 billion online, which’s 44.0% more than in 2019.
The situation is both great development opportunities for e-commerce and a serious threat. The increased number of consumers also means an increased number of inquiries, the need to process huge amounts of data not only from sales but also from marketing or service maintenance (including anomaly detection and fraud prevention).
These opportunities and threats are the more important reasons why Big Data for E-commerce has been named the game-changer for 2021.
So how Big Data can help e-commerce?
To start, the Big Data ecosystem has tools to help you deal with large amounts of collected data and turn them into real assets, instead of real problems. Data analysis, monitoring, and concluding are the basis for optimizing the functioning of the e-commerce business, and for building a data-driven approach to its sales and marketing. Below I will show you, why there is no future e-commerce without Big Data:
As you can see, well-used Big Data tools are able to improve the functioning of e-commerce companies. Of course, building a Big Data infrastructure itself can be long-lasting, but the possibilities of using cloud solutions, Machine Learning algorithms, or analytical platforms supporting Business Intelligence cannot be overestimated. The ability to manage data so that it brings as much information as possible that can be used by marketers, resellers, graphic designers, and application developers is already giving many market players a huge advantage over the competition. This is just the beginning.
It may seem that the above three areas are only related to the possibilities offered by Big Data tools. However, they are also a warning which, when received too late, can turn into a real problem for e-commerce businesses. There has been a lot of discussions about Big Data as the future of e-commerce in recent years, but it was theoretical and rarely implemented.coronavirus lockdowns around the world mean that theory will have to turn into practice very quickly. All three aspects discussed earlier, when viewed in reverse, give a rise to concern:
Therefore, e-commerce based on a data-driven approach is something that must happen (if you are interested in how to take the first steps to such an approach, check "Towards the data-driven organization" post. The future belongs to data, and it becomes obvious every day.
If you have questions about the possibilities of individual Big Data tools, or solutions that will develop your e-commerce company, do not hesitate and contact us. We are happy to advise you in choosing the best solution for your company.
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