Improving Your Business with Data
Predictive analytics can bolster your business in a number of important ways.
No matter what type of eCommerce business an entrepreneur is running, one of his highest priorities is to bring potential purchasers to his website. From that point on, keeping them happy and ensuring that they return become the main goals. In order for that to happen, eCommerce solutions can be used to attract customers to the site and ensure that their experience flows seamlessly, from catalog browsing to shipment to delivery. When chosen carefully, the right eCommerce solution can boost a company’s online reputation, enhance its internal business processes and, best of all, pad its profit margin.
What are Predictive Analytics?
Thanks to the scope and power of today's computers, predictive analytics has become one of the most popular ways to get and keep customers. Through data mining, future probabilities and trends can be forecasted to a high degree of accuracy by measuring a variable or variables of past behavior and assuming that the same trends will occur again. In fact, some experts consider predictive analytics to be a great leap forward on the road to artificial intelligence. Although its true potential has not yet been reached, its applications are bearing fruit in eCommerce businesses throughout the world.
Enhancement of Customer Web Searches
When people seek information about products or services online, they usually use a retailer's website search function, with varying degrees of success. Predictive analytics turns the quest from random hunt and peck to intelligent and precise by using data about the consumer’s past click-through behaviors to guess at what she is currently looking for. As a result, the customer is far less likely to leave the website in frustration. Better still, chances are good that a sale will be made and the seeds of a long-term business relationship sown.
Closing the Sale With Recommendations and Promotions
Thanks to predictive analytics, an eCommerce site can tailor its sales incentives and recommendations to fit a customer’s past buying habits and history. Furthermore, the process takes place behind the scenes in real time. From the customer’s point of view, he has landed on a site that seems to effortlessly match his preferences, with product recommendations that seem to fit like a glove.
The Price is Right
Predictive analysis allows for flexibility, even in the pricing of products. By looking at sales information and how it relates to pricing trends, this eCommerce solution enables the entrepreneur to adjust what a consumer pays. Thanks to this innovation, the customer’s price can be predicted and set at any given time in light of historical data and current competitor pricing.
Protection From Fraud
Predictive analytics can help a business to avoid the pitfalls of consumer fraud and chargebacks. This occurs through its analysis of sales patterns, as well as data about the products most susceptible to these problems. Once this information is gathered, the merchandise in question can be removed from the catalog. Because these “red alert” items are removed before check-out, chargebacks—and all of the accompanying aggravation and labor—simply do not occur.
By taking sales patterns and other data into consideration, predictive analytics can streamline the entire supply chain process. This includes forecasting, stocking, fulfillment, deliveries and returns. As a result, warehouse space can be used more effectively, there will not be massive over- or under-stocking and revenue can flow into the areas where it is most needed. Inventory management is an important and often overlooked part of any eCommerce business.
Clarity Can Help
Increasingly, successful businesses are coming to recognize the power of predictive analytics. Thanks to the customizability and flexibility it provides, companies that embrace this technology are racing far ahead of their less advanced competitors. Clarity eCommerce™ is at the forefront of this burgeoning industry. We provide a complete package of predictive analytics tools that can make your customer and sales data work for you in numerous ways. Take your future success into your own hands. Find out how Clarity eCommerce™ can revolutionize every aspect of your eCommerce enterprise. Call us today for a free consultation and take your company to the next level.