B2B e Commerce System Data Integration, enterprise eCommerce | Clarity
Data Integration With B2B E Commerce Systems
How to Harness the Power of Big Data for E-Commerce
"Every person living on Earth today [has access to] 320 times as much information as is estimated to have been stored in the Library of Alexandria."
In their phenomenal book, 'Big Data,' Viktor Mayer-Schonberger and Kenneth Cukier detail how UPS uses big data to save several million dollars
on fuel and repair costs, how retailer Target is able to predict customer pregnancies and even the due dates within a narrow range, how some companies use cell phone use and geo-location data to decipher which areas of a city have the most popular nightlife, or how Google can use search queries to predict anything from popular trends to the spread of the flu. Amazon practically gives Kindle tablets away at a net loss. Why? Because they know through big ecommerce data analysis that simply owning a Kindle boosts spending on Amazon by $443 per customer!
Tons of companies, from startups to well established enterprise businesses, are starting to see the utility of big data. Nowhere can data be collected more easily and, indeed is it more important that in B2B E Commerce, where $600 Billion will be at stake in the US this year.
Read this article on how to integrate advanced E-Commerce website behavioral analytics with your enterprise CRM platform
Big Data Trends B2B E Commerce Businesses Should Monitor
Digitized data is something that has really only been around for the past couple of decades, yet continues to grow at an astounding rate. The amount of digital data is said to double every three years and our ability to understand and correlate that data continues to give us unique and heretofore unseen insights. Business to business e-commerce systems should take note. Here are four trends to watch that contribute to this amazing digital data growth:
Cheap Memory Storage and Increasing Computing Power-
Moore's Law states that "the number of transistors on integrated circuits doubles every two years." This means we can store more data in smaller spaces. This also means that we now have or soon will have computers powerful and fast enough to crunch all the data we collect to find correlative insights.
Cheaper, Smaller Computer Chips-
Computer chips are now small, wireless and cheap to make. IBM recently patented a touch-sensitive floor covering while Google recently created contact lenses that help diabetics monitor blood sugar levels. Motion detectors have already been placed in everything from shoes to tires. The point is, you can datafy almost any physical object to measure a metric important to you.
The Internet of Things-
Because of the previous two factors, many more commonplace and everyday items will be internet connected for the purpose of sending data in order to become more efficient. We already see this in refrigerators, toilets and thermostats (like Nest). Look to the future for internet connected floors, walls, lights, dog bowls, shower heads and more.
The Rise of Mobile-
Smartphones are the connecting factor in all of this, the motherboard that sends and collects data and sends commands to all internet connected devices. More than half (51%) of emails are opened on smartphones. They permeate almost every aspect of our lives and are never more than an arm's length away. Ecommerce on mobile grew 63% last year
and will continue to grow as more than 50% of web traffic for many sites comes from mobile devices. The last thing remaining is a quick, easy digital form of payment (like a fingerprint linked to a credit card number). Companies are also using geo-location data from smartphones to detect anything from traffic patterns to the most popular areas of a city for nightlife.
Hypothetically, let's say you're a company that sells light bulbs in bulk to large office buildings through your B2B e-commerce website. How can big data integration with your e commerce system help you make your business more efficient and increase your revenue?
You decide to install a cheap and simple computer chip on each of your lights that tells you when the bulb will burn out. This allows you to predict bulb outages and ship replacements so that they arrive a day before the old lights burn out. You make an offer during a customers online shopping cart checkout process: automated lifetime bulb replacement. Simply charge the card they use each time a new shipment of bulbs is needed, ship the lights so they arrive on time, and they