Big data is hot in the E-commerce business. It’s also called the new oil. Managing and using the huge volume of data in E-commerce is important to better understand and serve your customers and stay ahead of the competition.
Traditionally the definition of Big Data is 1 or more datasets which are too big to be maintained or supported by regular database management systems or applications.
Gartner presents another definition: Big data is high-volume, high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation.
There a different types of big data supply chains:
- Structured data, like transactional and time phased data
- Unstructured data, like social media, customer service data
- Sensor data, like QR codes, GPS, or RFID data
- New data types, like video and voice data
Especially the sensor data and New data types are growing explosively for the next years.
As you can see in the image, the 3 important challenges (also the 3V’s) for managing those types for any business are:
- High Volume (= the scale of data)
- High Velocity (=analysis of streaming data)
- High Variability (or Variety)= different forms of data)
Data analytics is the analysis of qualitative and quantitative data of the behaviour of your (potential) customers to drive a continual improvement of the online experiences, which will be translated to your desired outcomes.
In the beginning of the internet period it was called web analytics, because only the website collected data of the online behaviour of the visitors.
The enormous growth in advanced smartphones and tablets made it easier to create, share and distribute data throughout the world. Social media developments were the accelerator of data by users, the so-called user generated content (USG). Content and data grew enormously, not only text and images, but also with videos.
And the development of Internet of Things (IoT) gave a further boost to data explosion. Not only through consumer devices (like watches or electrical toothbrushes with apps, etc), but also machine tot machine (M2M) data which is being collected through sensors generates more and more data. In 2020 more than 50 billion devices will be connected and generate a significant amount of data. Big data will grow 45% annually and will generate almost 35 Zettabytes (=1 billion terrabytes) of data in 2020 (in 2015 it was approx. 8 zettabytes).
With this huge data quantity growth, Big data developed further. Both marketers and technicians or scientists see the high potential in using this data. Transforming this data into smart data is the most challenging. As you can use relevant data for hyperpersonalisation towards your customers, it’s also used in improving health care (e-health), safer car driving, better police research for finding criminals or preventing criminal/terroristic acts because of proactive data.
For digital marketers the data driven marketing with hyperpersonalisation is an upcoming and relevant development. Only with relevant customer insights you can interact and show personalized offers to your customers. And then big data becomes smart data.
Data analytics Tooling
With advanced data analytics tools, like Google Analytics, the 360 suite, Hotjar, Coosto, Tableau, you can collect, analyse and improve the online experiences for and with your (potential) customers. Here under some data analytics tooling will be described:
Google Analytics is on the priority list as the data monitoring and reporting tool for your website and App. When implementing Universal Analytics you can also monitor the online and offline in the store interaction of your visitors.
A specific functionality is the Google tag manager, where you can specify tags for measuring and monitoring special actions on your website, app or in your campaign. You no longer need to wait on updates or support of your IT-department, which will save valuable time and money in the execution of the online marketing campaigns.
Introducing the Google Analytics 360 Suite, a set of integrated data and marketing analytics products, designed specifically for the needs of enterprise marketers. It all starts with understanding consumer behavior, getting the right insights, and then providing people with more engaging brand experiences. Analytics 360 lets you analyse data from all touchpoints in one place, for a deeper understanding of customer experience. The Google Analytics 360 Suite delivers the customer and advertising insights you need to set your marketing strategy, drive sales, and ultimately outperform the competition.
Hotjar is an easy way to truly understand your web and mobile site visitors. Hotjar userId can also be tracked by Google analytics (use Google tag manager for this). Functionality of Hotjar as presented at their website:
- Heatmaps: to understand what users want, care about and interact with on your site by visually representing their clicks, taps and scrolling behavior.
- Recordings: Identify usability issues by watching recordings of real visitors on your site as they click, tap, move their cursor, type and navigate across pages
- Conversion funnels: Find the biggest opportunities for improvement and testing by identifying on which page and at which step most visitors are leaving your site.
- Form analysis: Improve online form completion rates by discovering when and why your visitors abandon your forms.
- Feedback polls: Understand what your web and mobile visitors want and what’s preventing them from achieving it by targeting time or event based questions.
- Surveys: Collect deeper insights from your customers as soon as they convert, or visitors before they abandon, using responsive surveys that work on any device.
- Recruit user testers: Recruit your users for one-on-one testing and interviews. Incentivize participation with custom messaging and choose recruits based on their profile.
Use Coosto to deliver great customer service and gather the best social media insights.
Online email marketing solution to manage subscribers, send emails, and track results. Offers integrations with other programs.
Make powerful data visualizations using any data. Interactive data visualizations and dashboards.
Get better results in using one or more of these data analytics tools. With these analysis you will gather more (customer) insights and gaining more results both commercially as in the public field.
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