Businesses that have implemented ecommerce software have a number of resources at their disposal to facilitate their operational processes. CRM and ERP software tools can consolidate resources, streamline operations and enhance communications. With the advent of big data analytics, online vendors have an additional tool with which to enhance the functionality of their businesses. Data analytic programs can gather and process huge volumes of data and extract meaningful insight regarding market trends and consumer behavior patterns. With that information in hand, businesses can gain a better understanding of the underlying motivations for fluctuations in the ecommerce market and position themselves to take advantage of emerging trends.
Practical eCommerce recently presented a few areas in which big data analytics can enhance operations. The potential benefit that will interest companies is increased sales. Big data tools can analyze the various components that lead to successful sales transactions and suggest changes that can facilitate greater customer conversion rates. In addition, businesses can market their wares better. Data analytics software can be used to assess customers' purchase histories and suggest additional products based on that activity.
Big data software is also able to enhance inventory management by identifying products and even certain model variations that are not selling. Similarly, analytics tools can determine which products are moving units, allowing businesses to make necessary changes to their inventory. With these resources, online merchants can increase their efficiency and more effectively manage their expenses.
The big data movement has been gaining steam over the past few years and does not appear to be abating any time soon. A recent Gartner study forecasted that 20 percent of Global 1,000 organizations will have dedicated data analytics programs in place by 2015. At the outset of the data analytic trend, only large corporations could afford the huge data centers needed to gather and process information. However, with the proliferation of big data solutions providers, businesses both large and small can take advantage of the technology. With ecommerce software, digital merchants already have a pool of data to draw from and produce actionable insight.