Big data is the buzz word of 2014. But big data will really play an enormous role in e-commerce in the near future. Of course online retailers already using cookies to store data from the shopping cart to get information about the customer behavior and needs. IP addresses are recorded and stored to prevent fraud. Big data will extend these technical functions in the short term. The aim is to provide customers an individual and optimized shopping experience – and this in real time! For online retailers it is possible with big data to optimize the shopping process and the communication with their customers in general.
Online retailers can improve their business with big data in the following areas:
1. Optimized product portfolio
The analysis of large amounts of structured customer data allows detailed target group analysis. Based on the results, the portfolio of an online shop can be adapted user-specific. Especially large online vendors can scale their offerings with big data better and meet specific customer needs. But big data also allows to predict customer needs and enable a future optimization of the product portfolio. So with big data it is possible to optimize the stock costs.