Long Live Data
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Data. The Heartbeat of eCommerce
How fast does your business filter and pump usable information (data) into your system?
Take our hearts for example. The heartbeat is the contraction of your heart to pump blood to your lungs and the rest of your body. Your heart's electrical system determines how fast your heart beats. This is exactly how we view the flow of Data in your eCommerce.
So let’s imagine for purpose of this post that Data mining is the heartbeat in your eCommerce because its goal is to pump information to help you stay alive.
Purpose of data in your business
Your data should pump information (oxygen) into to your business and other important insights (nutrients) to all the connecting points in your business (organs) in order to stay healthy and to work properly. Your Data is your organizations muscle, and its job is to pump information throughout your organization (circulatory) system.
Data mining in eCommerce
Data mining is a form of business intelligence and data analysis. It’s the process of taking raw data, finding anomalies, patterns and correlations within large data sets to predict outcomes that we call “Triggers”. Using a broad range of techniques, you can use this information to increase revenues, lower costs, improve customer relationships, reduce risks and create new markets.
Data Science Practice
You may need a Data Science practice if you are in eCommerce. Retailing integrates both brick-and-mortar and multiple e-commerce sales channels to provide consumers a flexible retail shopping experience. Global retail sales were projected to amount to around 26.7 trillion U.S. dollars by 2022, up from approximately 24.8 trillion U.S. dollars in 2019.
Similar to other industries, there has been a growing interest in leveraging data science and related techniques in retail and e-commerce (Unified Commerce) to provide a more efficient, convenient and personalized shopping experiences to increase customer foot traffic and spend.
With the introduction of ML/AI, there is a great opportunity to bring awareness of a Unified Commerce strategy across the industry and tackle problems which can have a wide impact in this industry.
There are plenty of opportunities to apply data science in the customer retail journey ranging from pre-purchasing, purchasing, post-purchasing, product search and recommendations plus inventory management, warehouse operations automation, delivery prediction and customer post-care experiences. The Data that businesses collect about customers and their transactions are the greatest assets of that business.
Here are some areas to think about when making your Unified Commerce data healthy:
Data cleaning
Data normalization
Classification
Clustering
Predictive Analytics
Optimization techniques and ranking
We propose these as advantages for using data mining techniques for Retail and eCommerce, as a way to apply practical applications and system innovations to extract value towards new opportunities.
REMEMBER
Running your data at rate to create a differentiation in the market is what we do at CultureSparq — it starts with a strategy and execution plan of how the data is entered, filtered and flows throughout the organization.
We offer our a Data workshop to expose your unexplored high impact problems in e-commerce, but also help grow your customer community by attracting new from the broader retail and e-commerce space.
Schedule some time with me so we can show you how we keep your business healthy with good flowing data.