The Immense Benefits of Data Science for the E-Commerce Industry
March 19, 2020
“Without data, you are just another person with an opinion.” _Edwards Deiming
A mere click of a mouse can help to accomplish any minor to major goals nowadays. Probably this is why the current era is often referred to as the revolutionary ‘digital age.’ The twenty-first century is thriving on the digital platform. A recent significant survey states that about 80% of the purchases and selling are performed online nowadays. The ‘E-commerce industry’ is taking the world by storm. There is no denying that there has been notable and rapid growth in the rise of E-commerce in the last decade. In this article, we will be shedding light on how the e-commerce industry is gripping the consumer attention and how the blooming technology of data science has come to the aid of the e-commerce sector, benefitting the same immensely.
Upper-level management need to stay attuned with modern business environs
The e-commerce market has taken over as a significant trend in today’s time as it leverages several plusses that have literally made life easier for both the consumers as well as brands. Consumers can now make purchases right from the comfort of their homes without needing to go down to a regular store. Moreover, there are advantages like late hour shopping, amazing rebates, deals, the convenience of door-step delivery, and much more. The e-commerce platform is indeed one of the most chosen mediums for purchasing and marketing because of the superior speed of ordering, purchasing, transaction, and delivery of products that it offers. It is because of these factors and many others that the e-commerce industry has witnessed a steep rise in merely a few years.
Thriving platform of E-commerce – What exactly is adding fuel to its fire?
Well, the answer is data. ‘Data is the new oil’ and it is undoubtedly true. In the modern century, we can clearly see how consumer data can aid organisations to raise their revenue by building a loyal customer base. Careful analysis of the valuable data can play a massive role in backing and accelerating the success of any business organisation, and this is exactly how the e-commerce industry has been registering immense success by diligent and careful utilisation of consumer data. The algorithms, advanced scientific methods, procedures and systems in data science are aiding the e-commerce industry to effectively extract significant insights and knowledge from the structured as well as unstructured data.
Data-driven product development and research
Product research and development used to be highly intuitive in traditional businesses initially. However, the emergence of data science has transformed everything into data-driven approaches. Retailers can now take actions and accelerate developments based on the huge amounts of data collected on customer preference details, which helps them tactfully attain much higher productivity.
High percentage of consumer retention
Data science has come to the fore as a big-time help for various e-commerce portals to retain consumers. With the utilisation of advanced software and tools, e-commerce market can more deeply tap into customer psyche, expectations, and demands, and thus frame their approaches accordingly. Data science helps businesses by providing them with a better understanding of their customer moves. This enables them to meet customer expectations and retain them for longer.
Increased focus on Micro-Moments
Micro-Moments’ is one of the most significant E-commerce trends we are talking about here. It emerged as a hot commodity in the industry in the year 2018 and has been drawing a lot of attention from the retailers even now. Via online features on websites, customers can seek swift actions to become a part of an event, buy a particular product, or add goods and services to the cart. Data science applications and filters have increased the use of micro-moments even more, thereby increasing opportunities for both customers and retailers.
Data science has gained a lot of momentum within merely a short frame of time. It has seeped into each and every industry and has created a significant place for itself. As such, if you have deep know-how of Data Science, you can rest assured of having a bright career ahead. If you too want to explore the thriving opportunities in the multi-disciplinary field of data science, the Post Graduate Diploma in Data Science by Intel, delivered in partnership with Times TSW, would be an apt opportunity for you. The Post Graduate Diploma in Data Science comprises core courses on ML, AI, Big Data, and IoT enabled devices and provides the participants with the opportunity to work on real-world industry projects. Enrol for the Post Graduate Diploma in Data Science programme and get equipped with the most industry-relevant data science strategies, analytical skills, and tactics to effortlessly thrive in the blooming realm of data science. We are now at No.1 in the country in terms of physical centers with 68 centers across the country.