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Business Intelligence for E-Commerce Companies

Majority of consumers are shifting to online purchases, bringing more opportunities for the companies who already have high street presence, opening doors to countless e-commerce companies, having this great opportunity to serve consumers all across the globe comes with many new challenges, especially huge competition on pricing, product, logistic and of course overall consumer satisfactions and has led e-commercial companies to provide products at reduced cost.

Social media presence plays vital role for the entire e-commerce domain and have a huge impact on product marketing, here are some of the facts:

40% of social media users buy product after sharing or liking a product on social media site.

71% of social media users are likely to buy products based on referrals.

74% of consumers depend on social media networks for making decision about buying product. [1]

Business intelligence solutions empower businesses with reporting, analytics, dashboard, and various others tools to transform unstructured data into more meaningful information to make informed decision faster.  Better data visualization helps key persons to make educative decisions, where as reporting helps individuals to stay on track on the data most relevant to them.

Analytics, which can help e-commerce companies, find buying patterns of consumers find which products are performing well and create better marketing campaigns and reduce costs, which helps in improving customer satisfaction.

Many e-commerce companies are now using analytics to find new customers, increase revenues and improve customer’s retention.

Decision makers can also measure KPIs and assess performance of their organization using Dashboard and take informed decisions.  With charts and maps, it becomes easier to understand the data.

With increasing demand of consumers, supply chain management can be improved by using analytics.  With excellent business intelligence solution in place, it becomes ever so easy to keep track of everything i.e. quantity of thousands of products and “out of stock” or “over stock” situations will be things of past.

In conclusion, more companies will require implementing business intelligence solution and in result the market for such tool will grow at significantly.

Reference. [1]