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Follow on Google News | Transforming E-commerce Using Predictive AnalyticsSmart Data Implications on E-commerce, Retail, Telecom, BFSI and other sectors discussed at Smart Data Summit 2015
By: Expotrade For an e-commerce retailer, customer engagement with the portal is of crucial importance. Channels of communication, such as newsletters, clicks, order forms and ratings are examples that immediately come to mind. Analytics can help understand the combinations to include in the marketing mix to generate the best outcome. In terms of promotions, which form the basis for a successful e-commerce initiative, predictive analytics can help match data from different sources to arrive at personalized promotions. Targeted emails or style surveys, for example, can reap rich rewards. For the all-important pricing plan, predictive analytics can take into account information such as historical prices, inventory, past orders and inventory to arrive at the optimum price. E-commerce businesses also need to keep tabs on inventory, so that it does not spiral out of control, leading to needless inventory carrying cost. One of the toughest decisions for an e-commerce retailer is what to stock and how much of it to stock. An intelligent sourcing model can analyze and predict the ideal inventory levels of a product. This can work for products where low sales are predicted, as well as products where high sales are predicted. Allied with this is the optimized fund allocation, leading directly to higher profits. Analytics can also help an e-commerce retailer detect and prevent fraud by studying payments and browsing behavior and employing rules to raise an alarm if a suspicious transaction is detected. Ensuring this without an analytics tools is virtually impossible. Arguably, the most obvious use of smart data and analytics is in customer service. Arriving at the most potent combination of emails, helplines, live interaction using predictive analytics is a trend that has been adopted by almost every online retailer of note. The next step is to iron out more details such as hold times, prioritization of services etc. Lastly, this must all be viewed against the backdrop of real time analysis and decision-making, which can only be achieved using data analytics to analyze customer behavior on the move. Understand the power of smart data and predictive analytics in boosting the e-commerce industry from the experts in the field at the Smart Data Summit 2015. Visit www.smartdatadubai.com for event details. About Expotrade Expotrade is a global conference and event organizer with its head office based in Melbourne, Australia and a regional office in Dubai, United Arab Emirates. Expotrade has delivered some of the largest, most successful B2B industry conferences and events. For almost 10 years, our unique blend of knowledge, experience and flexibility has accomplished an array of consistently top quality events. Today, Expotrade events enjoy such a distinctive edge, they are amongst the best patronized in the calendar. For more information, visit www.expotradeglobal.com Contact information Rukmini Sengupta Roy Marketing and Communications Manager Expotrade Middle East FZ-LLC 1002 Al Thuraya Tower 2 PO Box 500686 Dubai Media City Dubai, United Arab Emirates Tel: +9714-4542135 Fax: +9714-4542136 Email: marketing@expotrade- End
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