A study reveals that India is poised to outrank the United States to become the second largest market in the world by 2034, competing with China for supremacy in the e-commerce business.
E-commerce businesses definitely have huge potential in India. E-commerce businesses are predominantly influenced by technology and the increasing adoption of Artificial intelligence and Machine Learning.
Effectively personalizing user experiences, implementing dynamic pricing models, introducing new product features, predictive analytics and customizable recommendations – e-commerce enterprises have made data a pivotal part of the online shopping experience.
The easy accessibility of Big Data tools and solutions has greatly altered the ecommerce landscape. There has been an increasing number of startups and several Indian brick-and-mortar stores that have opened online stores. This has resulted in the ecommerce space getting crowded. There have also been many Data Analytics startups which have launched to cater to and take advantage of the growth of the e-commerce industry. These organizations aim to provide marketing and actionable consumer insights to small and mid-size ecommerce businesses.
Integrating analytics in e-commerce helps businesses to better understand customers’ buying habits and expectations.
Analytics in e-commerce also helps businesses create enhanced marketing strategies to target relevant audiences and effectively promote their products.
This infographic will illustrate the various benefits of integrating analytics in ecommerce businesses.
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IQLECT offers a robust real-time analytics platform giving small and medium-sized businesses easy, affordable access to streaming data analytics. The platform gives organizations looking for affordable analytics an opportunity to leverage all-important data and gain actionable insights in real-time.