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The Importance of Real-time Predictive Analytics for E-commerce Businesses

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Today, predictive analytics is becoming increasingly popular in the business intelligence field. Marketers and businesses are rapidly adopting real-time data analytics to stay ahead of the competition and achieve success in their business. Big Data has quickly become an integral part of data-driven businesses and plays an important role in making brands and businesses more accessible to customers. The messaging and promotional activity that businesses engage in are heavily influenced by insights derived from data gathered about their audiences, their customers’ online behaviour and individual preferences.

Data that is gathered for analysis has a very short shelf life and is only most relevant when it is created or collected. In this rapidly evolving data-first corporate industry, data that is still on the wire has the most relevance, while data that is one or even two days old, is considered irrelevant and obsolete.

Businesses today can only achieve success by leveraging actionable insights from data gathered in real-time.

In today’s industry, customers are quickly getting used to getting access to everything in increasingly short time spans. It’s the age of near-instant access. This makes it imperative for e-Commerce and web-based businesses to always be on the ready, able to ensure faster response times, quicker turn-around-times as close to real-time as possible. Online audiences want everything at the tip of their fingers and to remain relevant in a fast-paced ecosystem, businesses must strive to find ways to engage audiences or risk losing out to competitors.
Quick Delivery expected in e-commerce

Real-time has redefined engagement

Good customer experiences are built on a solid foundation of real-time engagement. With the advent of social media, businesses must always go the extra mile to stay on top of the game. Social media, therefore, can enable e-Commerce businesses to address customer queries and concerns as soon as they happen, in other words, instantly.

A relevant example to show the importance of real-time engagement on social media is the metric that social media pages monitor: Page Response Time. Social Media Pages actively gauge a business’ response time with a badge that tells page visitors how fast they are to respond to messages.

Keeping customers or visitors to your social media pages actively engaged keeps them connected with your brand and increases customer happiness or satisfaction.

A recent survey by social intelligence firm Wayin revealed that 78 percent of surveyed marketers received a ROI of at least 50% in the last year on their real-time predictive analytics and marketing investments.

Real-time opportunities are rapidly increasing

A survey from Forbes has also revealed that live streaming apps Meerkat and Periscope have become popular among marketers for the real-time publishing opportunities they offer.

Live feeds of various events are rapidly gaining popularity among online audiences. Facebook has accurately tapped the potential of live streaming to build and maintain interest in current events on a global scale, whether it may be an election campaign, a royal wedding, or a book launch event.

These engagement opportunities qualify as being high-quality branded content, and focus largely on current affairs and live events, like the Super Bowl. These are now almost permanently on marketers’ to-do lists. This trend is quickly catching on and it is evident that responsive campaigns and interactive messages are fast becoming the communication method of choice among online audiences.

The opportunity to track and analyse real-time updates affords e-Commerce and other businesses a plethora of opportunities.

Real-time data offers enhanced insights

Real-time data, or live data, is extremely crucial in online marketing. Real-time data helps marketers to understand the current impact of their business and their customers’ actions, whether it is website traffic, social mentions or real-time advertising campaigns. Real-time insights can positively impact a business’ customer acquisition or relationship management techniques.

The use of real-time data bridges the gap between online and offline buying experiences. e-Commerce stores that have a physical presence are rapidly adopting measures to achieve a seamless in-store experience for customers.
Customer acquisition insights in real-time
Using Bluetooth and GPS connectivity, several brick-and-mortar store retailers are actively collecting data about customers’ in-store behaviour to give them personalized offers and deals on store merchandise.

Real-time predictive analytics is increasingly important for the success of e-Commerce businesses on online platforms such as Shopify. By tapping the potential of real-time analytics, businesses can craft highly targeted customer engagement strategies, provide enhanced product recommendations; and even reduce the incidence of shopping cart abandonment by actively encouraging prospective customers to complete a transaction.

Analyzing real-time data also helps businesses make more strategic marketing decisions and can transform overall business performance.

When e-Commerce businesses analyze real-time customer data in close comparison with relevant historical data, to gauge past transactions or shopping habits, they can effectively promise customers a personalized experience across their brands.

Several e-Commerce platforms are rapidly realizing the need to leverage real-time and predictive analytics capabilities to make better sense of the customer data they capture.

If you are looking to redefine your e-Commerce business and achieve success on new, yet untapped levels, explore IQLECT’s real-time and predictive e-commerce analytics app.

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