5 Noteworthy Ways to Use Big Data for E-commerce

Monday, 10th February 2014

According to Business2Community, big data is one of the hottest trends going, and it has companies in all industries figuring out how to harness it for greater efficiencies.

"Big data is more than just hype, and can be used by just about every size company to learn more about their customers, their operations and to inform their marketing programs. Online retailers are some of the best poster children for big data analytics because they have access to endless amounts of data about their customers behaviors and purchases."

"Personalization - more customer data than ever is available through touch-points such as loyalty programs, browsing patterns and previous purchases. Online retailers can collect this data, segment their customer base, and determine the optimal offer to put in front of each customer. They can also add an extra layer of personalization to their marketing emails by referencing previous purchases. Personalization breeds loyalty and leads to repeat purchases."

"Dynamic pricing and promotions -A relatively accurate profile can be created for every customer by collecting and processing their demographic and behavioral data. This customer profile can reveal things like the price-point or promotion that youd need to offer the customer to re-engage them and persuade them to make another purchase. Some may convert only with free-shipping offers and others prefer 25% off deals. Figure out what works best for a particular customer and put it in front of them. Make sure youre aware of the lowest possible price threshold, so youre not giving away more than you need to."

"Customer service -Sixty-eight percent of online visitors leave because of poor customer service, so improving this aspect of your business is critical for increasing sales. Big data can help you coordinate service across the various customer communication channels, including phone, email and live chat. Understanding which issues customers are concerned with, or identifying time periods where customer support is most needed, can also help you best allocate resources. The upshot is youll be able to resolve a customer conflict in a shorter period of time."

"Predictive analytics -Big data allows you to derive a more in-depth picture of the different channels in your business, including sales and inventory. For instance, you can use big data to analyze specific times of the year when sales of certain products tend to surge, and ensure your inventory is stocked to handle this demand the next time. Knowing how to forecast gives you the added flexibility in deciding the next steps of your business operations."

Russia Says Bitcoin Should Be Avoided

Monday, 10th February 2014

According to TechCrunch, "Russia doesnt do things by halves Bitcoinshouldntbe used by individuals and legal entities according to a recent statement."

"If you have a Bitcoin wallet on your computer, the Government will be suspicious. The Central Bank of Russia reiterated that the official currency is the Ruble, and that it considers Bitcoina money surrogate. Thats why the cryptocurrency should be aboided."

"Bank of Russia has warned that Russian legal entities providing services for the exchange of virtual currency in rubles and foreign currency, as well as for goods (works, services) will be considered as a potential involvement in the implementation of suspicious transactions in accordance with the legislation on counteraction to legalization (laundering) proceeds of crime and financing of terrorism."

"The Central Bank issued a clarification, not a new rule. In other words, with existing laws, transactions in Bitcoin are seen as potentially suspicious."

"The reasons behind this move is that Bitcoin is reportedly used for money laundering and other criminal activities. Moreover, the Russian institution thinks that its a purely speculative currency and that there is a great risk of value losses."

The Illusion of Personal Data Security in E-Commerce - Infographic

Monday, 10th February 2014

[caption id="" align="alignnone" width="595"] Source KnowBe4[/caption]

Will Spain become the new E-commerce paradise?

Sunday, 9th February 2014

According to Asendia,Spain is the European country with the highest Smartphone penetration in the EU. With a 66% of users, it overpasses other countriess rates, like England, France, Italy or Germany, in 10%.

"The latest purchasing trends within the Spanish society are turning more and more towards e-Commerce and m-Commerce. This is caused by the growing penetration of Internet and Smartphones among the Spanish population, with a 49% and 66% rate each. This new trend is already reflecting itself in the market since, 14% of Spanish companies made e-Commerce sales during 2012, which shows an increase of 2% compared to the same period in 2011."

"Eventhough Norwegians and Swedes are still the European countries with the highest e-Commerce rate (76% and 74% each), experts foresee that this trend will also keep on evolving and growing in Spain. According to the Online Business School Electronic Commerce 2013 survey, 31% of the Spanish population did purchase some good over the internet during 2012. Although it is a 40% less than the statistics for the Nordic countries, it still shows an increase of 72% from 2007 to 2012 data."

International sales from US to grow to USD 50 Billion by 2020

Saturday, 8th February 2014

According to this, international sales from US online retailers are expected to grow from USD 11 billion in 2014 to almost USD 50 billion by 2020, which would make up 16% of the overall US online retail market.

"The value of the online retail export market was estimated by analysing 2011 to 2013 search volumes from across the world for retailers based in six of the biggest e-commerce markets (UK, US, Germany, the Nordics, the Netherlands and France) which make up half of current global e-commerce volumes. Retail sector is becoming increasingly global and interconnected as trade between countries grows exponentially."

"International consumers have a growing appetite for foreign goods and consistently use search tools to learn more about international brands. International customers are turning to the US for entertainment, electronics, fashion and general merchandise. Brazil has registered the highest growth in international searches for US retailers at 42%, followed by Australia (39%), Mexico (38%) and Italy (37%)."

"While international sales for US online retailers will only reach 7% of total volumes in 2014, these numbers could more than double within the decade and could reach 16% by 2020. This presents a tremendous opportunity for retailers of all scopes and sizes, who are looking to drive revenues by broadening their reach and expanding their presence outside of the United States."

"Large online retailers, such as eBay and Amazon, have had significant e-commerce market share across the largest international markets over the last several years, and reported that more than 50% of their sales are already coming from overseas."

"By the end of the decade, US retailers are expected to see significant volume coming from international sales. In order for US brands to take advantage of the global opportunity they must focus on internationalising their websites with multi-currency shopping, a broader variety of payment options and multilingual support."

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