If you rely on data and analytics, the chance you will be disappointed is minimized. In this article, we’re going to overview why and how companies use big data within their ecommerce initiatives.
What’s more, NEKLO team wants to make it certain for you that one of the key benefits of merging Magento web development and big data services is the ability to make the right decisions faster. A hybrid solution like that for an ecommerce project means the ability to analyze literally any data sources like Magento data, Salesforce data, finance and accounting systems data, and popular marketing tool data.
Big Data in eCommerce: What is a Business Intelligence and Big Data?
“What is a business intelligence and what is big data?” are the questions that arise in millions of unaware minds. Yes, it is a technology. But we are assured that it’s more than that.
Big Data is a massive collection of unstructured and structured data that are both increasing and varied types of data. Today, lots of software outsourcing companies are leveraging big data, and NEKLO is not an exception.
At NEKLO, we’ve gained some really practical experience of working with big data application development tailored to ecommerce. For those opting for magento website development, the article will become especially insightful. So, stay tuned.
The growth of big data analytics business intelligence technology is the new wave of innovation in ecommerce as it changes the way online stores operate. With the ability to get access to big data and have a solid answer to the question “How is big data collected in ecommerce?”, online retailers get a chance to create better shopping experiences, increase customer satisfaction, and generate more sales.
The 5 V’s of Customer Information that Big Data Tools Analyze
Everything customers do online gets stored as data. However, big data isn’t about just text, video, search, and sensors. It’s more about customer information and the potential of customer experience.
In the following infographic, we explore a variety of traits of big data that businesses are currently using in ecommerce.
You can see the 5 V’s of information that include:
- Volume: Huge amount of data that is generated every second;
- Variety: Different types of data that is generated from various sources;
- Value: Multiple ways to extract useful data;
- Velocity: Lightning-fast speed at which data is generated;
- Veracity: Messiness, inconsistencies, and uncertainty of data.
In the ecommerce space, big data lets you understand your customers’ needs, predict their steps, and build long-lasting relationships. Why is it important? Because loyal customers make you a successful ecommerce market player. This is courtesy of business intelligence solutions and big data tools.
The key, however, is to find the most optimal way to introduce the technology and handle its challenges within your specific case, be it a newly-created online store or an established ecommerce activity.
Data-Driven eCommerce: Magento Integration with Business Intelligence and Analytics
Taday, if you sell online, you automatically become an analyst. The ecommerce market is one of the most competitive today. This means that success in ecommerce comes to those with the ability to make decisions based on data.
To attain this skill, you want to use big data technologies and business intelligence tools. One of the obvious solutions is to integrate a specialized ecommerce-tailored business intelligence system (BI) with your multiple data sources to make your ecommerce project even more powerful.
Today, Magento ecommerce development is one of the most demanded custom software development services. Magento developers worldwide contribute to the growth of the platform to make it the leading platform for sales optimization.
However, there still was a lack of solutions for those Magento users who wanted to build reports and see analytics dashboards, especially for those having little technical knowledge. That was the reason why we were so excited to collaborate on one of the first Magento business intelligence solutions!
How to Use Magento as One of Your Dedicated Big Data Tools
BI solutions and big data tools are used to facilitate access to flexible analytics. NEKLO was glad to be invited by our partner company 3Alica, that has more than 10 years of BI integration experience, for a Magento development project involving work with deep analytics.To help Magento users automatically process and prepare sales data for analytics, our team contributed to the creation of a new custom Magento module which is based on Qlik Sense, a data analytics platform that works as a SaaS, allows to scale with data integration, open APIs, and flexible governance.
This new big data ecommerce solution will:
- automatically update the data with recent orders;
- provide access to your sales dataset;
- include a comprehensive data model with different measures and dimensions across the sales process.
All the data is linked together in the format optimized for investigation and analysis.
Connected to your ecommerce project (online store), the BI-powered Magento module that we’ve worked on will help to:
- Provide mobile access to Magento sales statistics to your team and stakeholders;
- Use interactive reports to analyze sales performance and understand the factors influencing the performance;
- Easily create any custom reports based on sales data of any complexity with custom calculated measures;
- Provide access to the solution for your employees to drive a data-driven culture;
- Timely catch market opportunities by letting your Sales and Marketing teams have an easy way of receiving data insights;
- Set up measurable goals and get ways of monitoring your success;
- Save time and costs on development and integration with BI and big data tools.
Additionally, this Magento module offers insight into KPIs for your Sales department in a single dashboard, integrates with Google Analytics, allows for using your authorized connectors to upload the data from your accounting systems.
Among the monitored such KPIs, the Magento solution tracks:
- Number of new customers;
- Average order value;
- Unit per transaction;
- etc and their dynamics over different time periods.
New buyers, repeated buyers, and VIP-buyers can be analyzed as separate categories to make personalized offerings and improve customer retention.
This is the reason why big data is important for ecommerce and anyone running an online store.
Finally: Why Opt for Big Data Tools as Part of Magento Development Services
In this article we’ve overviewed what is a business intelligence, how companies use big data and provided you with one of the optimal business intelligence examples to start analyzing your Magento data faster.
NEKLO and 3Alica have introduced a BI solution with end-to-end data analytics of Magento data, that gives Magento users a chance to turn their statistics into deep analysis to improve conversions, enlarge checks, and create a targeted offer for customers.To ask for a demo or to find out more about this unique Magento Big Data tool, you can contact us through the form or directly by email.