In all around the world, the e-commerce market play a massive role. According to latest UNCTAD estimates, the e-commerce market worth around $22.1 trillion globally where China is the world's largest (B2C) e-commerce market, both in terms of sales and in a number of online shoppers, followed by the US and Japan. The E-commerce in India has grown by 34% (CAGR) since 2009 to touch 16.4 billion USD in 2014. The Indian E-Commerce field is booming says that the market size has grown from $600 million two years ago to $2.3 billion. The growth in e-commerce provides an enhanced benefit for both the consumers and the purveyors from all over the world.
The mid-nineties to 2000’s internet brings the new ways to do businesses in e-commerce. With the advent of secure payment gateways, speed and availability of gadgets in the today's markets, The online buying and transaction have become simpler over the years. The world largest online retailer Amazon, launched online bookstore in 1995 and currently Amazon offers not only books but it covers office and home needs products, video games, electronics, apparel, food, toy, etc. Apart from Amazon, there is numerous E-commerce has grown on online shopping. So, the most e-commerce stores begin adopting the BI tools to turn millions of raw data into actionable insights.
The E-commerce companies have now turned to Big Data Analytics in order to get focused on customer group targeting, evaluating campaign and maintaining a competitive advantage, especially during the festive and high shopping season. For eg: based on historical big data analysis and comparison, Electronics, Gadgets, Automobiles, and Clothing get the highest sold during the festival times; Hence, by analyzing and demand forecasting the inventory stocking before the sales period can be utilized to give optimum discounts, thus increasing the revenue.
To make the analytics even more easier, a few companies have already started to adopt voice analysis method. Once you have started using this advanced analytics approach to analyze the e-commerce industry then you will get easy answers to your questions and this helps the e-commerce enterprises to grow their businesses in a most successful way. The proper use of analytics helps to drive business is on the rise, across industries. The senior management through the e-commerce dashboard gets the deeper insights on the business objectives, product managers get the insights on the product sales and whether the sales are drawing an optimum profit. Hence the overall e-commerce management can be done easily with analytics.