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In recent years, Big Data analysis has been in high demand, and there are no longer any projects without involving data sets in some way. However, in eCommerce and the online business environment, Big Data seems to play an unprecedented role. How does Big Data affect eCommerce? In this article, we will zoom you into this topic.  

Big Data has been evolving since the 90s when the first attempts and concept of massive data set analysis were born. After 2010, technology reached for scientific ideas and began to use them in many areas of our lives and business, including eCommerce. Big players like Amazon and Allegro marketplaces, which had access to an unimaginable amount of data, benefited the most. And the last eight years have been increased growth of various technologies, tools, and solutions for using Big Data in online sales.

The first best moment for Big Data was the beginning of the 2010 decade. The second is now.

Data set = In-depth insights

For eCommerce, data has become a crucial topic. Both theory and practice show Big Data involvement is the result of more competitive pricing online, as well as a reaction to price-sensitive users. Whether due to competition, demand for the product, seasonal campaigns, discounts, or holiday sales, solutions based on Big Data allow you to react continuously to market conditions and consumer behaviors.

Each time a change and its guidelines occur, an overwhelming amount of data appears. That means eCommerce specialists must deal with conducting an efficient and effective pricing process, keeping in mind that inaccurately processed information can lead to more catastrophic errors than not using it at all!

Let’s be honest. Managing all this data manually or by a single analyst is practically impossible. However, data extraction tools such as pricing software make analysis easy and flawless. You can eliminate unwanted risk and automate tasks with greater accuracy. And with compiled data sets, you can even determine the price estimation of every product in your catalog so that you can choose for the highest profitability at any time. Just carry out a pricing strategy in an orderly, safe, and conscious manner without the risk of wrong processing. It is possible thanks to technology that uses Big Data.

Big Data vs. eCommerce characteristics

One thing that defines every price strategy is its need to be tailored to the specific eCommerce goals. Thus, keeping up with the competition is not always enough to excel. You should take many other variables into account to maintain profit margins.

The truth is that price monitoring systems do not always consider the objective needs of the business. In many cases, price matching occurs only to beat competitive sales. However, it is essential to consider the specific characteristics of an eCommerce to grasp and expand its potential.

Big Data solutions

Big Data has been evolving since the 90s when the first attempts and concept of massive data set analysis were born. After 2010, technology reached for scientific ideas and began to use them in many areas of our lives and business, including eCommerce.

That is why it is crucial to measure impact volume, sales prospecting, or potential users, among other indicators. Adding these variables only increases the efficiency of pricing tactics. When using Big Data solutions, you can configure necessary parameters around all of these variables, allowing each to influence to the extent needed to apply the optimal sales price.

Stream of Data means answers

An eCommerce main challenge is capturing and managing data. As we stated at the beginning of the article, the digital paradigm has opened so many doors that it is virtually impossible to keep tracking catalogs or prices manually, much less get a detailed report on their fluctuations.

Big Data solutions help you make precise and informed decisions. They simplify the entire process of accessing and analyzing data. But also provide the right metrics for every business based on its relevance and need. If the company were to make decisions without understanding the entire picture, it would be virtually impossible to formulate informed decisions regarding individual prices and overall strategies.

To summarize, thanks to Big Data, technology like price monitoring software helps eCommerce to optimize strategies, find answers, and, of course, achieve the maximum benefit from gathered knowledge. But to get in-depth insights from Big Data, every time characteristics of a single eCommerce must be defined and taken into account to make the most efficient decisions and long-term improvements. 

No doubt, Big Data is fundamental in business analysis. Using technology that processes Big Data flawlessly, you will achieve a critical milestone for the growth of your organization.