Almost every aspect that happens in the business industry today is automated – in other words, computers are in charge of practically everything. That being said, it is evident that computers are in charge of procuring and processing a large amount of data. This is where data analytics comes in.
The data procured by the computers is analyzed, and the reports generated are used to make big business decisions. The analyzed data, also called Big Data, will make it easier for you to develop your e-commerce business for sure success.
The Harvard Business Review has suggested that 99 percent of businesses declared that they want to use big data analysis and AI for the betterment of their financial future. This only goes to show that data science is surely but certainly becoming an integral part of business ventures – both big and small.
Who are data scientists and what do they do?
The basic job of a data scientist is to interpret Big Data in order to achieve business goals. As the dependence on data analytics is rising, the role of the data scientist is becoming more and more pronounced. The data scientist is responsible for drawing conclusions from large amounts of data, which then help to make decisions in businesses.
Basically, the data scientist is supposed to gather, organize and analyze large amounts of data with the help of specific software that is specifically designed for the task.
The data scientist collects two types of data: structured data and unstructured data. As the name suggests, structured data is the information that is already organized, and therefore easier for a computer to read. On the other hand, unstructured data comes from customer reviews, mentions on social media, emails and the like.
Since unstructured data is more scattered and unmanageable, companies employ data scientists to collect and organize this type of data. The data is then put through software specially designed for the analysis, and the result is then interpreted by the data scientist and turned into a form that is easier for shareholders and investors to understand.
How Will Data Analytics Help Businesses?
Not all companies have the technological paraphernalia required to run data analytics. However, research suggests that most businesses that have implemented data analytics (about 73 percent) are seeing a significant increase in ROI. This statistic proves that data analytics can have a significant impact on the financial success of a business. Here are some other ways in which data analytics can benefit your business:
1. Improve User Experience
E-commerce industries are slowly inculcating a personalized user experience for the benefit of buyers. Earlier, buyers did not have the means to see products that are based on their previous searches, or products that may interest them. The improvement in data analytics has enabled e-commerce sites to recommend certain products to customers and help them make their choice. Improved user experience results in increased customer satisfaction, which in turn draws more traffic to your site.
2. Visitors Can Turn Into Buyers
When you analyze Big Data, you will better understand the needs of the customers. For example, when you will be able to understand why a consumer visits a website and leaves without making a purchase. A lot of factors can be behind this – may be the product was too expensive, or maybe they did not find the user experience of the website satisfactory. When you have this information, it will become easier for you to transform your website accordingly. When you provide consumers with exactly what they need, they will show interest in buying for your e-commerce website.
3. You Can Provide Better Customer Service
One of the major ways in which you can establish your business above your competitors is by providing satisfactory customer service. Your customers may appreciate the low prices, high-quality products, and recommendations, but they will feel truly valued if they feel that you are catering to their personal needs. This can be analyzed according to Big Data. If you analyze the Big Data, you will be able to understand exactly how you can serve your customers better, and how you can cater to their needs more efficiently.
4. Big Data Helps Predict Future Trends
Once you analyze Big Data, you will be able to accurately determine future trends in the market. This eliminates most of the guesswork that people have to do. When you analyze the trends, you will also be able to determine the next big and popular products in the market.
How Can You Learn Some Data Analytics Skills?
If you want to learn the basics of data analytics, you can get all the information you need on platforms like YouTube. There are plenty of channels and videos on the platform which gives you all the information you need to get through the basics of data analytics. Also, you can take to blogs like w3schools as well. These sources may not give you the information you need, but they cover all the primary details, which may be enough for you to start as a data scientist.
However, if you want to take up data analytics as a second profession, then you will need a lot of advanced information. Most popular ways are enrolling in coding schools and online courses. On the other hand, you could also use something called learning paths. Data scientist’s learning path, for example, is an extensive learning course that teaches a student everything from start to finish. It’s focused so that the student would have enough knowledge to start working in the career he selects. In a way it’s similar to coding schools, except there’s not face-to-face tutoring.
Data analytics is one of the chief components that drive large businesses today. Not only large businesses, but data analytics can also benefit smaller business ventures as well. Through data analytics, you can accurately predict future trends, create a more satisfactory experience for the customer, and ensure that all their queries are answered properly.
Procuring the tools for data analytics can indeed be expensive, which is why only 30 percent of businesses can actually bring it to action. However, since it improves the state of incoming revenue by a large margin, it is ultimately a profitable enterprise.