Abundance of Data
The highly-advanced tools and technologies that we have at our fingertips have given businesses of all sizes the opportunity to gather in-depth information about their operations and their customers. Data on practically everything – from the Facebook pages that their target market frequents to why website visitors abandon their shopping carts – can be delivered in real-time to companies.
However, our world today generates a staggering amount of data nearly every minute, which can make it challenging for businesses to determine which ones are actually relevant to their goals. More importantly, simple data is useless; rather, what businesses need to thrive in the e-commerce industry is actionable data – or, data that tells them what to do and when to do it.
“The explosion of digital technology and big data has changed the game for e-commerce marketers, and data-driven marketing is now a necessity for online retailers who want to retain their competitive edge,” writes Erika Brookes. “Still, many online retailers struggle to turn their data into actionable insight.”
Generating and collecting data won’t be a challenge for businesses in the years to come, due to the many technologies available that do just that. Instead, they’ll have to resolve the problem of turning this data into something useful – something that can be applied to improve their operations, taking them to greater heights of success.
The growth of the e-commerce industry has undoubtedly caused a slew of opportunities for businesses everywhere. However, it also comes with several challenges. These will all have to be overcome by those who want to survive in the competitive world of online selling.