Leveraging big data can help companies increase their revenue by around 25%

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 20, 2021, 4:14 PM UTC

Ecommerce brands should break down data siloes to make the most of their data

Effectively using data can help ecommerce companies create better content and target consumers more accurately. Internal data can also help companies measure ROI with ease and increase customer loyalty over time. With the data analysis, companies can better analyse customer behaviour and sentiment across social media and tailor marketing campaigns, target customers by behavioural attributes.

Data analysis can also help companies create personalised campaigns with relevant offers and messaging, implement dynamic pricing strategies, and eventually enhance customer satisfaction by providing a relevant and seamless experience. But, to make the most of their data, businesses must first break down data siloes. For instance, ecommerce customer data is often separated from in-store customer data, and marketing data is often siloed by its channels.

Businesses can tackle data siloes by integrating customer data or using tools like Customer Relationship Management Software (CRM). Further, companies can eliminate any guesswork when predicting trends by introducing trend forecasting algorithms. Leverage AI to analyse dynamic pricing and use big data to action behavioural segmentation and targeting.

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