Big Data Analytics is the talk of the hour, and every organization that’s heard about it even once is thinking about implementing it. There are those who argue that big data is not for all businesses, this isn’t strictly true. With a few tweaks to suit the industry, Big Data Analytics can fit in anywhere and benefit any type of organization. With Big Data Analytics, organizations are discovering actionable insights that would otherwise be impossible to spot from the zettabytes of data being generated.
In the B2B eCommerce industry, there is no doubt that big data has a big part to play. With B2B eCommerce expected to be a leading global trend in 2014, all players in this industry need to be prepared to ride this wave. Moreover, with more demanding customers who expect the same levels of personalization and convenience as in the B2C industry, B2B firms have no choice but to utilize Big Data to service its customers better.
Whether the data that a B2B organization is gathering, is structured data (names, addresses, emails, etc.), or unstructured data (tweets, posts, likes, etc.), it needs a tool that can collate and analyze it efficiently; that tool is Big Data Analytics. With Big Data Analytics an organization can identify patterns and discover links between various data points, which can reveal customer touch points, niche market segments and otherwise indiscernible insights.
But what can a B2B eCommerce organization do with the data it collects from a Big Data Analytics tool? It can achieve a lot more than just understanding supplier and customer trends; it can improve its services in the following quarters:
• Optimized Supply Chains:
A B2B organization’s life lies in its supply chains, efficient ones ensure customer convenience.With Big Data Analytics, an organization could get real-time data on deliveries, supplier and inventory states, which could be used to identify supply chain blocks, prepare an ordering schedule and pin point major sales trends.
• Sales Opportunities
B2B eCommerce organizations have to pick every chance at making a sale through their online engagements, whether it is through their website or their social media presence. Applying Big Data Analytics tools, the sales team will be able to manage the relationship with customers by optimizing product/ offer releases, and will be able to follow up with abandoned carts. Furthermore, they’ll be able to provide real-time personalized offers to buyers.
Personalization is no longer limited to B2C customers; the B2B customer too expects high levels of customization today – whether it is in the form customized products, offers or recommendations. By bringing to light related products, the B2B organization can find the opportunities to up sell or cross sell with greater ease.
B2B companies today deal with millions of SKUs (Stock Keeping Units), and managing them can be a challenge. By applying a Big Data Analytics tool that can process millions of data sets, the organizations can acquire the data necessary to customize pricing. Furthermore, they can test and determine price elasticity and segmentation.
• Predictive Analytics:
By applying Big Data Analytics, B2B eCommerce organizations can forecast customer buying behavior, optimize stock levels and just as importantly, reactivate dormant customers by renewing their interest through newproducts, offers and recommendations.
A Big Data Analytics solution will help B2B eCommerce companies make a highly personal, enhanced customer experience, thereby increasing sales. It will also aid them in optimizing internal processes and functioning to ensure that performance and efficiency within the organization is also at its peak.