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Augmented Analytics Has Transformed the Entire Analytics Workflow. It Has Improved the Way of Accessing Data for eCommerce Businesses. Now They Can Act as Per the Accessed Data Which Provides Insights into Customer’s Behavior. Augmented Analytics Helps eCommerce Businesses to Overcome All the Analytics Hurdles and at the Same Time Make Data Analytics Effortless for Them.
Most of the businesses these days are turning positive eyes towards digital transformation. An increase in the digital transportation journey has also resulted in dealing with increasingly voluminous data, which is a bit complex task when carried out by human agents. During past days the analysis and preparation were done with the use of the traditional methods. Handling all the data of your business time-intensive process, and it proved to be significantly challenging for businesses who want to deal with the continuously increasing data manually or traditionally.
Businesses who want to meet the market deadlines of digital transportation and want to reduce the time intensiveness of data handling have to pay attention to augmented analytics. Analytics augments human data scientists with the latest technologies like artificial intelligence (AI) and machine learning (ML) and speeds up all the steps in the analytics journey.
Augmented Analytics: Helps E-Commerce Businesses to Meet Their Targets
Augmented Analytics is also termed ‘AI-driven analytics’; it has great potential, so businesses can use it to acquire their ideal customers. It provides unprecedented insight into audiences that have remained untapped; this audience can then be targeted and can be validated as a viable segment for enhancing the customer base.
According to Gartner’s research, AI-driven analytics will help businesses to get new purchases of analytics platforms. It also predicts that the number of customers who are using modern analytics platforms can easily be differentiated by AI-driven analytics and expected to grow by twice a number in the near future; an increase in this number will also deliver twice the value to the business than ever before.
Another Gartner report predicted that augmented analytics would grow rapidly and will become the future of data analytics in the upcoming years. Currently, advanced tools like Brainspace and Humanlytics are leveraging the power of AI-powered systems and enhancing business processes. Both of these advanced tools are simple examples of augmented analytics, which will provide insight to businesses about what exactly the data tracking will look like in the near future.
E-commerce Businesses Can Leverage Augmented Analytics in Different Ways
In one of the research, it was found that around 40% of the data science tasks will be automated at the workplace by the year 2020, which simply means that businesses are now on the way to the digital transformation journey. Hence augmented analytics is alive and becomes mandatory for businesses to manage and track all the data accurately. Businesses have to learn various ways to utilize this trend and know how they can contribute to their business.
Multiple Marketing and Selling Channels
One of the best ways to modern businesses is multi-marketing and selling channels. Nowadays, more than 86% of shoppers use more than two channels while it comes to making a purchase from a particular brand. Therefore businesses that want to market and sell their products across multiple platforms all the time must have their presence in multi marketing and selling channels.
As per DigitalCommerce360’s recent study, businesses that focus on multi-channel marketing can retain 89% of their customers from different channels, while businesses that only focus on weak marketing integration retain only 33% of customers. Managing multi-channel analytics and strategy that businesses need to sell their product on the various platforms sound impossible as most of the platforms don’t share their data with businesses.
Hence businesses need to spend a lot more on resources to analyze data from all used platforms, and this is one of the primary reasons why they avoid multi-channel selling and marketing. Augmented analytics provides the best solution to it; now, businesses can easily leverage the benefits of multi-marketing and selling.
Data-Driven Product Research and Development
Developing a new product in the market is never a task for e-commerce businesses. The plan can look amazing while sketching it but eventually can fail to grab the attention in the market just due to a lack of poor market research and product positioning. HubSpot report revealed that more than 66% of products fail within two years after their launch, while 80% of new products survived in the market for less than two years.
Most of the eCommerce businesses prefer to spend their penny on the moment product instead of spending on then developing the best plan for their business ahead. They have to understand that every new plan needs solid data that provides a clear scenario about what customers love to buy, at what price they will buy the product, and much more. And all this information can be collected with the help of augmented analytics before stepping ahead to the development phase.
For instance, if you aim to develop an app and website for your customers to make the purchasing each and convention for your business, then you have to gather various data like which features you must include in your app? Who is your targeted audience? Which is the best mobile app development company in the town that can provide spotify clone development at your budget and much more. For collecting all this information, you can use augmented analytics and then can get the best product (app) crafted for your business.
Predictive Product Recommendations
Businesses can now easily analyze and collect volumes of data to predict the purchase behavior of mass customers. Having data on a customer’s purchase history with the help of augmented data can help businesses to offer helpful and relevant products as per their demand. This information also helps to improve the profit margin of the business and provides the ability to all the businesses to display only those products that users are more likely to purchase. One of the common examples of it is Amazon; it tracks the buying behavior of the customers and recommends related products to them all the time.
Most of your targeted audience has a lot of expectations from your brand; they expect to have flexibility as well as convenience from your brand at a time. According to a Boston Consulting Group (BCG) report, businesses that implement personalization strategies experience sales growth of 6-10%; this rate is 2 to 3 times more and faster than other businesses that do not implement the same strategy. Due to advancements in deep integration and augmented analytics writing on various platforms, new techniques of personalization have entered the e-commerce field.
With the help of Deep integration, businesses can analyze and collect data from various channels. They need a single dashboard to provide a personalized, unique, and seamless experience to customers across multiple channels. Excellent personalization can decrease the time of transactions, increase customer engagement and conversions. Therefore every business must pay attention to offering it to its customers.
Augmented Analytics: Best Option for Ecommerce Businesses to Move Forward!
There is no doubt that augmented analytics has a bright future for data analytics. The ability for this advanced platform to analyze, interpret, and automate big data sets provided a wide range of opportunities to eCommerce businesses. It also provides guidance to the businesses so that they can enhance their online presence, which is one of the futuristic things for all businesses in this digital-driven age.
Gaurav Kanabar, CEO of Alphanso Tech also has a specialization in writing high-quality blogs, articles, etc. He has contributed multiple topics on the web such as automotive, business, lifestyle on-demand, netflix business model, and eCommerce. The topic helps readers to understand different themes and concepts with ease.