If you rely on data and analytics, it helps to reduce the chance you will be disappointed. In this article, we overview why and how companies rely on big data analysis within their ecommerce initiatives.
What’s more, the NEKLO team wants to clarify that one of the key benefits of merging Magento web development and big data concepts is the ability to make the right decisions faster. A hybrid big data ecommerce solution means the ability to analyze data from literally any source like Magento, Salesforce, finance and accounting systems, and popular marketing tools.
Big Data in eCommerce: What is Business Intelligence and Big Data?
What is business intelligence? What is big data? These questions arise in millions of unaware minds. Yes, it is a technology. But we are assured that it’s more than that.
Big Data is a massive collection of unstructured and structured data of both increasing and varied types. Today, lots of software outsourcing companies are leveraging big data, and NEKLO is not an exception.
At NEKLO, we’ve gained some practical experience working with big data application development tailored to ecommerce. For those opting for Magento website development, the article will become insightful. So, stay tuned.
In 2022, the growth of business intelligence and analytics technology is the new wave of innovation in ecommerce as it changes the way online stores operate. Having access to big data analytics benefits and knowing the answer to the “How is big data collected in ecommerce?” question, online retailers get a chance to create better shopping experiences, increase customer satisfaction, and generate more sales.
Why Is Big Data Important for eCommerce?
Everything customers do online gets stored as data. However, big data isn’t about just text, video, search, and sensors. It’s more about customer information and the potential of customer experience.
The infographic below shows the big data traits that businesses are currently using in ecommerce:
You can see the 5 V’s of information that include:
- Volume: Huge amount of data that is generated every second;
- Variety: Different types of data that is generated from various sources;
- Value: Multiple ways to extract useful data;
- Velocity: Lightning-fast speed at which data is generated;
- Veracity: Messiness, inconsistencies, and uncertainty of data.
Big data in ecommerce lets you understand your customers’ needs, predict their steps, and build long-lasting relationships. The importance of ecommerce big data is in turning your website visitors into loyal customers. Such customers make you a successful ecommerce market player. This is courtesy of business intelligence and data analytics tools.
The key, however, is to find the most optimal way to introduce the technology and handle its challenges within your specific case, be it a newly-created online store or established custom ecommerce solutions.
How To Integrate Magento with Big Data Analytics and Business Intelligence?
The ecommerce market is one of the most competitive today. If you want to run a successful ecommerce activity, you need to become a big data analyst and make important decisions based on thorough data analysis.
To attain this skill, you will need the latest big data technologies and helpful business intelligence software. One of the obvious solutions is to integrate a specialized ecommerce-tailored business intelligence system (BI) with your multiple ecommerce datasets to make your project even more powerful.
Today, Magento ecommerce development is one of the most demanded services in any leading software development company. Magento developers worldwide contribute to the growth of the platform to make it the leading one for sales optimization.
However, there still was a lack of solutions for the Magento users who wanted to build reports and see ecommerce data analytics dashboards, especially for those having little technical knowledge. That was the reason why we were so excited to collaborate on one of the first Magento business intelligence solutions!
How to Use Magento as One of Your Dedicated Big Data Analytics Tools?
BI-technologies and big data tools are used to facilitate access to flexible analytics. NEKLO was glad to be invited by our partner company 3Alica, which has more than 10 years of business intelligence tools development and integration experience, for a Magento development project involving work with deep big data analytics in retail. To help Magento users automatically process and prepare sales data for analytics, our team contributed to the creation of a new custom Magento module which is based on Qlik Sense.
The benefits that this big data in retail analytics platform offers include:
- Working as a SaaS;
- Scale with data integration;
- Open APIs;
- Flexible management, and more.
This new big data analytics software for ecommerce will:
- Automatically update the recent order data;
- Provide access to your sales dataset;
- Include a comprehensive data model with different measures and dimensions across the sales process.
The big data volume has an optimal format for investigation and analysis:
Connected to your ecommerce project (online store), this business intelligence data analytics module for Magento will help to:
- Provide mobile access to Magento sales statistics to your team and stakeholders;
- Use interactive reports to analyze sales performance and understand the factors influencing the performance;
- Easily create any custom reports based on sales data of any complexity with custom calculated measures;
- Provide access to the solution for your employees to drive a big data business intelligence culture;
- Timely catch market opportunities by letting your Sales and Marketing teams have an easy way of receiving data insights;
- Set up measurable goals and get ways of monitoring your success;
- Save time and costs on business intelligence analytics tools and big data software development and integration.
The list of additional advantages this software for big data analytics provides to Magento users includes:
- Insight into KPIs for your Sales department in a single dashboard;
- Integration with Google Analytics;
- Opportunity to use your authorized connectors to upload the data from your accounting systems.
Our ecommerce big data solution for Magento allows tracking the following KPIs:
- Number of new customers;
- Average order value;
- Unit per transaction;
- Sales dynamics over different periods.
You can analyse various buyers as separate categories and make personalized offerings to improve customer retention. That is why big data analytics solutions are essential for ecommerce business owners.
Discover another useful Magento extension by NEKLO experts in our article.
Finally: Why Opt for Big Data Tools as Part of Magento Development Services?
In this article, we have overviewed what the business intelligence and big data industry is. We have outlined how companies use software for big data and offered you one of the optimal business intelligence examples to start analyzing your Magento data faster.
NEKLO and 3Alica have introduced a BI solution with end-to-end Magento data analytics that gives the users of this platform a chance to turn their statistics into deep analysis. It will help to improve conversions, enlarge checks, and create a targeted offer for customers. To ask for a demo, discover more about this unique Magento Big Data tool, or other ecommerce development services contact us through the form on our website or directly by email.