A global pandemic has brought the state of panic for the entire world. Businesses have been shut down and many companies are bearing losses, struggling to figure out how to survive? The question here is not for earning profit but to survive through this situation in a breakeven. Even in this global pandemic situation there is one thing we can rely on and that is data. Data analytics allows us to make wise decisions in any disastrous situation.
We can’t deny the fact that data never lies. It can save you from disasters and also guide you to future growth. There’s a huge pool of data available to be used by businesses and back-up their decisions. Even though the world is dealing with the economic crisis, there are ways to where you can use data analytics for online business growth and sustain your businesses. Not only during the crisis period but also, post-pandemic decisions can be made using data analytics to grow your online business.
Amid the Covid-19 global pandemic, the e-commerce industry has seen some significant growth in their year-on-year sales. Global Amazon sales went up by 26% in Q1, North American chain stores’ online sales are up 80%, and buy-online, pickup-in-store orders surged 208% in April. While B2B e-commerce sales reported an uplift, the luxury and cultural goods customers are seeing a decline.
The main idea of this article is to address the challenges and opportunities for online businesses that can be overcome and achieved by using Data Analytics.
How data analytics can save business against global pandemic?
When we talk about small businesses, they have limited resources and funds as compared to the medium and large size business. Setting up altogether a different team for data analytics seems quite costly. This doesn’t mean that they should keep the data analytics on hold, but they can make a smart move of outsourcing it. Here’s why Small businesses should consider outsourcing data analytics, it will not only save their time and money but also give them a competitive edge to grow their business.
Data analytics has a large part in sustaining businesses to accelerate growth and predict what steps to be taken next. It helps businesses to layout their long term plans and manages resources. Online businesses need different approaches to maintain and grow their business as compared to those who operate offline. It is nearly impossible to generate revenue online without analysing and knowing your customer behaviour. Data analytics enable the user behaviour analysis for your business to align your strategies for increased RoI.
Data analytics holds a myriad of opportunities to accelerate your business revenue. Let’s have a look at a few of the most important ones that can give online businesses support to achieve their goals.
- Data-driven business analytics helps you define realistic goals. It deals with the historic data and predicts future opportunities for your business growth. It is also important for you to know the strengths and weaknesses of your business, which again can be determined by data analytics.
- Any decision which is backed-up by data proves right for the business most of the time. Data analytics unveils the wealth of data for you to make informed decisions for your business and invest your resources in the right direction.
- Knowing the hotspot of your potential audience can be a bonus for your business. Deep insights and data analytics allow you to identify the demographics of your target audience and it takes all the guesswork out. Know more about why consumer behaviour analysis is so important for online businesses.
- Segmentation and personalization take you one step closer to user retention and increased sales. With the right data in hand, you can create separate groups of your users and provide them with personalized experience as per their behaviour.
How does data analytics contribute to business value and growth?
If you can’t measure it, you can never manage it. Without having data in your hand you can never efficiently manage business processes. On what basis will you make decisions? On what grounds will you invest resources? Have you ever thought about it? Data holds the power to run your business and keep it growing. Data analytics helps you identify what is working and what needs to be improved in the process. Your business operations can become stronger than ever by implementing analytics at every stage of it. Let’s see even during the pandemic, how data analytics is helping online businesses to not only keep running but growing as well.
Ample of benefits can be seen by embracing data analytics for online business growth. data analytics tools can be integrated with online business operations and analytics to extract deep, clear and actionable insights from the website.
This global pandemic has connected the world digitally. From Digital education to work from and virtual gatherings have now become a new normal for us. As the technologies are evolving, e-learning is becoming a more and more comfortable option for the audience than any typical brick and mortar classrooms. Be it a regular certification or a higher degree course, it can be easily found on the internet.
Harvard recently started a range of free online courses, not only this, many e-learning platforms have increased their course offering which makes it more convenient for the audience to learn from anywhere with ease.
Data analytics helps in the growth of the e-learning industry by allowing them to track the performance of the learners and enhance their experience. Integration of data analytics with online business gives an opportunity to introduce efficient learning management frameworks and personalised learning modules for the users. It tracks the user’s behaviour and personality, which can help you in creating a better recommendation system and improve retention.
If we see the marketing reports, in the next 5 years the analytics market is expected to grow more than 50%. As the online learning industry is expanding rapidly and the foreseen future is bright enough to capture established corporate houses’ attention. It is reported that many of the big corporate houses would be ready to invest money in the e-learning industry.
The e-learning industry is likely to grow in the near future. It crossed $200 billion in 2019 and is predicted to grow at over 8% compound annual growth rate between 2020 and 2026. The key technologies driving the growth of the e-learning industry are cloud computing, data analytics, machine learning and artificial intelligence.
A sudden induce in shopping behaviour is seen during the Covid-19 lockdown. The entire world has changed its priorities which resulted in the increased sale of online groceries and daily necessities. Sale of groceries and daily needs products has seen a growth of 50% in the current year as compared to the previous year. Your e-commerce store can only be successful if you know your customers and serve them what they want.
Data analytics when integrated with an e-commerce website, lets you convert the insights into actions. It gives data about the behaviour of your users on the websites, their geographic locations, helps you understand their personality and interests as well. This all data is useful in creating a personalized experience for your users which is essential for determining the consumer lifetime value. E-commerce analytics and reporting can be altogether a detailed discussion, meanwhile, you can check these 4 Critical eCommerce Reporting Parameters for E-commerce Business Growth
When you know these matrices, you can easily make decisions like where to invest and how much to invest. Moreover, you will have a clear understanding of your users which will help you in maintaining good relationships with them and give you an opportunity to upsell. Data analytics for e-commerce hold a myriad of opportunities, let’s have a look at some of the important ones.
It is expected that global e-commerce sales might experience a spike of $4.9 trillion by 2021 from $3.1 trillion by a growth rate of 265%. It clearly indicates the increase in the use of e-commerce in the near future. This increased usage in e-commerce will bring more and more data which cannot be managed manually. It is the perfect time to integrate data analytics in your e-commerce business so that you can identify and grab upcoming opportunities to grow your business.
Data has been a crucial part of the banking industry throughout the ages. It is the backbone of the banking and finance industry. Data analytics plays a major role in the evolution of the banking and finance industry. With the advent of technology, the banking and finance sector is growing really fast. Interactive data make the decision-making process easy and to do so, integrating Power BI Dashboards For Finance and banking would be the perfect stepping stone.
Recognizing the fact that data is the key to business success is the very first step of building your business foundation. Data analytics helps the finance and banking industry to identify and acquire new clients. As simple as it may sound, most of the banking and finance companies have not completely recognized that data analytics is the foundation and a strong strategic pillar of their business.
By leveraging data analytics in the process, small and mid-size banking and finance companies can expand across different lines of businesses like Retail Banking, Corporate Banking, Investment Banking, subgroups like trade finance, Home Loans, Personal Loans and so on.
When it comes to counting the benefits of data analytics in the banking industry from enhancing productivity to accelerating growth it has covered it all. Analytics-aided techniques can help banks in lowering their risk costs, such as advanced early detection systems, next-generation testing, digital credit assessment and credit collection analytics.
As per the studies, research and analysis, it has been noted that the global online banking platform & services industry will foresee a growth of approx $6.9 billion at a compound annual growth rate of 10.19%. by 2025. Hence the suggestion is to integrate data analytics for online banking growth and manage the huge chunks of data wisely.
The more the merrier but how to manage the more is the real question here. Telecom industry runs on user data and this user data keeps on increasing and evolving with every passing second. The cut-throat competition in the market makes this industry highly demanding yet challenging at the same time. It is very important for any telecom company to make their decisions based on data only. There is no room for guesswork in this industry which makes data analytics the perfect instrument for the growth of the telecom industry.
The growing competition in the telecom industry makes customer retention a top priority. The telecommunication industry has evolved a lot in the past few years. It is not just about making calls now, it holds much more than that. With the right telecom data analysis, these companies can identify the opportunities for cross-selling and customer retention. Analysing customer behaviour to predict the user churn can also be established by integrating data analytics.
A smooth service of the telecom industry decides the lifetime of a user. Network optimization is another crucial metric of this industry which needs to be done with proper data. Proper telecom analysis helps in monitoring traffic and facilitating capacity planning decisions.
A global pandemic has resulted in the sudden growth of the telecom industry and has opened future growth opportunities as well. There are over 1.1 billion users of fixed landline globally in the year 2020 and there is still a room for growth. The global Internet traffic is expected to grow approximately 400 exabytes per month by 2022. This much data can bring more opportunities for the telecom industry to grow in future and reap profit by analyzing the data intelligently.
The Digital content creation industry has got the opportunity to grow the traffic and user base during the lockdown. The demand for digital content has started increasing and is still growing. Digital content is not only required for entertainment purposes but also is used by the majority of businesses for marketing their services or products. And since most of the businesses are shifting their operations online, it creates a higher demand for digital content creation companies.
It is very important that the performance digital content needs to be analyzed every second to optimize it and generate profit out of it. The main essence of opting for digital content is that you can track and analyze it in realtime and improve it at the same time. Well, this calls for data analytics tools.
As I have mentioned above that more and more data can bring opportunities for businesses to grow if it is converted into actions. Data analytics for the digital content creation market is necessary because it helps in tracking the tiniest interaction with the content created. Data analytics helps in tracking how much content is being consumed, what kind of content is being consumed and what all locations are the hotspots for content consumption. With all these parameters the digital content creation companies can establish a competitive advantage and multiply their revenue. The global digital content creation market is anticipated to grow significantly in the near future.
What is the Future of Data Analytics?
Seeing the changing trends above, we can sense and clearly say that the future of data analytics is bright. It holds the power of providing actionable insights to the online business community which is also growing rapidly. Approximately 2.5 quintillion bytes of digital data is generated by people every day and most of it goes unnoticed. It holds so much of value to help you increase your sales, retention and sustainability in the digital world. Data analytics is the inseparable part of any business when it comes to decision making. From Reducing bounce rates, analysing user behaviour, predicting the next move of the user to help in crucial decision making, data analytics has got it all covered. Data analytics has opened a new paradigm for all the online businesses and it seems to have a promising future ahead. Analyzing the data, learning from its results and utilizing the data to minimise losses while maximising profits if put to proper use.
This is considerable that implementing data analytics right away without having much knowledge about it can be a struggle for any business. That’s why we suggest outsourcing it which not only gives you the expert’s help but also saves your time and money. Having too many questions in mind about how to get started with data analytics and increase sales using it, is obvious. In the end, it all circles back to increasing sales, RoI and boosting revenue growth. Well, then pen down your questions and schedule a free consultation with us. We can help you in clarifying all your doubts and help you identify more opportunities for your business growth.