The new online generation will bring the latest technological advancements, commonly in the areas of data real-time delivery and data governance. With all these innovations in technology, the exploration of the data would be democratized for business categories such as stakeholders, analysts, and executives. Therefore, business professionals have to work on improving the data proficiency that ensures the flexibility of the business.
And, for this, the best tool that a business can use is E-commerce Business Intelligence. Business Intelligence is considered an essential element for e-commerce business organizations. It is a collection of the top strategies and technologies that are necessary for the success of the business. So, for all the business owners and vendors, this is the time to check the data proficiency of the business.
Therefore, read the blog to know more about E-commerce Business Intelligence and its role in the e-commerce business industries. Here, we have also discussed the impact of business intelligence on the e-commerce market and how it improves data proficiency and manages it.
Introduction to E-commerce Business Intelligence
Business Intelligence, also known as BI, is a combination of tools, applications, techniques, and practices that helps in converting the raw data into the right information. If you have an e-commerce business website, then adding business intelligence to the online business can give you relevant data about users and other necessary business information. Also, it increases the accuracy of making the correct decision for the business.
Here are some basic features of Business Intelligence that take the business on the road to success-
- Using a business intelligence tool, a business owner can collect raw data about the customers and convert it into appealing information with real-time visibility.
- Business intelligence is used to track the persona of the buyer and to create a user profile based on its shopping journey.
- The online analytical processing in BI helps to perform real-time forecasting and calculation.
- BI provides insights to the business to build trust and enhance sales as well as engagement of the customers.
- The business intelligence tool is used to compare data metrics such as time, strategies, and cost with the competitors and stay ahead of them.
- Business intelligence helps in data visualization to recognize the right relationship within the data.
Every Ecommerce business wants to collect more and more data about the customers in their business. And, for this, the most important tool in business intelligence. For businesses, it has become essential to rely on new technology stacks and be involved in the great significance of data technology.
Types of Business Intelligence
According to one of the best influencers from Gartner, two major types of business intelligence exist in the company to collect the necessary data.
1. Operational Business Intelligence
Operational Business Intelligence or OBI is a task-oriented tool that provides relevant and time-sensitive customer data. The data collected through OBI is essential to run time-bound business operations or tasks. According to research by McKinsey, it was found that 40% of the time is spent by the business owner to make the right decision.
Operational BI provides live streaming of the data to boost the performance of the business. The democratization of the data in OBI helps the business owner to-
- Help in planning, budgeting, and cost-saving.
- Prioritize the task of the business.
- Detect real-time errors and correct them according to the live data.
2. Strategic Business Intelligence
Strategic Business Intelligence helps the business owner to make decisions by analyzing the data warehouse provided in the graphs and dashboards. There is a predetermined set of data that helps to collect the historical set of data and enables the business owner to make decisions and strategize long-run goals.
The key factors of Strategic Business Intelligence are as follows-
- Collecting data about the organization.
- Creating a summary of the whole business’ performance.
- Optimizing the data for strategic analysis.
Impact of Business Intelligence on E-commerce Online Platforms
In 2020, almost 54% of the enterprises said that Cloud Business Intelligence is necessary for the future and ongoing initiatives of the business. Below, we have curated some of the essential features that explain to the business owners the role and necessity of e-commerce business intelligence to get the desired success in the organization.
- Business intelligence provides a customized user experience and simplifies it using personalized resources such as promotions, products, rewards, discounts, and others.
- E-commerce business intelligence provides insights about market intelligence by letting the business know about the trending products by the competitors, their market strategies, and high-performing channels.
- Business intelligence also offers categorization and segmentation of the client according to the customer’s behavior, purchase records, and interests.
The E-commerce business intelligence follows the core features of Business Intelligence gathering to analyze the customer data, sales processing, and marketing of several e-commerce organizations. The business owners use E-commerce BI to reduce the efforts of people working at the company to create dashboards and reports. Various e-commerce development companies use business intelligence in mobile and website app development for-
- Improving operational efficiency of the business.
- Gaining competitive advantage.
- Managing identity and business issue.s
- Driving great revenue.
The companies using e-commerce business intelligence also get huge opportunities to digitally transform the business and make it successful. Also, the business owner gets customized e-commerce development company in Bangalore to match the pace with the competitors and win the race. If something could make a difference to the business alone, then it is E-commerce Business Intelligence.
Here are some benefits of BI that make it different from other strategies used in business to earn profits through online platforms.
1. Business intelligence creates a user experience for the customers that helps them to use customized website design, personalized promotion, products, rewards, and discounts.
2. E-commerce BI improves the customer experience using several marketing campaigns and analyzes the customer lifecycle and interaction.
3. Business intelligence organizes client segmentation that is fully based on the interests, requirements, and purchases of the customers.
4. E-commerce business intelligence helps the business to offer personalized moving products to the customers according to the latest trends in the online market.
Top Business Intelligence Tools for E-commerce Marketplace
As now we have explained the importance and impact of business intelligence on the e-commerce market, here are some top business intelligence tools that a company can use. The tools will help the business owner to add business intelligence to the business and bring huge success.
If you are using a BI tool for the first time, then Tableau is a perfect option for beginners. Its simple user experience design will help in learning the features easily and create a customized dashboard.
Tableau also lets the business owner fully focus on the data visualization process. The AI and ML e-commerce trends help in connecting with the data and gaining popular insights about enhancing visual practices.
2. Zoho Analytics
Zoho Analytics is a self-service BI tool and analytics solution that helps in the creation of dashboards and reports. It also lets the business owner track the key business trends and outliers to predict future opportunities.
Also, it can easily connect the Zoho BI to all the files, cloud, business applications, and other databases of the business without any issues.
3. Microsoft Power Business Intelligence
If you are someone who wants to explore hidden data of the business through reports and dashboards, then choose Microsoft Power Business Intelligence tool to provide minute-to-minute analytics.
It also enhances the simplicity, security, and visibility of the business. The team members working at the company can also make the right decisions using data-driven solutions provided by Microsoft Power BI.
The Looker BI tool is a part of Google cloud and fully works in the database. The tool is platform-independent that helps in combining multiple types of datasets, segmenting customers using attributes, and tracking the cross-channel behavior of the customers.
Looker also tracks the KPIs such as CTR, CPC, and CPA using the campaign revenue details and reporting of the business.
Therefore, to choose the right e-commerce business intelligence tool for your business to analyze the customer’s data, here are four necessary steps-
Step 1- Analyze all the data capabilities such as data preparation and data scalability
Step 2- understand the needs of stakeholders
Step 3- Keep a check on the maintenance and implementation requirements of the business
Step 4- Know the cost of implementation and other related costs
Hence, it is time to shoot up the competency of the business using the business intelligence technique and gain the correct insights about the business data to get success. Business intelligence is a guiding tool that can help a business to revolutionize its e-commerce online business.
So, the business owner should utilize business intelligence in the right way to build a good online channel. Indglobal Being one of the leading android app development company in Bangalore-based companies, we also try to use business intelligence to connect with the customers to share our thoughts about the business as well as the brand.
And, the finishing lines say, E-commerce is a place of raw data converted into meaningful information for the customers. Make use of the right business intelligence tool to let the users know about the business success story.