The ever evolving landscape of digitalisation has transformed the footpath of traditional methods of shopping and conducting business transactions through mobile commerce. In today’s climate, users can freely take part in their business activities from anywhere and at any time, just by using mobile devices along with internet access. Data Analytics has become the heart of this modern era with the growing demands of banking, shopping, and several different activities. This revolutionary transformation has set new market trends by reshaping the retail industry and helping them to enhance the experience of their customers. Businesses can easily operate the future market of mobile commerce with the full utilization of data analytics. This blog will provide you with a detailed description about data analytics in mobile commerce and how data analytics shaping the future of mobile commerce.
Know About Data Analytics in Mobile Commerce
Understand Data Analytics
Before driving directly into how data analytics shaping the future of mobile commerce, lets catch some information about data analytics. Undoubtedly, data analytics has shifted the traditional business method into an innovative one and has become the backbone of the business for achieving their desirable success. It helps the businesses in converting primary data into implementable conclusions. Nearly 92% of business organizations are successfully measuring their valuable data with the help of data analytics and are planning to invest more in innovating business methods. This data analytics helps in analyzing the behavior, trends, and preferences of the customers through its countless techniques like machine learning, mining data, and predicting future.
Need of Data Analytics in Mobile Commerce
- Through data analytics, the efficiency of websites and mobile applications can be improved at a greater speed.
- It provides valuable insights which can be used for making strategic decisions in the business.
- By incorporating data analytics in mobile commerce, businesses can enhance and tailor the experiences as well as offers to their every individual customer.
- This will help in targeting the audience together with enhancing their engagement towards the business.
The personification of Data Analytics in Mobile Commerce
With the spreading popularity and demand of mobile internet, it is expected that the international market of mobile commerce will increase to more than 9 trillion US Dollars by the end of 2027. Thus, this transformation will bring a dramatic change in the world of retail industry by increasing the tablet and smartphone users to 9 billion at this current year. Data analytics in mobile commerce can leverage seas of customers understanding their demands and behavior, optimizing business operations, and navigating success.
- Personalisation of Customer Experience – Data Analytics in mobile commerce gives the power to every business to provide personalized experiences to their customers. To enhance the loyalty and satisfaction level of their customers, businesses can simply by developing a few sets of recommendations, customize their product content and offer discounts, etc. through evaluating their current data.
- Data Privacy – The concern related to data privacy is also growing during this digital transformation and it has become the responsibility for every business to maintain the security and data privacy by detecting crocky activities which can be definitely done by data analytics in mobile commerce. By monitoring day-to-day transactions and recognising anomalies, they can create a trustworthy relation with their customers.
- Upscaling efficiency of operational activities – By taking on the power of data analytics in mobile commerce, businesses can analyze their operational transactions, interactions with their customers, stock levels, etc. they can make fruitful decisions to decrease additional costs and refine supply chain management, resulting in lifted operational efficiency.
- Understanding market trends – Data analytics in mobile commerce helps in acknowledging the market trends, understanding needs and preferences of customers, and analyzing competitor strategy. This will empower them to adjust their pricing strategy as per market to make more profit and maintain competitive edge.
Future Trends of Data Analytics in Mobile Commerce
- Advanced Technologies – High-tech tools like machine learning and artificial intelligence are touching the sky nowadays, and creating a tough competition in the mobile commerce market. Integration of these tools with data analytics can bring up the power to evaluate bulk data at a single shot, giving accurate and in-depth insights along with predicting the future.
- Data Analytics – At present, data analytics allows to analyze and generate valuable data and information, leading to enhancing experiences of customers, improving business operations, and making informed decisions.
- Predictive Analytics – By using historical data, predictive analytics predict future behavior and trends of customers as well as market. This will enable the ability to prepare and proactively work on business operations by analyzing the buying trends, inventory requirements along with market trends.
- Virtual and Augmented Reality – This has become the cornerstone for every business. Playing a vital part with data analytics in mobile commerce, it helps in giving personalized experiences to customers which enhances the satisfaction level of the customers.
Data Analytics Shaping the Future of Mobile Commerce
Almost 98% of large size companies are constantly investing in innovative solutions and big data in the real time business world. It is of no doubt that every business including large, medium and small are using big data to enhance their statistical decisions and improve offering to their customers. Thus, data analytics in mobile commerce is more than a lifeblood for achieving success in the competitive market of business. Several companies like Tesco, Spotify, Amazon, Tesla, and many others are actively incorporating data analytics.
- Amazon – Amazon has vigorously participated in driving the future of mobile commerce with the adoption of data analytics. They are actively using the data analytics in mobile commerce to leverage the customer experience for shopping by providing recommendations and optimizing the supply chain management. This statistical approach has helped the gain and attract more customers along with earning profit in the mobile commerce market.
- Spotify – Spotify is using data analytics in mobile commerce to let their customers know about the importance of brand loyalty and the benefits they will get if they are loyal. They generate brand loyalty and create a good vibe for their customers through data analytics.
- Alibaba – With the data analytics, Alibaba analyzes the market trends along with taste and preferences of their customer, allowing the customers to enjoy personalized experience as well as improves customer satisfaction level. Data analytics in mobile commerce enables Alibaba to implement suitable strategies for market expansion and managing bulk inventories.
Practicing Data Analytics in Mobile Commerce
- Enabling data analytics in mobile commerces begins with collecting and managing data. Businesses are required to collect data through innumerable sources like websites, social media, mobile applications, etc. This data analytics will help to get accurate and high-quality data.
- Based on the objectives and goals of business, it is very important to select the appropriate tools like Tableau, Power BI, Google Analytics, and so on.
- They must spend on hiring professional or experienced data analysts and scientists because to employ the strategies of data analytics into business, it is essential to have a professional team.
- Constant monitoring and analyzing the performance of the data will help to understand the difference. Thus, businesses must do so.
Challenges in Integrating Data Analytics in Mobile Commerce
- Applying data analytics in mobile commerce requires high cost for maintenance as it is essential to invest in high-tech tools and talents.
- To get accurate data, validation and audit processes are essential which cannot be possible for every business.
- CCPA and GDPR are the two most important ethical regulations which businesses must follow to maintain data security and privacy.
- Collecting data from several different sources is a complicated task and it requires detailed investigation which might be difficult for every business.
Conclusion
Data analytics in mobile commerce market is flourishing at a high speed and is expected to penetrate every mobile device across the globe. Data analytics is the most effective part of mobile commerce because it helps in improving customer retention, satisfaction, business growth along with increasing profitability level. Through data analytics in mobile commerce, it is seen that the engagement of customers in mobile commerce has increased a lot. With the continuous growth in technologies, data analytics will act as a powerful instrument in driving success. Hence, adoption of data-driven methods is very important for every business to stay alive in this competitive era of digitalisation.
