UK retailers are on track to rake in GBP £8.74 billion this Black Friday weekend, with over 50% of sales predicted to be processed through digital platforms. This top-line figure highlights the continued growth and long-term viability of eCommerce. Businesses are increasingly pushed towards collecting as much information as possible in this hyper-competitive environment, focusing particularly on customer analytics for success.
Studies indicate that companies using analytics are almost 20 times more likely to prosper and have a 50% superior understanding of their customers. With the rise of web intelligence, data-driven strategies are becoming vital for businesses that leverage public web data to analyse competitors, keep track of customers, and cultivate leads.
Gediminas Rickevicius, VP of Global Partnerships at web intelligence collection platform Oxylabs, echoes the importance of web intelligence. According to Rickevicius, the prevalence of accessible analytics tools and data-driven marketing methods now empowers eCommerce companies to track customer requirements and sentiments accurately. This new level of insight allows these companies to personalise their products and services in line with consumer needs while outperforming their competitors.
Big data is shaking up the eCommerce industry by informing competition and enhancing understanding of customer behaviours and preferences. Rickevicius stated, "Across the eCommerce industry, big data is driving competition, and in understanding customer behaviour and preferences, businesses can target marketing efforts and personalise the shopping experience to increase conversion rates during the upcoming major sales. However, advanced analytics can also be utilised to identify patterns and trends that provide a competitive edge against other market players."
"Data is changing eCommerce pricing strategies as real-time data enables organisations to track competitors' prices and adjust their own in a very dynamic way. Dynamic pricing algorithms that take into account a variety of factors are becoming more common, further removing traditional price barriers,' said Rickevicius.
Web scraping technology allows companies to systemically monitor rivals' price alterations, gather stock data swiftly, keep track of emerging products and trends, and gain insights into competitors' marketing tactics.
Rickevicius believes that such a comprehensive oversight of the competition allows eCommerce businesses to formulate effective strategies in anticipation of Black Friday and other major sales periods. This strategic planning, in turn, could lead to significant market share expansion.
Concluding his statement, Rickevicius asserted: "eCommerce companies can no longer afford to operate without web intelligence and big data. These tools are essential for staying competitive in the digital marketplace and for making data-driven decisions that foster growth and profitability."
"Competition relies heavily on the availability and utilisation of information. A superior understanding of the information will offer businesses a vital edge in the build-up to Black Friday and Christmas sales."
Established in 2015, Oxylabs is a web intelligence acquisition solution and premium proxy provider, enabling companies of all sizes to utilise the power of big data. Constant innovation, an extensive patent portfolio, and a focus on ethics have allowed Oxylabs to become a global expert in the web intelligence collection industry and forge close ties with dozens of Fortune Global 500 companies.