Is it really ‘Real’-Time?
As black clouds hover over Mumbai on a Monday morning, strings of binary numbers carrying real-time information about rains, traffic and what not, start running through clouds of Zomato and Amazon. This info is synched with vendors, delivery executives, fulfillment centers and passed on to customer facing systems and within no time you receive two messages: ‘Why go out in rain. Get hot & delicious meal delivered at your home’ and ‘Flat 50% off on Designer Umbrellas’. This is just a small block of more complex and holistic ‘Real-Time Analytics (RTA)’.
As real-time data-collection has become more accurate and easy in E-commerce, use of RTA is becoming prevalent in this domain. Not just that, Real-time Analytics with Big-Data integration is being used by E-Commerce companies to harness each bit of data and each ticking second!
What is Real-Time Analytics in E-Commerce?
Real Time Analytics in E-Commerce include:
– Customer records and preferences analysis using In-database Analytics or
Cloud-based Real-time solutions
– Dynamic External Data Analysis(e.g Competition, Weather etc.)
– Data Integration and Resource Allocation
– Real-time inventory and Supply Chain Management
– Optimization
It includes customized marketing, user experience(like offer/ product
suggestions) based on purchase history, geography or available resources
Real-Time Analytics is now being synchronized across databases as well, thanks to advanced CRMs and DBMSs.
Flow of Real-Time Analytics in E-Commerce:
1.Pre-Purchase
Real-Time Search Analysis + External Data Analysis –> Integration with Cache
Data –> Optimized Ads –> Structured Marketing Funnel to desired landing page
2.Purchase
Browsing Analysis of Customer –> Synchronization with Purchase History –>
Integration of Pre-Purchase Behavior + Geotag matching of customer and sellers
+ Real-Time Stock Database + Logistics Database –> Real-Time
Recommendations –> Customized Offers –> Tracking of Purchase Behaviour
3.Post Purchase
Real-Time Logistics Tracking –> CRM –> Customer Feedback –> Optimization
Simple yet Difficult!
Real-Time Analytics is simple yet difficult at same time. As weird it may sound, though automation and synchronization of processes is eased by RTA, it includes huge upfront costs initially, which may be difficult for some small-scale E-commerce companies. Though they are being provided as services where companies do not need to invest heavily on infrastructure, maintenance of it is a tedious task. So companies should dare to use RTA only if they are seriously into it.
Conclusion
So to conclude, Real-Time Analytics which was once considered as a differentiating factor of some limited E-Commerce giants, has now become a ‘must-have’ tool to survive in the fast-moving world. Real-Time Analytics in E-Commerce is here to stay for Long-Time!