Galvanize Your Sales With Predictive Analytics For E-commerce Portals

1. Galvanize Your Sales With Predictive Analytics For E-commerce Portals E-commerce portals are unfolding rapidly, with continuously evolving lifestyle. Therefore, to stay relevant in the business, it is important to be multiple steps ahead of the users, in every move. But there is only so much that can be done with the goods and services, and order fulfilment. It is a must to inculcate an improved, engaging and personalized online shopping experience, because of the increasing competition, and constantly changing user dynamics. Predictive analytics gives the information, that is necessary to provide, an enhanced experience to the users. Let us discuss the basic details of predictive analytics, and how it helps to boost the sales of any local vendor selling on online shopping portals. What is Predictive Analytics all about? It refers to an extended branch of advanced analytics, which is used to draw predictions for unknown events, that might occur in future. So, in e-commerce, it plays an important role in determining the user behaviour, on the website or mobile application, based on their choices and purchases. It plays a significant role in improving supply chain management, of the online shopping stores. In more simpler terms, predictive analytics provide a more detailed insight into a customer's shopping patterns. It also gives a clear idea on how to develop the future strategy to be proactive, for the existing as well as new users. What are the advantages of predictive analytics for the e-commerce business?

2. Decreases frauds This technique has the capability to reduce the frauds, by assessing the various goods and services, and the shopping patterns. This process helps to separate the goods that are more prone to frauds. Furthermore, it is possible to remove it from the product page. Fraud management models are created to predict fraud, before the user completes shopping from an online portal. The combination of machine learning and analytics is being deployed, in order to define rules and automatically detect fraudulent or suspicious activity during the shopping process. Targets recommendations After knowing the prospects' recent engagements on the e-commerce website or apps, it is possible to guide them to the desired goods and services faster. These recommendations play a crucial role in personalizing the shopping experiences for the users. It is necessary to be extremely sure of what is displayed on the buyers' screen. It helps to analyse data and information from different touch points, and then deduce nonidentical recommendation. This practice is ideal for a particular user, or even a group of individuals. With algorithms set in place, it is possible to quickly find out the particular recommendation, which worked in the past, and based on that, portals can predict and recommend goods and services, that the user will buy next. For example, if a customer buys any apparel from the store, the predictive analytics inculcated in the website or an application, recommends similar products for their next purchase, in advance. This technique keeps the users engaged and provide them with a spectacular shopping experience throughout. Improves delivery and fulfilment Fulfilment forms the foundation of any e-commerce business, and predictive analytics helps to run it more efficiently. With the detailed data and information about the past purchases, sales and inventory of the customers, it is possible to forecast the sales in future, and stay prepared. This information enables to improve and manage shipping, delivery, stock, etc. Optimizes the cost Another trick that ensures the success of any e-commerce business, is to provide the best price of the products on the portal, and especially during the holiday season. It is important to study the trends of past and present, and hence reduce the rates accordingly. Predictive analysis makes pricing much more easier, by studying and evaluating the buyers' history on the website and app. It helps to explore the trends by analyzing the information from different factors. These include past pricing, preferences, competitor prices, order history, available inventory and much more.

3. As optimizing the cost is a continuous process, predictive analytics can figure out the value, by examining the historical and recent data in real-time. This delivers a personalized result for each and every segment. For example, while deciding the product cost for the upcoming festive season, it is disastrous to use previous year's sales data, as a reference. This is where predictive analytics jumps in for the rescue. It helps to study the user's purchasing pattern from the past week. Such insights act as a catalyst, in the process of deciding the prices that are more relevant to the business. Helps in learning the users' interests In order to stand out from the crowd, it is necessary to be aware of the users' preferences and habits. It is easy to gauge the favourites of any user seeing its past purchases, preferences, behaviour, and much more, with the help of predictive analytics. Since, every buyer is important and unique, with the different purchasing choices, it also helps in personalizing the buyers' experience, with a thorough analysis of their browsing pattern and behaviour, that too in real time. It is easy to improve the users' experience by multiple folds, and influence their purchases, up to a certain extend. Enhances customer service Customer service is undoubtedly the backbone of any kind of business. So after knowing the concerns put up by the users for a long time, and having the information and the data that depicts their buying pattern, purchase decisions, etc, it is possible to adopt a proactive approach. It helps to analyze the user's history with the website and formulate the replies to the problems, they are yet to have. CONCLUSION These are some of the techniques, based on predictive analytics, that can help any e-commerce business to branch out to the right audiences. Local vendors can connect to a portal that follows smart methods to enhance their sales. One such portal is WAKI. Based in Saudi Arabia, WAKI is one of the leading online shopping stores, that sells a huge range of products, like clothes, perfumes, groceries, air-conditioners, kid's toys, etc. It also provides a great opportunity to the local sellers to expand their potential customer reach. It is easy to benefit from unlimited advantages of this online shopping portal, for example delivery within 30 to 90 minutes, try me feature based on augmented reality, refer and earn, object identifier, and much more. So the wait is finally over. Reach out to WAKI, and expand your business today!