Predictive Analytics, Events, and Automated Marketing
The eCommerce industry is thriving in the digital age. In the US alone, eCommerce retail has increased from $400 billion in 2017 to $811 billion today. Current estimates suggest the eCommerce trend will continue to grow in the coming years, too, and top $1.415 trillion by 2027.
Selling your wares online is extremely lucrative. However, securing a piece of the eCommerce pie for yourself can be tricky.
You have to understand the basics of eCommerce network design and should have an eye for future trends. By focusing your efforts on emerging trends, you can get ahead of the curve and start to use predictive analysis and automated marketing to maximize your profits.
Effective eCommerce is all about staying ahead of consumer trends. However, few sellers invest their time and resources into predictive analysis software. This is a major misstep, as the first-mover advantage can help you capture higher profits and increase your brand exposure.
It’s important to note that predictive analytics cannot foresee every new trend or product. Predictive analysis utilizes historical data in conjunction with statistical modeling and data mining. This can help you spot emerging patterns and make strategic decisions that save you money and generate more income.
Predictive analysis can help you clean up your supply chain, too. In recent years, otherwise-reliable supply chains have been destabilized by the pandemic and global conflict. You can use predictive analysis to better manage your inventory and correctly set your pricing. This is particularly important today, as some staple products may have been affected by high levels of inflation.
Predictive analysis may help you run a more sustainable eCommerce business, too. Many high-performing eCommerce vendors champion environmental, social, and governance policies that are designed to reduce harm and maximize profitability. This can help you position yourself as an eco-friendly eCommerce vendor and may increase your sales volume.
Lakshmanan Chidambaram, President of Tech Mahindra’s Americas’ Enterprise Business, explains that sustainable eCommerce business owners can use “next-generation technologies like 5G, AI, ML and blockchain to monitor, analyze and control CO2 emissions throughout the value chain.” This high-tech approach uses predictive analysis to mitigate emissions, reduce risk, and increase profitability.
eCommerce is, by definition, conducted online. However, many vendors find that media marketing events can help them connect with customers and discover new markets. Taking the extra effort to market your eCommerce business at an in-person event can help you collect data and improve your marketing strategy, too.
If you decide to do this, create a data collection program during the event. A data collection program should focus on gathering key insights like:
- Attendee demographics;
- Session engagement and interests;
- Purchasing intent;
- Contact information.
Folks who attend your eCommerce event are highly qualified leads who are much more likely to convert than the average consumer. Attendees can also help you refine your business model and improve your offering. Give folks a chance to provide qualitative feedback in the form of surveys, one-to-one conversations, and questionnaires.
Artificial intelligence (AI) is taking the eCommerce world by storm. Machine learning (ML) models can streamline your use of big data and significantly improve your understanding of the market. Automation can also bolster your marketing efforts, as many generative AI programs are capable of producing high-quality, cost-effective content.
It’s important to note that automated marketing cannot currently replace the efforts of human marketers. Instead, you can embrace automation within your marketing team by using AI to:
- Optimize lead generation;
- Improve your user experience;
- Improve data analytics;
- Free up time for more creative projects.
When utilized correctly, automated marketing should give your marketing team the time they need to achieve higher levels of consumer engagement. For example, programs like SEMrush’s Title Generator and Copy.ai’s Content Idea Generator can free up time that would have been spent brainstorming titles for blog posts and themes for upcoming content. This means your marketing team can spend more time engaging with highly qualified leads or creating content that authentically reflects your brand.
Successfully leveraging AI should improve the user experience, too. For example, software like Newegg’s Home Showcase allows consumers to find products that would fit in their homes. Newegg leans heavily on Stable Diffusion AI to improve product photos and generate high-quality images that help consumers imagine the item in their own homes.
The eCommerce industry is a fast-paced, ever-changing industry. You can stay ahead of the game by leaning on predictive analytics to discover new trends and improve your operations. Consider investing in automated marketing programs, too, as these will free up time for your marketing team and may lead to higher consumer engagement and increased sales volume.
By Indiana Lee, BOSS contributor