How to Improve Ecommerce Customer Experience with Text Analytics
We discussed in April that online shopping surpassed physical retail for the first time ever, with 51% of shoppers making purchases online. This shift makes ecommerce customer experience among major retailers incredibly important to retaining customers and finding new ones. Big Data Analytics through artificial intelligence and machine learning is providing more information on customer habits and expectations in order to better inform data driven decisions around the online shopping experience, but the sheer volume of growth is making that data harder to leverage into something useful.
With each search, click, or purchase, online shoppers are providing valuable information on their needs and wants. However, without the right tools, the mountain of information goes to waste. Some statistics put the amount of information that is gathered and not analyzed each year at near 69%. So, customers are giving businesses all the feedback they could possibly want, but many lack the technology necessary to utilize it. To increase customer engagement and customer retention, companies must implement ways to analyze their entire data sets in near real time to effect change across their online customer journey and meet the expectations of an increasingly demanding customer base.
There are a wide variety of uses for the feedback data online retailers collect that AI powered analytics can make much easier to execute. For instance, having the ability to process 100% of feedback data could allow businesses to better understand their market segmentation. Determining common trends and characteristics among customers and dividing them into particular groups can help companies determine which customers are most likely to churn, which are most loyal, where marketing dollars are best spent, and which digital strategy is most effective. Additionally, processing information in near real time over all available data can reveal important issues and allow for swift, accurate troubleshooting to ensure the best customer relationship management.
As online shopping continues to grow over time, ecommerce customer experience will become a larger part of brand strategy for the vast majority of companies. In order to create the best customer journey, businesses must be able to accurately listen to customer feedback and make adjustments quickly and efficiently. By changing how data is done, business analytics powered by artificial intelligence and machine learning are revolutionizing how huge volumes of data shape the ecommerce customer experience.