Today, there is a vast ocean of data that is being amassed every minute, every day. The biggest challenge is what we make of that data and how fast. Real-time analytics is a practice that analyzes this data as and when it comes into the system. Analysts are continuously sifting through and studying this data in order to identify a pattern or identify important insights that help can help businesses make informed decisions. This kind of data is also extremely important to conduct dynamic analysis and reporting in order to quickly respond to trends in user behaviour.
Customer Acquisition Analytics: The Need of the Hour
Today, it is safe to say that most industries have identified the importance of AI and machine learning technology. Across all domains of business, machine learning algorithms are identifying valuable trends and insights that are key to making better decisions without human intervention, thereby saving time and eliminating the risk of error and in turn making organisations more efficient and effective.
Several E-commerce websites adapt real-time analytics and machine learning tools to help customers or visitors suggest and recommend items or products that they may like, based on their buying history, browsing and search patterns and more. This way, they are able to promote other products from their inventory, increasing the probability of sale. This also offers an added advantage of being very consumer-specific, thereby offering a much personalised shopping experience, which is very likely to increase the conversion rate.
The Art of Customer Conversion
Even from a business standpoint, real-time analytics helps in customer acquisition too by targeting your sales efforts better. This works well especially with new or indecisive customers who may need that extra nudge, some extra information or assistance to build their confidence and convince them or help them complete their purchase.
Especially in the case of such indecisive customers, real-time analytics opens up great avenues for businesses. By allowing organisations to offer highly personalised incentives, they can muster the courage within consumers to complete their decisions. By using real-time analytics, the continuous collection of data from different consumers enables organisations to build an extensive network. Based on that, the buying patterns and behaviours can be used to predict the buying probability of each and online visitor.
This data can also be used to segregate consumers into different segments in real-time, and businesses can decide which actions to take, such as offering a discount coupon, free shipping, a sales chat, etc. to convert customers.
Real-time Analytics in Marketing
Its application can span across several other important domains. One such domain is marketing. Marketing plays an important role in customer acquisition and customer conversion. And real-time analytics help in enhancing the power of marketing by delivering highly personalised customer marketing communication to relevant consumers at the right time. When effectively executed, it complements the customer experience and aids in generating revenue for organisations.
Real-time analytics can be used to trigger a certain type of communication when specific customers perform an action or a series of actions. This includes personalization to great extent, which requires a very data-driven approach. So that each set of customers receives the most relevant and enticing offer possible.
Today, businesses big and small are continuously looking at ways and approaches to maximise their efforts to increase their market share. And real-time analytics is playing a major role in propelling them forward.
Author: Aditya Satyadev, Co-Founder BizAcuity