How To Use Social Data To Make Your Online Business Successful: Part 2
Tapping social data is one of the key focus areas, which enables building a soundproof system so as to run a successful online retail business. Towards this goal, the below list of items could be explored:
- Social Smart Website
- Social Data Analytics
- Respecting Customers' Views
- Initiate Action
Social Smart Website
Today, having an aesthetic e-commerce website alone won't help, unless actionable items (AI) are succinctly incorporated.
A Social Connect website is one of the smart and intelligent sites, which ensures pain-free online experience for the customers and assures sales turnaround for retailers.
These smart sites facilitate visitors/users to sign-up or sign-in to the website/e-commerce portal utilizing their social network identities. That is, site users do not have to create and remember one more username as well as password in order to login. They could simply sign-in with the same credentials they have created for their favourite social network, doing away with the long and wearisome registration forms.
While this smart move not only streamlines the registration activity but also provides your online retail business a head start by offering you with rich and useful profile information. In short, now you are armoured with a holistic understanding about your customers' buying preferences, influencing factors, social networks, unique tastes, transactional behaviour, demographic data, psychographics, and so on. This is invaluable to build stronger relationships with your customers.
Social Data Analytics
Right from Google Analytics-the most commonly used web analytics tool-there are many analytics tools available, which helps to arrive at informed decisions. Personalized offerings as well as targeted communication are couple of key advantages that social data analytics could provide to online retail businesses.
On the cutting-edge technology front, Big Data Analytics and Predictive Analytics, apart from Internet of Things, Block Chain and other disruptive technologies are sweeping the online retail business overwhelmingly. Analytics has many vital uses, including customer segmentation, wherein advanced analytics engines based on attribute data like previous buying behaviour, products bought, purchase timing, context of purchase, channel of purchase and so on.
Respecting Customers' Views
In the US, 82% of adults have stated that they read online reviews before visiting a local business, while 84% of people trust online reviews as much as a personal recommendation, as per a study by Optimum Feedback titled Online Reviews in Numbers: 2017 Edition. Moreover, 67% of shoppers consider one to three bad online reviews enough to make them not want to purchase a product or engage in a service.
In this background, it is essential that online retailers should give due importance to online reviews. Moreover, soliciting reviews from satisfied customers will also help in boosting online retail business. Feedbacks, comments, reviews, complaints-everything matters in online retail business.
The next crucial element in utilising social data is to initiate actions as 'action speaks louder than words.' There are many successful e-commerce stalwarts who have effectively used social data to reap faster and better RoI.
One relevant example is Alibaba. Alibaba encourages its customers to give online feedback, which facilitates prospective buyers to know the authenticity as well as usefulness of products. An extra shield of protection provided to customers is Alipay. Payments are transferred to Alipay first and once buyers confirm receipt of authentic products, then payment will be transferred to sellers. This measure is evolved based on the feedbacks and complaints and feedbacks received from its customers.
An online retail firm is said to be doing successful business if that firm could able to make its current customers happy, bring in new customers and achieve profits through its online retail business operations. Effective utilization of social data will usher online retail firms in that positive direction.
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