Amazon upper hand on analytics part

by Himanshu Kunwar on Wednesday 4 October 2017, 6:26 PM | Category: Strategy| View: 105 views
 
 
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 Amazon upper hand on analytics part than other e-commerce giants

In todays' world analytics is an integral part of successful ventures. If we want to know how analytics can transform business and keep you ahead in race we should look for Amazon. A report from EKN Research, 80% of e-commerce giants say that they lag behind Amazon in analytics maturity.

Amazon tracks our every activity at website and app to collect much data as it can, therefore its homepage will never be same. Amazon use “item-to-item collaborative filtering,” a data analytics method which customize returning customers' shopping experience. Within seconds of entering Amazon website, consumers are presented with merchandise options that they have already considering purchasing.

Amazon is continuously tracking what their customers do; to provide them a personalized preeminent shopping experience. One can see various section on Amazon homepage like “Inspired by Your Wish List,” “Recommendations for You,” “Inspired by Your Browsing History,” “Related to Items You Have Viewed,” “Customers Who Bought This Item Also Bought,”, based on our past activities.

The most challenging and powerful criteria for satisfying customers is to manage the inventory better. Amazon tracks the inventory demand based on the data to provide same day or next day delivery options to its customers. It uses analytics to select data warehouses based on the proximity of vendors balanced against the proximity of customers to cut down on the distribution costs.

Amazon filed for the patent officially known as “method and system for anticipatory package shipping,” in 2012. It has patented the shipping process of a product to customer with an expectancy that the customer will order that product based on predictive analytics. The patent signifies Amazon's belief on predictive analytics systems that it will become so accurate that they will be able to predict what a customer will buy and when.

On an average, a seller in Amazon might have 100+ suggestions in their queue on various product categories. These suggestions are based on various factors like- purchase history, browsing history, trends for a particular product, social media mentions on the popularity of a product, purchases made by customers with similar purchase history, before they recommend a product to a customer.

In nutshell Amazon use analytics in every aspect of business which is the key to their success and give them an edge in the competitive e-commerce market and no doubt Amazon is world's largest online retailer.

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