During Black Friday 2012, online retail sales topped $1 billion for the first time, marking a 26% increase over 2011. Online retail is estimated to hit $327 billion by 2016, a whopping 45% increase, with a large part of the growth coming from mobile shopping.
Stats like these raise a big question for retailers: Is your e-commerce site ready to benefit from online shopping’s incredible big data growth?
If your answer is “not sure,” then here are a few things to consider about the need to effectively manage data in e-commerce businesses.
1. Data Volumes Are Growing
As consumers shop across multiple channels (stores, catalogs, websites, mobile), retailers must quickly and efficiently scale their IT to create a seamless experience. And, these channels create an avalanche of shopper and transactional data that your business needs to immediately gather, analyze and execute on within seconds to capture and retain that customer.
2. Consumer Loyalty is Not What it Used to Be
Today consumers have many more choices and incredible control in what, where and when they buy and that is very important with the economic challenges they are facing. Consumers are able to compare prices and make instant decisions to find the best deal – lessening their need to stay loyal to one brand. Add to this their ability to instantly share their purchase wins with their peers, driving even more consumer to follow the best deal and experience vs the recognizable brand. To capture the attention and loyalty of today’s consumer you must offer a faster, personalized online experience while rewarding them for their engagement with your brand.
3. Storing Your Big Data In-Memory is a Smart Strategy
An In-memory Data Management (IMDM) solution can collect all your customer’s data, analyze customer behavior and help you respond to customer needs before they leave your site. In-memory speed helps increase profitable conversions rates by providing you with real-time analytics and fraud detection, efficiently handling seasonal traffic spikes and these solutions can curb costs.
The best IMDM solutions deliver fast, predictable data access, adjust the use of in-memory as your site traffic grows, and stay up and running even in the event of a server crash or natural disaster. They can also simplify your IT infrastructure and can be deployed in under three months, lessening IT expenditures.
In-memory data management is one of today’s highest ROI investments for retailers, ensuring your readiness to capture and retain your customers wherever they are, whenever they’re ready to shop.