“In the US, for example, ecommerce currently accounts for approximately 10% of all retail sales, a number that’s projected to swell to nearly 18% by 2021.
Financial analysts predict the retail giant (Amazon) will control 50% of the US’ online retail sales by as early as 2021,
In order to shift ecommerce from a product-centric to a customer-centric model, ecommerce companies need to invest in unifying customer data to inform internal processes, and provide faster, smarter services.
Data becomes valuable as it provides insights that allow companies to make smarter decisions based on each consumer
Data holds the key to this revolution. Instead of trying to force their agenda upon customers or engage in wild speculations about customer desires, ecommerce stores can use data to craft narratives that engage customers, create a loyal brand following, and drive increasing profits.
With only about 2.5% of ecommerce web visits converting to sales on average, ecommerce companies that want to stay competitive must open themselves up to big data and the growth opportunities it offers.”