Customer analytics in e-commerce refers to accumulation of data pointers that are analyzed to figure out what are the existing customers and prospects interacting with, together with generating insights on why and how the interaction is being done.
Interpretation of this data helps e-commerce businesses understand what exactly resonates among different consumer segments.
Marketing initiatives of every e-commerce business has some sort of customer analytics associated with them.
Customer analytics in e-commerce generate actionable insights pertaining to number of pages viewed daily, number of users clicking on featured homepage offers, users bounced versus user stayed, average time spent on website and webpages, among other metrics.
These metrics suggest continuously changing consumer sentiments. These metrics can be further studied to derive actionable insights and ensure informed business and operational decisions.
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Customer Analytics in e-commerce: Market Dynamics
High demand for customer analytics in e-commerce technology is being recorded on a global scale. This demand may be attributed to high penetration of Internet and the booming e-commerce industry.
Large volumes of unstructured online or offline customer visitation data is accumulated using customer analytics in e-commerce.
Enterprises operating in retail and e-commerce industry are procuring Big Data analytics solutions, like Hadoop, to interpret the accumulated data for further reporting and generation of actionable insights.
The insights are used to improve webpages interface and user experience.
Market players are offering customer analytics in e-commerce arena to be used conjointly with conventional market evaluation resources.
This factor is expected to propel the adoption of customer analytics in e-commerce industry over the forecast period.
However, customer analytics in e-commerce is still in a nascent stage and is yet to emerge into the mainstream. Due to this factor, performance related expectations vary from end-user to end-user.
The only option to deduce if a customer analytics solution complements operational needs is via trial and error.
Businesses operating in the e-commerce industry are unable to harness actionable insights, and this in turn affects their customer experience metrics and decision making.
This factor is estimated to restrict the growth of global customer analytics in e-commerce market over the forecast period.
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Impact of Ongoing COVID-19 Pandemic on Customer Analytics in e-commerce Market
Key nations maintaining market stability were partially or completely locked down in Q2 of 2020. These lockdowns entailed sizeable decline in global economies.
Many industry verticals are experiencing a considerable brunt of the decline. Digitization of supply chain and related activities is experiencing an inflection point.
The global customer analytics in e-commerce market is projected to experience substantial growth during the ongoing COVID-19 crisis.
Retailers are reporting drastic decline in demand due to implementation of quarantine measures and lockdowns.
The ongoing pandemic is bolstering the trend of consumers preferring e-commerce and social media stores over retail stores.
Post COVID-19, retailers as well as e-commerce companies will focus on omni-channel digital marketing.
Personalization of marketing strategies is estimated to offer attractive opportunities for customer analytics solution providers during the forecast period.
Customer Analytics in e-commerce Market: Competition Landscape
Some of the key players participating in the global customer analytics in e-commerce market are
- IBM
- Hitachi ID Systems
- Dell
- Happiest Minds
- Oracle Corporation
- CA Technologies
- ATOS
- Centrify Corporation
- Microsoft Corporation
- Ust Global
- Empowerid
- Onelogin and Trustwave.
The global customer analytics in e-commerce market is projected to be a fragmented market.
This fragmentation of the global customer analytics in e-commerce market may be attributed to the high presence of analytical solution and service providers in regional and local markets
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Customer Analytics in e-commerce Market: Regional overview
Market in North America is expected to hold the largest share of the global customer analytics in e-commerce market. Advancements in DevOps and Big Data analytics is projected to fuel the demand for customer analytics in e-commerce.
Additionally, these regional markets showcase extensive sales footprint of key players, like IBM, Oracle and Dell, and key procurers like, Amazon.com, thus propelling the adoption of customer analytics in e-commerce industry.
Market in Southeast Asia Pacific region is estimated to record the fastest growth in the global customer analytics in e-commerce market.
The Customer Analytics in e-commerce market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Russia, Rest of Europe)
- East Asia (China, South Korea, Japan)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Res of MEA)
Customer Analytics in e-commerce Market: Segmentation
The global customer analytics in e-commerce market can been segmented on the basis of component applications, and region.
Component :
- Solutions
- Standalone Analytics Tools
- Integrated Analytics Platforms
- Services
- Professional Services
- Managed Services
Application:
- Customer Retention
- User Engagement
- In-app Purchases
- Others
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