Role of Business Intelligence in E-commerce

Business Intelligence is all about utilizing your raw data for extracting the useful business information that can result in making better business strategies.The detailed analysis and report of various aspects like customer buying trends, Sales and Marketing Trends, Cart Abandonment Reasons, Referral Sources can be achieved which is helpful in business improvements leading from traffic to conversions.

The Business Intelligence tools are used for getting the explicit information about various store activities that will result in improved decision making. The sales & marketing trends are analyzed which will result in appealing the more of the customers across the various geographical dimensions. The customer retention can be done along with achieving the customer loyalty, by managing the inventory, from here the products in stock & out of stock can be organized according to the customer’s buying habits.

Matrid Business Intelligence Experts have outlined the basic business intelligence tools that need to be need to be implemented for your e-commerce you can get in touch with Business Intelligence Experts for your Business Intelligence Services and Solutions.

The Business Intelligence to be the focus of attention are:

1) Report and Query Software: This software helps to customize the anlyzed data in the readable form which we can use for extracting the useful information for the online business. There are many free as well as commercial software are available to work as report generator. For an instance, BIRT(Business Intelligence & Reporting Tools), is a free, open source software which is used for Java & Java EE based rich client & web applications and even for XML data sources. Along with BIRT Report designer & BIRT Runtime, comes the Chart engine, Chart designer & Viewer to give a complete BI solution. Pentaho is another software which provides the various options to analyze, visualize, report & predict the data into values, whether you are a developer or a business owner. Pentaho being feature rich software, runs over the Java Enterprise Edition & can be used for Linux,Mac & Windows.

2) Data Mining and Data Warehousing: The data collected from various sources get collected in one place and that is called as Data Warehousing. Data Warehousing stores the previous and present data, Data Warehousing store the previous & present data, which is collected from various operational stores & after the complete data cleansing, it is used for reporting. The complete data quality is assured by giving the logical codes & descriptions as well as fixing the bad data. Data Mining is the technique of getting the patterns from large data sets & converting it into understandable form to be used by other business intelligence systems. Free open source data mining tools & applications like Massive Online Analysis( MOA) & component based Orange are available for data mining solutions. For getting the Data Mining Services for your website, feel free to get in touch with our Business Intelligence Experts.

3) Online Analytical Processing: This approach helps to analyze the multi-dimensional data from various angles for using them in business reporting in sales, financial reporting & budgeting tasks, using the three-way approach i.e. consolidating means aggregating the data, Drill down to navigate across the whole details & slicing and dicing in which particular segment of data is taken & viewed. Various types in which OLAP is categorized is MOLAP (multi-dimensional OLAP), ROLAP (Relatinal OLAP), HOLAP (Hybrid OLAP), etc.

4) Visual/Digital Dashboards: Dashboards are the most common BI tools which are meant for operational and promotional strategies after having a completed glance over the significant Key Performance Indicators(KPIs). Total Pageviews, New Customers & Visitors, Cart Abandonment, Average Order value, Gross Margins, Return Rate, etc. are the various KPIs analyzed to improvise the product metrics & product development in parallel with the market trends.

For more Business Intelligence related queries,business intelligence solutions & also for Product Development Services, feel free to get in touch with Matrid Business Intelligence Experts for their 24*7 Business Intelligence Support.