Over the years, e-commerce has emerged as a lucrative option for businesses in Pakistan. This is because 76.38 million people use the digital platform, and the internet coverage here has only expanded in the last decade.
Online purchasers are always on the lookout to shop from more credible and affordable brands. They seek 100 percent product authenticity, and if not satisfied, they move on to other brands and their services.
With this growing shift in consumer behavior, companies aim for constant product innovation and consumer services, and that is where Data Science plays an important role. It is the most effective way to analyze, and hence make informed business decisions.
Data Science offers a great deal of support for electronic commerce (e-Commerce), including data collection to monitoring consumer actions. In the functioning of the online market, data analysis has been widely adopted and applied in many aspects of the organization, especially amid the pandemic.
With this modern standard, it is rather unavoidable for organizations to not integrate data and analytics. Read on to understand why this is the case!
Improve Business Performance
Data information is an important method to be used for vast volumes of data. From data collection to algorithm and analysis, Data Science offers accurate statistics that you can use to evaluate the performance of your enterprise.
With the existing crisis, corporate leaders are now dependent entirely on data and analytics to understand the future of their foundations and are competing for data scientists and analytics around the industries.
Through data analysis, e-commerce in Pakistan has gotten a lot better. After the very first successful Black Friday sale introduced by Daraz.pk in November 2015, many other e-commerce sites such as Yayvo and MyGerrys also aggressively started to participate in this sale.
Understanding Consumer Needs Better
To ensure your products and services are what your consumer needs, the ideal way to go about this is by collecting data on your consumers from online reviews, polls, surveys, or functionality tests. These data points can then be converted to form your typical consumer persona which plays a pivotal role in achieving precision marketing and reducing customer acquisition cost.
Therefore, by integrating data analytics, you can optimize your products and services based on consumer-derived data to provide enhanced experiences for your consumers.
Apart from enhancing consumer experience just through products, Data Science has also enabled businesses to understand what Pakistanis prefer in terms of payment methods. This is why banks have now offered discounts on their debit and credit cards to boost e-commerce in Pakistan.
Improving Decisions Through Evaluation
Data Science has taken the task of analyzing consumer needs and forecasting what they might need in the future. So, as a Data Scientist, you must know that there is no function that data analysis does best then to evaluate the performance of the goods or a company in the market.
Identifying which items are relevant for clients provides you with an insight of knowing which areas to focus on. Market dynamics are also an easy way to monitor consumer purchases and tastes.
Such information is vital to help businesses acquire and distribute products and services to their targeted users. An example of this is Daraz.pk which is the largest e-commerce shopping store in Pakistan.
Daraz.pk has 30,000 sellers with 500 brands registered. With online shopping evolving in Pakistan, data analytics help businesses understand consumer preferences and provide them with the best possible solution.
Providing Personalized Consumer Experience
A company typically targeted at a wide audience may also have customized services. With data analytics, you can analyze past purchases, web browsing, and purchase patterns to prepare personalized recommendations, based on their reviews and purchase trends.
You can also use Artificial Intelligence to operate automation for personalized interactions through Chatbots to enhance user experience. In Pakistan this is a common practice where consumers share their reviews, and companies are becoming more conscious about their interactions with consumers.
Strategic Problem Solving Made Easy
Any and every problem that emerges in a business can lead to a major pause in the operations of a business, resulting in losses; retail automation software applications will therefore assist you in developing your business.
Data analysis helps you in making accurate judgments on how to go about the operational decisions that may enable your business to prevent any loss. The information gathered can be used to spot any breakdowns in your business and technological systems.
This way you will know if there are any faults in the demand and supply of the product you are trying to sell. Data analytics will also examine and point out any other factors that can cause potential harm.
Cut Down Extra Expenses
In today’s day and age where there is a lot of competition among e-commerce businesses, there are huge amounts of data that needs to be analyzed to monitor the expenses. Data Science has made life easy.
Data scientists can build strategic demand forecasting tools that will make analysis easy and more efficient. This has increased competitiveness in the market because analyzing expenses helps companies compare their spending with budgets which ensures that there is no extra expenditure.
In a Nutshell
Pakistan is an emerging market for e-commerce.With the increase in smart phones and access to cheaper and more reliable internet, Data Science plays a significant role in booming e-commerce in Pakistan.
It can, henceforth, be said that by adopting analytical techniques, the data can help provide valuable insights and find easier and smarter ways to run your company. And so, it is high-time that we use this pandemic as an opportunity to upskill ourselves in the field of data science and become a major contributor in the booming e-commerce scene in Pakistan.
If you would like to discuss ideas, opportunities, and/or corporate trainings in data science & analytics, please contact us:
· Konain Qurban, CEO, Karachi/Vancouver:
· Behjat Qurban, Managing Director, London:
· Aisha Farooq, Relationship Manager, Karachi: firstname.lastname@example.org
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