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B2B eCommerce

How Big Data Analysis Can Help Your B2B eCommerce Strategy

November 1, 2022 | Oro Team

With as much as 2.5 quintillion bytes of data generated daily, a lot of information constantly gets thrown at businesses. The key here is to analyze and store that data so that you can make the most of essential insights.

One fundamental way to do that is through big data analysis. But what exactly is big data analysis, and why is it so critical to businesses?

If you’re curious, keep reading. This guide talks about the big data industry, its aspects, and why you need one for your B2B eCommerce.

What is Big Data?

What is big data?


Before we can really understand big data analytics, we need to define what big data actually is.

Big data is characterized by the three V’s: volume, velocity, and variety. In other words, big data refers to high-volume amounts of data that are varied in nature and are produced at a high velocity.

This type of data provides B2B companies with insights about orders, customers, sales processes, inventory, and so much more. With big data, B2B companies can uncover complicated information, including:

  • market trends
  • hidden patterns
  • customer preferences
  • correlations

One example of big data can be seen in Amazon. This company collects its consumers’ data to create high-quality segmented user profiles. Amazon can also predict personal income, based on billing address.

As a result, the company is able to use that information to make more informed sales decisions. In turn, they can increase their revenue.

Why Does Big Data Matter?

the new normal changes


Now that you have a solid understanding of big data, let’s talk about why it matters. After all, there’s no point in having access to that data if you don’t know how to use it!

Big data can help organizations and B2B companies create data-driven decisions, improving business outcomes. A few benefits of big data include:

  • effective marketing
  • generate leads and new revenue opportunities
  • improve user experience and customer personalization
  • better operational efficiency
  • predict the future which can affect your company

To give you a better understanding of big data and why it matters, let’s take a look at some of the real-life applications of this type of digital information.

One example can be seen in the transportation industry. In transportation companies, big data powers the GPS applications we use on our smartphones to help us get to our destinations. These data sources include government agencies and satellite images.

Aside from GPS applications, airplanes also utilize big data analytics. Airlines use the information they obtain to track the following performances for the flights’ safety:

  • cargo weights and passengers
  • fuel efficiency
  • weather conditions

Other uses of big data analytics in transportation include the following:

  • Google Maps have information about traffic-prone routes
  • you can compare different itineraries to compare the best route to reach your destination
  • big data can also pinpoint areas prone to accidents

Big data analytics are also essential in banking and financial services. They are relevant in:

  • risk data management to track employee activities, operational processes, and KPIs
  • detecting frauds in credit card purchases and other activities
  • optimizing customer relationships to convert potential prospects and convince them to avail of the services

As you can see, big data is critical to a number of industries and applications. By properly utilizing it, businesses can improve their services and sales.

Ways Big Data Analytics Can Help B2B Businesses

We’ve given a brief overview of big data and why it matters. Now, let’s take our understanding one step further and look at specific ways that big data analysis can help B2B  businesses.

Although the exact application of this type of analysis can vary across businesses, in general, there are seven key ways that businesses can take advantage of big data analytics. Here are a few of them.

1. They assist with forecasting

Sales forecasting is essential in any B2B organization. This type of forecasting can help companies create better decisions on how to spend their business budget.

In the past, businesses had to use limited amounts of information based on past behavior to create sales forecasts.

Today, however, businesses have the advantage of big data to help them create much more accurate forecasts.

Big data gives businesses large amounts of detailed information that makes it possible for them to get a predictor of future sales behavior. This can help them make better spending decisions within their organizations.

2. They help you improve your market segment

Big data analytics can also help companies generate more targeted sales. Businesses can use the information they obtain from big data to create better marketing decisions.

When businesses look at big data, they’re able to glean important details about what customers are purchasing their products. They’re also able to see which customers aren’t interested in their offers.

From there, businesses can tweak email marketing activities so that they appeal more directly to their customers. This can help improve the chances that the target audience will convert to paying customers.

To get an idea of how this works, let’s look at Amazon again as an example. When the platform collects information about the consumers, the products they search and the reviews they place, it can start creating better user personas. Amazon uses these buyer personas to generate targeted leads for more sales.

As a result, they use their advertising budget to target customers who are more likely to result in their efforts paying off. That means money well-spent!

3. They boost customer interactions

Big data analytics can also help with customer relationship management or CRM. Data obtained can provide ways to integrate customer feedback into various user experiences and customer service.

Big data can help businesses better understand customer needs and leverage the company’s knowledge to improve user experience. To do this effectively, you can leverage various tools online for your business to gain the customer information you need.

Social media platforms are the easiest examples of allowing businesses to gain free customer feedback. Online review platforms are also great options to get customer reviews for better decisions for your organization.

Through these platforms, businesses can get clear metrics about how their customers feel about their businesses. And, it allows them to utilize big data in order to create a better customer experience overall.

4. They let you track your traffic insights

Big data analytics can also provide insights into how much traffic your website receives. It does this by tracking the number of people visiting your site and converting them into potential leads.

Moreover, big data can help you accomplish different approaches to boosting site traffic. These can include email, AdWords, social media, and other special events.

Knowing the best platform to track site traffic depends on two critical factors: time and budget. For instance, Google Analytics is a great option to help track your site’s lead capture performance.

Big data analytics can also help monitor website changes. And when the platform picks up changes, you can use the obtained data to simplify preparations and visualizations.

5. They help you generate more leads

Big data analytics allow your company to learn more about your business’s products and services. For instance, the information you obtain can be used to review prior closed deals in various campaigns.

Big data can also help generate opportunities to create new leads. This enables you to analyze metrics like qualified lead volume, cost per lead, and sales volume.

6. They show you trends

Big data analytics can be real-time. This means your business can automatically receive information without delay. As such, your business can detect changes, react quickly, and respond to abnormal user behaviors.

When using platforms that offer extensive data, your company can take advantage of it to track real-time incentives. Also, with various data types obtained, your business can analyze real-time insights to identify views that can connect with your target audience.

7. They help you optimize pricing

Business owners must find the best prices to meet customers’ standards. Various factors should come into play, including:

  • Cost of the competitors’ products
  • How valuable the product is to the customer

Using these factors, business owners can arrive at the best possible price. The pricing approach sounds straightforward, but it isn’t. And when you want the best pricing, you must fully understand the information from big data analytics. 

Modern data analytics can also help B2B companies in the following aspects:

  • comparing various sets of data on market prices
  • know what promos and discounts to release in the most strategic way possible
  • adjusting price in granular levels
  • enable segmented pricing
  • maximize stock balance
  • determine costs that can influence price points

Final Thoughts

Big data analytics shouldn’t be a one-time implementation. Because the internet is constantly evolving and businesses are continually generating new insights, it’s something that you should constantly be making use of.

Big data analytics is the way to go if you want to generate the best strategies for your B2B eCommerce. It will help you create targeted sales, generate more leads, and enhance your overall marketing campaigns.

About the Author
Peter is an AI practitioner with a keen interest in competitive intelligence and web change monitoring. He is the CEO of Fluxguard based in Portland, Oregon.
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