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How data science can increase ecommerce business profitability Posted on : Jul 04 - 2022

Ecommerce retailers have one massive advantage over brick-and-mortar business owners: easy access to critical data. 97% of data executives believe data is crucial for maintaining a business’s profitability. That is because data can enhance your decision-making process and consequently help improve your bottom line. However, capitalizing on the humongous volumes of available data requires effective data management and continues to be among the top challenges facing ecommerce merchants today.

Data science methodologies can help ecommerce merchants tackle this problem, enabling them to streamline their business processes and improve revenue.  This article will demonstrate how data science can boost an ecommerce business’s growth and improve its profitability.

Data science: A force that promises increased revenue

Data is no longer an option for ecommerce businesses. Accessing, interpreting, and using it effectively has become the difference between life and death for modern online retail. The onset of the digital age and its proliferation has led to excessive data production. According to some resources, 2.5 quintillion bytes of data is produced every day. This number reflects the volume of profit-driving insights and value you might be able to get your hands on if you manage to tap into this data.

Data science can help you do that. Helping people interpret data, data science enables marketers and business owners to gain critical insights into their business performance, customer behavior and demographic, inventory and competitors. It converts raw, meaningless data into valuable, meaningful insights and guides all business processes, from decision-making to strategizing. View More