Got Data? What is your E-Commerce Business Data Strategy?
The amount of big data that is collected today has transformed how businesses operate, especially in e-commerce, enabling them to make more informed decisions related to various parts of their business using real-world data. But what data is being collected and how can your e-commerce company use it without infringing on privacy regulations or losing customer trust?
Big Data in the E-Commerce Industry
Big data refers to both structured and unstructured data that is collected at a scale too complex to be processed by traditional data-processing applications. In the context of e-commerce, big data includes information gathered from customers and business operations, including customer names, addresses, emails, purchase history, and more.
The Challenges of Using Data in E-commerce
While there are many advantages of using data in e-commerce, leveraging big data is not without its challenges, including:
Despite these challenges, many e-commerce businesses may not be extracting the full value of the data they are collecting.
How E-Commerce Businesses Benefit from a Data Strategy
E-commerce companies have many opportunities to leverage big data, ranging from enhancing customer engagement to product discovery and streamlining supply chains. Yet, one significant opportunity that many overlook is the potential to monetize the data they collect. Monetizing big data is historically a loaded suggestion with heavy operations and data risk behind it. However, advancements in cryptography for data-in-use eliminate and minimize these traditional roadblocks.
Monetizing Your E-Commerce Data: Becoming a Data Service Provider
E-commerce businesses are often aware of the value their data could bring to other organizations, but the operational complexity of this is enough to deter them from monetizing it. For instance, AI/ML model developers would benefit greatly from having such data for training and inference purposes, but the model and data protection questions often reveal insufficient guarantees for both sides.
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Today, privacy-preserving data platforms like Duality remove much of the complexity.
For instance, a fashion e-commerce platform could encrypt their data using Duality to sell secure and confidential access to suppliers trying to improve the accuracy of predictions of upcoming trends. By securing your data and allowing other companies to use it while protecting data privacy, you’re transforming a cost and risk center into a new line of revenue.
Improve Your Internal Operations
In addition to becoming a data service provider, e-commerce businesses can use big data to enhance their internal operations, processes, and procedures.
Secure Your Data with Duality Tech
The most successful e-commerce businesses are those that can effectively use big data not only to improve and personalize their services and product offerings but also to monetize the data they collect. Many companies are recognizing the potential to become data service providers, creating new revenue streams by offering actionable insights and analytics as a service to other businesses. However, in their pursuit to leverage and monetize big data, e-commerce businesses often face significant challenges ranging from secure access, dealing with disparate datasets, data protections, model/computation confidentiality, operational overhead, and lacking the technical skill sets or time to find and custom build in-house solutions utilizing advanced technologies to comply with privacy regulations.
This is where Duality Tech’s data collaboration platform provides an essential solution, allowing e-commerce businesses to effectively, efficiently, and safely collaborate on big data. Founded by leading cryptographers and data scientists, our platform is designed to enable businesses to securely collaborate on sensitive data, gathering insights and predictive analytics while protecting customer privacy and complying with data privacy regulations.
With Duality Tech, companies can engage in secure open data flows, allowing for cross-border and cross-domain collaboration while safeguarding data privacy. Our platform leverages multiple privacy-enhancing technologies (PETs), to enable secure machine learning, and analytics on encrypted data. This allows businesses to use and monetize their data without needing to be experts in cryptography or privacy engineering.
Contact us today to learn more about how we can help you collect, store, protect, and use big data to make better business decisions and explore new revenue opportunities for your e-commerce store.