It might seem like Amazon started ecommerce, but the beginning of the monetization of the internet happened in a rudimentary marketplace for used computers. In 1983, Boston Computer Exchange established an electronic salesfloor on a public access bulletin board system, giving people a vehicle to showcase their used computers and then consummate deals over the telephone.
Ecommerce looks a lot different these days. Not only is the internet an aesthetically cleaner and
faster medium but ecommerce giants like Amazon conduct transactions a lot more efficiently
than Boston Computer Exchange could have dreamed of. These companies have revolutionized
the monetization of the internet by tracking almost every bit of customer data imaginable and
then segmenting that information into shopping suggestions that drive repeat business.
Analyzing data not only from what consumers directly entered on ecommerce sites but also
shared indirectly on sources such as social media, these companies discern which particular
goods and services people want and when they might want them. Amazon, the undisputed king
of ecommerce, uses a host of digital tools to personalize every transaction, using information
from purchases, browsing histories, recommendations and other sources to make consumers
seem as if the site exists exclusively for them.
But Amazon doesn't have to be the only leader in ecommerce. Supported by artificial
intelligence, advanced customer analytics is democratizing the monetization of ecommerce.
Advanced analytics lets companies of all sizes coalesce data from a variety of sources and then
segment that data into niche groups. Pitch the right product or service to the right group of
customers. Instead of throwing a net into the ocean, advanced analytics enables a business to
fly-fish for a specific catch.
This high level of segmentation – something that we do well at Zylotech – informs specific,
insightful marketing and sales campaigns that will make targeted customers feel as if they were
shopping on Amazon.
Albert McKeon is a Zylotech contributing writer.
If you liked this post, check out our other blog post on how how relevance is changing the marketer’s role.