Another benefit of using fintech for eCommerce is gaining real-time insights into their sales data. This information can help businesses make better decisions about what products to stock and how to market them. It also helps in terms of making economic decisions about pricing and inventory.
According to Lee Rehwinkel, VP of Science and Analytics at Zilliant, “Market conditions are often in flux, and eCommerce pricing must account for unforeseen circumstances such as inflation, cost volatility, competitive factors, and more. The go-to approach ─ static reports and outdated pricing systems ─ cause delays that add up. A simple example: If raw materials go up 7%, each day of delay results in absorbed cost, yet the average cost-driven price update takes anywhere from four weeks to four months to complete. It’s simply not fast enough.”
Real-time data analytics allows eCommerce companies to make faster and better decisions, which helps them stay competitive in the online marketplace.