Organizations are collecting and generating a colossal amount of data in today’s hyperconnected world, but it is a tricky process to convert big data into valuable insights. One way to do so is by creating an intelligent digital marketplace. In recent years, online buyers around the world spent $1.66 trillion annually on the top 100 online marketplaces including Amazon, eBay, Alibaba, and Expedia. Amazon’s data-driven marketplace platform earns 35% of its annual sales through personalized product recommendations. Expedia’s marketplace model has enabled the company to drive solid growth and keep a steady eye on upcoming disruptions despite new challenges to the online travel industry. Marketplace leaders have mastered using automated platforms powered by big data to disrupts commonly used processes and procedures, which simultaneously offers a better digital experience to their customers/buyers.
If executed well, an online marketplace model can become the engine of massive growth for a company:
– The top online marketplaces in the world sold $2.67 trillion in 2020, with sales via digital marketplaces accounting for 62% of global web sales.
– Digital marketplaces open the floodgates to value-added services such as data-sharing agreements, consumer, product, price, and trend analytics, and digital marketing. Amazon, for example, was a pioneer in launching Amazon Advertising, which contributes almost 5% of its annual revenues of $280.5 billion. Artisanal marketplace Etsy leverages its data to capitalize on buyer behaviors and trends. For example, during the global health crisis the brand noticed a 20% increase in searches on the platform for items related to “home office.” This data can be strategically used to gain a competitive advantage.
The use of information and data for buying decisions is not a new initiative in the current digital business era, but it’s one that organizations can struggle with. No matter what industry organizations operate in, they must understand the importance of analyzing data from multiple disparate sources and then automating that data to create contextual recommendations that increase customer loyalty and spend as well as market competitiveness.
Intelligent Knowledge Management for Pricing, Designing, and Deploying Network Connectivity
Consider the benefits of a data-driven marketplace platform for pricing, designing, and deploying network connectivity. With over 2,500 local access providers in the US alone, each with unique services, pricing, and availability, finding a connection for one business address can take considerable time and effort. Add in another 50 locations in 25 states or 10 countries and the manual data collection and analysis of even one solution becomes exponentially more time and resource consuming.
Just like travelers want tailored and relevant results at speed, enterprises should be able to quickly gain visibility into the availability, diversity, and varying costs of network connectivity services – something that has long been an industry-wide challenge.
Users can easily design, price, and order IP and Ethernet services connecting over 30 million edge locations in 85 countries to distributed applications across any cloud, hybrid-cloud, multi-cloud, and private cloud destination. Our intelligent knowledge management core presents users with their optimal path between over 30 million enterprise buildings, 900 data centers, and other 6,000 SaaS providers.
The universal data view we get from our intelligent knowledge management core also helps us improve decision-making and identify valuable trends. We may learn, for example, that healthcare services prefer 10G connectivity Ethernet over private Internet, or that real estate companies typically end up going to a SaaS location. This information is vital for helping us better meet the needs of our customers and increasing our market competitiveness.
A Seamless User Experience
By filling in relevant information fields, enterprises should be able to get a real-time response of available near and on-net connectivity services, with unique intelligence (hence, “intelligent” knowledge management) recommending the most cost-effective and reliable connectivity options between business locations and cloud infrastructure. All of this information should be available instantaneously based on search input for enterprises to make the right decision, with ordering being as simple as booking a flight or hotel with the click of a button.
Through Unitas Nexus’™ proprietary multi-source database, partners and enterprise customers gain instant access to the latest premium network infrastructure, actionable data analytics and performance metrics, serviceability, pricing, and tenant information.
Learn more about how Unitas Nexus™ enables you to modernize the performance and optimize the costs of your networks.