Thanks to healthcare e-commerce, you can conveniently shop anywhere, any time, and scroll through thousands of healthcare products at a stretch using a mobile app or website. As more consumers shop online for medical and healthcare supplies, the healthcare E-commerce market is expected to grow significantly and reach $382.8 billion at a CAGR of 20.6% through 2023. Data analytics powered by artificial intelligence and machine learning empowers pharma companies and retailers with a better understanding of the various opportunities and challenges in this growing and highly regulated sector.
Autonomous, real-time anomaly detection for healthcare E-commerce
When it comes to a digital healthcare store, there are multiple data points to analyze from numerous sources, and insights from these data sets can give significant visibility on business-critical areas including mandatory regulations, application security aspects, merchandising on websites, online transactions, and customer engagement strategies. Autonomous, real-time monitoring helps online healthcare store owners to monitor these performance metrics in real-time. Be it data from consumers, external vendors, or healthcare networks, augmented analytics with Anomaly detection enables companies to autonomously monitor diverse streaming data sets to proactively identify and remediate incidents as and when they occur.
How real-time anomaly detection can help Healthcare E-commerce Companies?
Here are some ways in which healthcare e-commerce merchants can leverage real-time anomaly detection:
1. Optimize the supply chain and manage inventory
Autonomous anomaly detection helps monitor metrics such as sales, sales volume, inventory levels, and metrics for competitive pricing to detect any anomalies such as changes in demand in real-time. By autonomously monitoring and detecting anomalies in order intake, enterprises can significantly improve their inventory availability so that customers can purchase products that they need and have a positive experience.
2. Predict trends for successful marketing
Autonomous anomaly detection also gives real-time insights into market trends and consumer behavior, allowing retailers to get early visibility on business opportunities and threats to execute successful marketing campaigns. Decision-makers can be alerted to any deviation from the normal pattern such as a change in average order size, the number of website visitors, number or quality of product reviews, and changes in social sentiment metrics in real-time.
3. Monitor cart abandonment and returns
Real-time anomaly detection also helps in understanding the root cause of issues that lead to returns such as lack of delivery option in specific areas, defective inventory, or incidents of fraud, allowing companies to take the right remedial action. They can investigate the reason for Zero sales such as listing issues, poor ratings, or reviews. By proactively monitoring and detecting anomalies on shopping cart abandonment, retailers can also find and fix issues such as pricing glitches, and payment issues on their website.
4. Analyze shopper behavior and improve conversions
With real-time anomaly detection, online store owners can monitor and analyze multiple customer metrics at a granular level to identify issues that need attention such as a sudden change in customer demographics, the failure or success of marketing programs, etc. Organizations can track anomalous behavior in daily activities such as usage patterns, conversion rates, spending rates, and churn rates to discover opportunities to drive sales and customer loyalty. For instance, by understanding consumption patterns, retailers can send timely reminders and relevant prescription alerts to help customers. Business owners can proactively monitor, manage, and remediate incidents that impact the shopping experience.
5. Track SLA breaches and budget deviation
With real-time anomaly detection, teams can also track SLA breaches within various business verticals and external vendors to enhance operational efficiency. Additionally, they can actively monitor critical metrics including average margin, revenue, changes in sales, to detect any critical anomalies in Profit & Loss (P&L) items to stay on track in terms of finances.
6. Early detection of fraud and revenue loss
Online healthcare store owners can monitor and identify anomalies such as a spike in returns, declined transactions, negative reviews, or misuse of discount coupons by fake users. Further, they can investigate factors that lead to revenue loss such as payment gateway failures.
7. Eliminate pricing glitches on the website
When it comes to online prices, there is no room for error. With augmented analytics, retailers can track price changes and get alerts for anomalies such as price glitches on the website in real-time before it impacts the revenue. Watch this video to learn more about anomaly detection for pricing glitches.
With accurate and timely visibility on opportunities and critical incidents, healthcare e-commerce merchants can thus prevent revenue loss, optimize the supply chain, improve pricing strategies, drive better marketing campaigns, and deliver a great online shopping experience.
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