Retail


Seven ways


ecommerce businesses use alternative data


By Gediminas Rickevičius, VP of Global Partnerships. S


taying competitive in the ecommerce landscape requires agility and flexibility to pivot business strategies and adjust to


changing consumer preferences and economic conditions. Alternative data from websites, desktop/


mobile applications, and other online sources gives managers the critical information they need to make effective decisions. While once confined to investors, ecommerce businesses are also adopting alternative data to refine their marketing strategies, improve product offerings, obtain demographic insights, track brand mentions, and improve SEO rankings. Alternative data helps ecommerce businesses make better decisions.


36 | May 2023 Alternative data in finance and economics


comprise real-time information, reports, and data sets outside ‘official’ government or corporate sources. While its use has typically been associated with hedge funds and investment firms, other businesses are now taking advantage of alternative data to enhance decision-making.


Some current sources of alternative data include: • Websites • Online marketplaces • Mobile and desktop applications • Supply chain sensors • Satellites


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