Articles contributed by Mangesh Panditrao – CEO and Co-Founder, Shoptimize.
Driven by the ongoing pandemic, online shopping has gained immense traction during 2020 and 2021, and the positive ripple effect is still visible in the e-commerce industry. During this period, e-commerce and omnichannel businesses innovatively took advantage of digital avenues to manage their offline stores and defend themselves in the pandemic-stricken business environment. However, with increasing competition, the next phase of success for e-commerce companies will be led by a deep understanding of the target market and meaningful relationships with customers. This is where the data comes into play.
Significance and Benefits of Data in E-commerce
Brand Help Data Stay Updated With Important Business Insights
The overarching goal of any business is to increase its revenue. To achieve that, brands have to make the right decisions at the right time, which can be done efficiently by analyzing data. Insights driven from consumer-centric data can help brands understand how a company is seen by customers, how brands perform in different markets, and the improvements needed to maximize profits. This enables businesses to serve consumers, increase revenue, and improve operations.
Enabling Brands to Provide a Personalized User Experience
Understanding how customers interact with your company is critical to determining what appeals to them. As a result, ecommerce companies can leverage data analytics to better understand their customers’ needs and improve the end-to-end buying experience through personalization. For example, various platforms use data to understand customer demographics and tailor their marketing messages to suit different consumer groups.
Assist in Making Data-Based Decisions
Customer needs are constantly changing, and with so many brands available, they have more choices than ever before. And to meet the evolving needs of D2C brands consumers need to focus on improving their capabilities. Therefore, data-driven decision making is necessary for success. Brands can track their customer preferences through data and analytics based on factors such as location, demographics and online behavior. Evidence-based data enables brands to make informed decisions and prepare well to achieve their goals.
5 Best E-commerce Development Companies in India 2022
Building and maintaining a website is not easy, so, here we have listed the best e-commerce development companies to help you grow your business.
How Brands Can Leverage Data to Increase Ecommerce Sales
Data Convergence Across Platforms and Channels
Since running a business went digital, the amount of data generated on the side continues to grow bigger and bigger every day. Analyzing this data to make important decisions becomes very difficult for internal teams and marketing companies. This requires highly specialized skills and cutting-edge technology to measure insights and aid in fast and efficient decision making. Ecommerce analytics helps brands quickly and easily gather data in one place, break down data silos, and increase business productivity, efficiency and agility.
Join the Dot Between Your Customers and Numbers
Just collecting data and not being able to use it results in a waste of money and time. Once data is collected, data analysis provides a detailed picture of the big picture; it also looks at the relationships and patterns among some of its components before providing business insights. Therefore, one way to achieve this is through unified data analytics. Unified data analysis is essentially a process that combines data processing with cutting-edge artificial intelligence to provide business insights and results.
Know When To Take Action
Seasons and trends can play an important role in your efforts to provide consumers with the most seamless experience possible. Therefore, it is important to consider and maintain a close watch on trends in order to take timely action. Understanding seasonal patterns & trends can help you determine how things will go throughout the year. As a result, you will be able to focus on the right product available at the right time so that customer expectations are met.
Reading Data to Understand Website Shopping Behavior Flow
To understand the flow of website shopping behavior, you can monitor how customers arrive on your site, browse for products, add them to cart, and check out. Sifting through this data will help you understand the flow of your website’s buying behavior and reveal where customers are more engaged and which paths lead to conversions. Plus, it will draw attention to what’s not working. This will allow you to read the minds of your visitors by observing their behavior and better serve them.
Use Data to Track Your Product Performance
It is very important to view detailed product data for marketing and sales tracking. This helps in understanding the price bands for different consumer segments. How each product performs & find out the best-selling and low-performing products. This allows businesses to design marketing campaigns accordingly. Furthermore, tracking returns and refunds helps improve product quality. This approach can help e-commerce businesses improve their service and quality, increase revenue, and improve operations.
Conclusion
Data is essential for businesses to thrive in this digital age. So, it’s time for companies to start making data-driven decisions to succeed in online sales. Integrating ecommerce analytics across the customer lifecycle is critical to creating a competitive customer experience. These findings will help brands improve discovery, acquisition, conversion, retention and advocacy processes.
Articles contributed by Mangesh Panditrao – CEO and Co-Founder, Shoptimize.
Driven by the ongoing pandemic, online shopping has gained immense traction during 2020 and 2021, and the positive ripple effect is still visible in the e-commerce industry. During this period, e-commerce and omnichannel businesses innovatively took advantage of digital avenues to manage their offline stores and defend themselves in the pandemic-stricken business environment. However, with increasing competition, the next phase of success for e-commerce companies will be led by a deep understanding of the target market and meaningful relationships with customers. This is where the data comes into play.
Significance and Benefits of Data in E-commerce
Brand Help Data Stay Updated With Important Business Insights
The overarching goal of any business is to increase its revenue. To achieve that, brands have to make the right decisions at the right time, which can be done efficiently by analyzing data. Insights driven from consumer-centric data can help brands understand how a company is seen by customers, how brands perform in different markets, and the improvements needed to maximize profits. This enables businesses to serve consumers, increase revenue, and improve operations.
Enabling Brands to Provide a Personalized User Experience
Understanding how customers interact with your company is critical to determining what appeals to them. As a result, ecommerce companies can leverage data analytics to better understand their customers’ needs and improve the end-to-end buying experience through personalization. For example, various platforms use data to understand customer demographics and tailor their marketing messages to suit different consumer groups.
Assist in Making Data-Based Decisions
Customer needs are constantly changing, and with so many brands available, they have more choices than ever before. And to meet the evolving needs of D2C brands consumers need to focus on improving their capabilities. Therefore, data-driven decision making is necessary for success. Brands can track their customer preferences through data and analytics based on factors such as location, demographics and online behavior. Evidence-based data enables brands to make informed decisions and prepare well to achieve their goals.
5 Best E-commerce Development Companies in India 2022
Building and maintaining a website is not easy, so, here we have listed the best e-commerce development companies to help you grow your business.
How Brands Can Leverage Data to Increase Ecommerce Sales
Data Convergence Across Platforms and Channels
Since running a business went digital, the amount of data generated on the side continues to grow bigger and bigger every day. Analyzing this data to make important decisions becomes very difficult for internal teams and marketing companies. This requires highly specialized skills and cutting-edge technology to measure insights and aid in fast and efficient decision making. Ecommerce analytics helps brands quickly and easily gather data in one place, break down data silos, and increase business productivity, efficiency and agility.
Join the Dot Between Your Customers and Numbers
Just collecting data and not being able to use it results in a waste of money and time. Once data is collected, data analysis provides a detailed picture of the big picture; it also looks at the relationships and patterns among some of its components before providing business insights. Therefore, one way to achieve this is through unified data analytics. Unified data analysis is essentially a process that combines data processing with cutting-edge artificial intelligence to provide business insights and results.
Know When To Take Action
Seasons and trends can play an important role in your efforts to provide consumers with the most seamless experience possible. Therefore, it is important to consider and maintain a close watch on trends in order to take timely action. Understanding seasonal patterns & trends can help you determine how things will go throughout the year. As a result, you will be able to focus on the right product available at the right time so that customer expectations are met.
Reading Data to Understand Website Shopping Behavior Flow
To understand the flow of website shopping behavior, you can monitor how customers arrive on your site, browse for products, add them to cart, and check out. Sifting through this data will help you understand the flow of your website’s buying behavior and reveal where customers are more engaged and which paths lead to conversions. Plus, it will draw attention to what’s not working. This will allow you to read the minds of your visitors by observing their behavior and better serve them.
Use Data to Track Your Product Performance
It is very important to view detailed product data for marketing and sales tracking. This helps in understanding the price bands for different consumer segments. How each product performs & find out the best-selling and low-performing products. This allows businesses to design marketing campaigns accordingly. Furthermore, tracking returns and refunds helps improve product quality. This approach can help e-commerce businesses improve their service and quality, increase revenue, and improve operations.
Conclusion
Data is essential for businesses to thrive in this digital age. So, it’s time for companies to start making data-driven decisions to succeed in online sales. Integrating ecommerce analytics across the customer lifecycle is critical to creating a competitive customer experience. These findings will help brands improve discovery, acquisition, conversion, retention and advocacy processes.
[bg_collapse view=”link” color=”#4a4949″ icon=”arrow” expand_text=”Show More” collapse_text=”Show Less” ]
Source link
[/bg_collapse]