In this age of information, the internet has enabled us and thrown open an overwhelming number of opportunities. For instance to deal and sell our products and services online to several customers in a single instance. This has indeed made the e-commerce landscape tremendously competitive space on the other hand consumer wants and expectations are increasing day by day due to the companies relentless efforts to provide excellent services.
Consumers are always looking for a more personalized experience along with having easy access to the product information coupled with brilliant service. To meet these expectations of consumers as a retailer we can leverage from the data collection and processing it actively by integrated analytics to improve the decision-making process, to understand consumers’ preferences, and render them with apt services and product offerings.
As an online retailer, we can extract true essence from the data by going beyond just monitoring and gathering information.
Once we are done setting up the basic analytics processes which will help us to keep a track of our performance indicators, we can utilize this data for performing more advanced analysis like delving deeper into the customer experience, customizing recommendations, targeted marketing, and promotions and improving the average purchase value. Apart from this using online shopping analytics can also enable us to do much more like: –
- Keeping a tap on a particular product and when it’s going to run out of stock.
- Keeping a track of which customers are more likely to respond to an email marketing campaign
- Knowing how to manage inventory efficiently and fulfill the constant demand of our consumers
- Getting to know and focus on what are the key attributes that are more likely to push customer satisfaction to new heights.
- How can you organize your site for a smooth and hassle-free customer experience?
- Helping us to design and organize our website in such a way that it offers a smooth steady and hassle-free experience to the customers.
These are just some of the very examples of how analytics can be useful to us, a lot, more and astonishing can be achieved when we couple it with the business decision-making process. Below we will see many more examples in detail on how we can implement analytics to various business segments and reap its benefits in form of data-driven decision making.
Optimize the marketing mix:
We need to attract and engage customers at the site which can be done with much ease by investing in the right set of marketing tools. For instance, we can make use of predictive analytics to determine the crucial factors which will result in more customer acquisitions or sales.
For instance, we can take GroupBy Inc. which is a search, merchandising, and SEO solution company. Enabled by machine learning they can empower our digital team to deliver a personalized site experience that demonstrably increases online revenue, empowers our merchants GroupBy Software are also well known for reducing the costs and complexities of IT.
As an online retailer, we can also take advantage by offering customized product recommendations and promotions to our customers at the site based on their previous purchases and past consumer behavior we can thus provide an overall better consumer experience which will convert that into more visits and more purchases.
Thus we can make excellent use out of online shopping analytics to only boost our gross profits but will also help us create a remarkable experience for our customers.