Data is omnipresent. It is the capability of online marketers to utilize it appropriately and bring out the desired results. Data analysis is apparently the fuel to any business. Redundantly performing tasks will do no good to the growth of any business. To survive and thrive in todays competitive space, business owners will need to think and accomplish out-of-the-box to remain the frontrunner in every aspect.
Data analysis and ecommerce:
Shifting our focus to ecommerce, we cannot deny that it is probably the most spirited business in demand which has grown in multiple folds. Ecommerce is one space wherein data keeps pouring in from all sources. To manage with the increasing need of analyzing data, retailers have begun to adapt analytics in a pervasive manner which takes charge of all their data processing requirements.
How does analytics help?
Hold on business:
For any retailer, having a control on his online business is quintessential. Analytics supports online retailers to categorize profitable channels so that they can focus well on these and maximize their efficiency rather than concentrating on all channels alike.
Enhancing user experience:
Ecommerce works due to user experience. If the visitors are not happy, they get warded off in seconds. Analytics dives into this arena and produces data about preferred layouts, framework which could make customers satisfied. This will include a competitor analysis to check what has worked best in the market. By comparing these reports, retailers can find areas where they need to improve to retain their customers in a better way.
The research on how a product will work in the market is important. Analytics does this by studying the features of the product in correspondence with the customer demands to give you a detailed overview of the product performance.
Makes you competent:
As a retailer, you ought to know the trends in your business. Analytics gives you the knowledge of latest updates regarding demands and preferences, what would work and what would not for your customer base.
You could maintain a detailed record of what has worked for your business and what went wrong. You could strongly experiment on new techniques and obtain the results as comprehensive reports. You can better identify hiccups and resolve them from time-to-time.
You could track everything possible. For example if you have triggered off an email campaign, analytics will give you reports by tracking at every stage of the campaign.
A typical email campaign is like:
Emails are sent to say 2000 email IDs.
1000 emails are delivered successfully.
Some 900 are opened by recipients.
850 read the content.
50 click on your URL and browse through.
45 add products to the cart
10 buy your product
Take a look at the numbers. With analytics, you get a definite number of drop offs, opened emails, customers who were interested and all the more data. This helps you as a retailer to know your stand in the market.
With all this data in hand, hope you have begun to analyze your ecommerce outlet too.