If you think about your top 3 favourite brick and mortar stores, do they have an ecommerce website? Chances are that they do, and if they do, their competitors likely do too. In today’s world it isn’t enough to just have an ecommerce website, to offer high standard products or competitive pricing, more is required. Organisations need a new edge to get them ahead of their competitors and this edge comes from data analytics.
Data Analytics in eCommerce
Data is created in every step of ecommerce. From uploading products, engaging with suppliers, creating orders and so on. While organisations may be aware of this data, they don’t always know how to access it, process it and analyse it potentially losing important insight into their customers behaviour, trends, optimisation opportunities etc. Below we’ll discuss some of the benefits attainable through data analysis.
1. Customer Insight
Understanding your customer’s needs and wants and being able to tailor your marketing efforts accordingly is crucial. Organisations will be able to segment their target market, identify trends present in each and tailor their marketing strategies to each segments’ needs.
2. Inventory Management
Healthy cashflow and product availability are only two of the many benefits attainable from managing your inventory effectively. Effective inventory management is vital for maintaining a healthy cash flow and ensuring product availability. By analysing various types of data created with each purchase, organisations will be able to increase their demand forecasting accuracy, potentially decreasing the risk of over stocking and stockouts.
3. Marketing Optimization
There is an overwhelming number of marketing channels and methods available today and organisations needs to know which one/(s) to allocate their marketing efforts to. Through the analysis of various forms of marketing, sales and customer data, organisations will gain valuable insight into the market and their customers’ needs and wants which will assist them in the accuracy of their marketing efforts.
Contact us about our ecommerce platform and let’s work together to transform your ecommerce strategy.
