In Today’s eCommerce world running a business has become a very competitive affair as there are so many brands and companies which are vying for sales and pursuing aggressive marketing strategies to offer the consumers a personalized shopping experience along with easy accessibility to the product as well as their customer services which are often on par.
With the quality of products and services increasing like never before, so is the expectations of the consumers. To suffice their expectations we also need to pursue new paths to Excel and ensure that we are in the game. We inevitably have our businesses online and as an online retailer, we can leverage greatly from collecting the data and actively use it by integrating analytics to improvise and make better decisions.
As mentioned before, we can use analytics to develop a better understanding of our consumer’s choices and preferences and cater to their specific needs making shopping a more delightful experience for them.
So where should we start? We can start by setting up the fundamental analytics processes such as indicators for tracking key performance, after that, we can leap at using data for using it to make more advanced analysis such as retention of our consumers, their experience and customizing their recommendations to
Which we can use to making target promotions or Marketing to augment the average purchase value. When we perform analytics, it can help us in answering some specific and crucial questions like
- When we will need to stock up or when a particular stock will run out.
- From which customers we are more likely to benefit from the email marketing campaign
- In what way to manage our inventory effectively to fulfill the ever-increasing demand
- How to provide higher customer satisfaction
- What are the key components behind designing our site for a smooth and hassle-free customer experience?
These are just some few of the application of analytics, we can attain much more when we combine analytics and decision making in business. To know How Online Shopping Analytics can help your retail business grow, we have enlisted some of the major advantages of opting for data that have driven the decision-making process by using this approach.
Optimize the marketing mix:
To succeed as an online retailer our first most need to attract potential customers and engage them and provide them with what they need. This is a never-ending process and to achieve so, we are bound to invest continuously in marketing. We can use predictive analytics here to determine the factors behind attracting engaging and selling them what they need.
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.
Another way we can leverage from shopping analytics is by rendering our consumer’s customized product recommendations and promotions. With analytics, it’s never been easy to develop an overall understanding of our consumers. We can deploy advanced machine learning algorithms and recommend customized products to our consumers by which chances of increase in our product sales will shoot up exponentially. In addition to this, it will also improve the overall consumer experience which will lead to more visits to our site and hence will ultimately increase our sales.
Ensure supply meets demand:
Finally, we can utilize analytics to manage effectively the overall demand and supply chain as well as forecasting, planning, and purchasing to assortment, storing, and delivering our products. Wall art is an excellent example of how we can use analytics on day to day basis to manage their stocks and inventory which to us seems like that, “never run out of stocks” Hence it will help us to develop a good understanding of consumer demand which will ensure our success in the long run.