Drive Business Growth With eCommerce Analytics

by | Nov 27, 2020 | Analytics | 0 comments

“Data is the powerhouse of every business”

Data generated in every business amounts to a wealth of information, and any business that embraces it becomes the one to thrive. Data is one of the most valuable resources an organization can possess to make confident decisions and skyrocket their business growth. 

The increasing competitiveness in the marketing landscape makes it quite difficult for eCommerce businesses to market their products. The ever-changing preferences of customers are adding another challenge that is restraining organizations from outgrowing their sales numbers. 

Therefore, it has become crucial for every business to make decisions that are grounded in solid data. This is where the need for eCommerce analytics comes in. With the right eCommerce analytics tools in hand, you can get key insights to make the best choices for your business and customers. 

Relevant data can have a great impact on your business. With effective eCommerce analytics, you can access the crucial business information in real-time and get a clear idea of where your business is heading and what you need to take it on the road that goes in the direction of achieving your business supreme goals. 

In any eCommerce business, your customers have all the power. Around 97% of customers read between one to six reviews before committing to a purchase decision. Apart from this, they also compare your prices with that of your competitors before finally arriving at a decision. 

Customers are expecting more when it comes to online shopping, and if you want to drive business growth, you must offer the best virtual shopping experience. To deliver what your customers are expecting, you need to have the relevant data at your fingertips.

And that’s where you look for eCommerce Analytics. Before learning about how you can drive business growth with eCommerce analytics, let us create a vivid picture of the term in your mind.

Understand your customers by understanding your data with eCommerce analytics

Ecommerce analytics is a process that involves the gathering of data from all sources that can have a great impact on the performance of your online store. The information that the eCommerce analytics tool provides will help you understand the market trends and the shift in customers’ behavior so that you can make decisions that can drive more online sales.

With eCommerce analytics, you can take a look at your customers’ journey, from the time they visit your online store to the time they make a purchase.

Is eCommerce analytics really important?

The ever-evolving demands of customers combined with technological innovations will keep on becoming the primary factors contributing to the growth in eCommerce sales. As per a report by Statista, the number of people doing online shopping is expected to reach 2.14 billion by 2021. This lays out the number of opportunities that eCommerce businesses have to boost their sales and achieve higher ROI. 

As already mentioned above, customers have all the power when it comes to eCommerce, making it crucial for businesses to connect with them. The best way to understand consumers is to measure and analyze behavior on your online store, and for this, you need eCommerce analytics.

How can DataChannel help your business grow?

DataChannel offers an effective cloud-based SaaS platform and more than 100+ connectors that allow you to collect data from multiple platforms and sources under one big umbrella. The collective data can be further analyzed to dig out deeper insights that power the decision-making process.

With our data integration solutions, marketers can make the most out of the available data and understand what customers are expecting from their business. This way, they can make changes in their products and focus their marketing efforts to deliver a better online shopping experience.

What can be better than a data warehousing solution that can scale as your business expands? At DataChannel, we offer warehousing solutions that grow with your business. Our offered solutions are highly efficient, scalable, and affordable and help marketers to get the right data at the right time.

With DataChannel, digging out relevant information from the data is no longer a challenging and time-consuming task. Our data integration platform allows even a person with zero or less technical know-how to perform the data integration process smoothly.

Different ways eCommerce analytics will help you open doors for your business growth

Ecommerce analytics does all the work to help you understand which of your marketing tactics are working and which not. It helps you to find areas that can provide your eCommerce business a better opportunity for growth. To help you find how eCommerce analytics can help you, here we are mentioning a few points:

eCommerce analytics

Help you set realistic goals:

Without the right information in hand, setting your goals will be no less than guesswork. You definitely don’t want to change your business goals frequently, as it will make it harder for you to focus your efforts in the right direction.

With eCommerce analytics, you can track the ongoing and upcoming trends in the market and anticipate customer behavior to set your targets and utilize every resource required to achieve them. This way, you can even ensure that you don’t miss any opportunity to become a game-changer for your business.

Fuel decision-making

Decisions backed with relevant data can do wonders for your business growth. As an experienced marketer, your intuition and experience can help you make better decisions, but can you guarantee that they are good enough to bring better outcomes than those backed with data? Certainly, no. Decisions about pricing strategies, inventory management, and product re-designing, and others cannot be made without data.

Businesses that use eCommerce analytics are likely to make decisions that help them make their business grow.

Audience segmentation

With analytics, you can divide your audience into separate groups. This way, you can create relevant content for each group and persuade them to make a purchase. This will also help you create better products as per customers’ preferences and make your communication more personalized. 

With the right eCommerce analytics tools, you can uncover your users’ intent and find what they are looking for. This will help you meet their requirements before the competitors, making your business gain a competitive advantage.

Ideal demographics

Want to find your ideal demographics? eCommerce analytics is the way to go.
Data residing in your existing customer base and social media channels are a valuable source of information. The right analytics tool will help you gather data about your audience and also let you find what your competitors are up to.

By getting a sneak peek into your customers’ behavior, you can create your marketing campaigns in a way that can bring you maximum leads to boost sales and revenue.

Automate dashboards

After gathering all the data in one place, it’s time for report generation. Instead of indulging in hours of manual reporting, you can set your reports to update automatically, shifting your focus on data analysis and making your products worth investing in. eCommerce analytics, along with saving your time and effort, also eliminates the chances of errors. With the best eCommerce analytics tool, you can create a robust data pipeline that reduces reporting time and focuses on driving actionable insights.

Wrapping up

Delivering a competitive customer experience starts with implementing eCommerce analytics throughout the customers’ digital lifecycle. The insights derived will help you optimize customer experiences to achieve a higher level of customer engagement, increase sales, boost revenue, and skyrocket your business growth. Are you ready to gather all your marketing data under one roof and simplify eCommerce analytics? If yes, contact DataChannel today and book a demo now on www.datachannel.co

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