This is 2022 the era of digitalization, from making payments to buying products everything can be done through being digitally aware. If we particularly talk about online shopping; this industry is on a hike. One can earn their bread and butter just by investing very little. But the question is, how will you sell your products without any disruption in this overcrowded market. Well, in this regard, eCommerce data analytics can help you. Data analytics was always there; however, after the booming of eCommerce business post-Covid 19, this has come into the limelight. Using the analytics efficiently will power up your business with insights that will help you to make calculated decisions and grow your business.
Sellers or brands usually don’t know how to use eCommerce analytics because they have so much data that they get confused about where they should start. It may not always be easy for eCommerce businesses to analyze the data they are collecting accurately. However, eCommerce data analytics is effectively enforced in this industry to narrow down the focus and establish clear-cut goals. It all comes down to ultimately finding a way to increase sales and boost the conversion rate.
You have access to a lot of data if you sell your products on several big eCommerce platforms such as Amazon, Flipkart, Myntra, Ajio, Snapdeal, etc. Several customer data insights individually offer hidden opportunities for increasing revenue and flourishing your business only when you do it efficiently.
In this particular blog, you will know about eCommerce analytics and how to use it to boost your business.
What is eCommerce Analytics?
Lets’ not get into the technicalities; broadly, we can say that eCommerce data analytics is a fantastic way to attain a deeper understanding of your present and potential customers. Specifically, this analytics also looks at other vital factors such as the bounce rate, keywords, customers’ clicks, cart abandonment rate, etc. Undeniably, thats’ a lot of information for eCommerce businesses to hold onto. As much as your online business will expand, you will need more data to collect and analyze to run your business smoothly. This data can help you know who your customers are, their preferences, and what influences them to buy your products or abandon the cart.
To remain competitive in this glorious industry and increase your conversion rate, you must implement this strategy with your business. You must know that eCommerce analytics comprehensively provides insights on how buyers interact with your ads, emails, and other strategies to make them buy your products. You can view all this essential information in one place using any eCommerce analytics tool.
This sort of analytics tool is imperative to a successful online business. Integration of any analytics tool can become a primary key to success and help you score a massive advantage over your competitors. Ignoring eCommerce data analytics means you are missing out on some crucial information that can help you stand out from your competitors.
Several Ways to Use eCommerce Analytics to Boost Your Business
Enhancing Product Page Optimization
Your product page is where all the actions occur in the eCommerce industry. It is where your products get visible to your customers, and they can read the information about your products. Apart from that, customers also read the reviews of the other customers. Analyzing them all together, they make their shopping decisions. If you have a well-established and maintained product page, it can eventually increase your sales. On the other hand, a poor presentation of your product page can decrease your overall sales.
To make your product presentable in terms of product title, product description, keywords, and images, you can take the help of brand analytics tools such as etraKY BS. Product page optimization can help you collect primary data gathered by customer actions and then analyze it to observe deep insights. In this optimization process, you can also gain sales data that can make you analyze if there are any issues in pushing your customers from searching to buying.
It can be the proven key to engaging your customers and responding to their demands through conjecturing analytics. Accurate analysis of your data can help you regulate what your customers expect. For example, if you have search engines’ data, you can analyze well what products they are looking for and what they have bought in the past. Based on that, you can analyze what they can buy in the future. It can also help you determine at what price you should sell your products to make the most of them.
In today’s eCommerce world, the willingness of customers to pay a significant amount can vary depending on the time and other factors. You must understand the fact that you are not the only one selling online; your competitors also sell similar products. So if you do not offer reasonable pricing, they may turn to your competitor. You can use price tracking software such as etraKY BS to manage a price across channels. It can provide insights into your competitor’s product pricing; based on that; you can implement a decent pricing strategy.
Selecting the Best Match Algorithms
In the process of using eCommerce analytics, utilizing best match algorithms can be terrifically beneficial. Such an algorithm tests two different versions of your eCommerce business, the landing page and call to action button. Also, it records the more compelling data for getting your customer’s desired reaction. Based on such information, you get a clearer picture of what will lead to generating more revenue. Believe it or not, some analytical capabilities can modify the choices depending on specific times of the year. It ensures you are receiving good perspectives of what customers are doing.
Abandon Cart Data
While dealing in the eCommerce industry, cart abandonment is the most usual factor. Now or later, everyone has to face this situation, and it happens when a customer adds a product to the cart but hasn’t bought them. There can be several reasons behind this, but if you have the data, it can help you understand their shopping behavior. According to a recent survey, 25% of customers come back to buy the same product they have abandoned in the past.
So it is essential to analyze what’s wrong when they first add the product to the cart. Whatever the cart abandonment score you get through the eCommerce analytics, you should have the heart to accept that and work toward minimizing the abandonment rate. With the help of such analytics, you can look at the payment methods or is there a problem that forces the customers to abandon the cart. If you get the results, you can indeed become able to resolve that.
Thus, eCommerce data analytics, first of all, needs the extraction of the data. After that, it can also provide the capability to monitor the customer’s sentiment, customers’ response towards the product, and your competitors. Data extraction from various eCommerce platforms you are selling your products can help you better implement your selling strategies. As an eCommerce brand or a seller, you must use data analytics to have clarity over your online business. You can later determine whether it is going well or if you need to make some changes. Always remember that if you have accurate data, it can eventually help you generate more revenue. So it is better to implement eCommerce analytics.