The online marketing space is rapidly changing with the introduction of new technologies, services, and marketing strategies. With evolving technology and changing shopping trends, e-commerce businesses are in constant adaptation states that at times leave many brands struggling to stay in the competition. Many online businesses are affected by these constant evolutions. To be a part of this competitive market, e-commerce businesses need to implement some changes in their marketing and business strategy while using reliable data insights. This is where e-commerce analytics play a major role in speeding up your business.
E-commerce analytics can be described as a tool or strategy which is specifically designed to analyze a huge amount of data that can produce actionable insights. Although the strategy can vary from one e-commerce business to another, as it almost exists in virtually. These strategies usually depend upon the complexity of datasets generated by the e-commerce businesses – which is mostly related to the customers’ behavior on online shopping complain.
Role of Analytics in E-commerce
Be it any industry, analytics play a crucial role in risk management and marketing strategies. In the current scenario, the e-commerce players are using real-time big data and predictive analytics to enhance the consumer experience and improve their decision making. It also helps in providing apt recommendations to the customers based on their search history and predictive algorithms.
Nowadays, e-commerce companies are using several tools and technologies for their marketing, branding and risk management, but there are a few for which Analytics remains to be on the top. There is a simple reason behind it, i.e. Analytics allows the e-commerce companies to understand their consumers’ behavior and their product choices. It empowers the E-commerce companies with discovery, interpretation, and communication of patterns in data for critical decision making.
The crucial areas in e-commerce industry where Analytics plays a huge role are:
- Improve User Experience to keep them Engaged: Simple and uncluttered website design with clear instructions and product image should be the preference while designing or optimizing the website.
- Enhance Consumer Engagement: E-commerce analytics helps you analyze consumer behavior which further leads to providing a personalized buying process and offer customer-specific products in recommendations.
- Customized Offers: E-commerce analytics let you evaluate the consumers’ buying pattern. E-commerce organizations can leverage this business intelligence to create and implement new marketing strategies.
- Improve Customer Care Service: Effective customer care is the backbone of any brand’s sustained success. Analytics play a major role in providing efficient customer service, as it helps e-commerce companies with intelligent data and on-call support services.
- Minimize Risk of Frauds: We all know the risk of frauds while doing online shopping. For E-commerce companies, Analytics play a vital role in detecting any unusual activity or user behavior and take corrective measures to prevent these frauds.
Also Read: Why E-Commerce companies need Analytics?
How it helps you grow your customer base?
Effective Search Engine Optimization begins with research into search volumes and competitor rankings. Many e-commerce players are using SEO analytics that helps them in accomplishing their goals. In certain scenarios, SEO analytics alone may not be able to deliver quality results. While applying SEO Analytics, it is recommended to include these things too, i.e. ranking trackers, keyword planning, tracking bounce rates and conversions, etc.
For new customer acquisition, it is recommended to use SEM along with SEO. Analytics tools will help you measure search volume, ranking position, CTR, CPC, etc. To reach out to new prospects, another recommendation will be email marketing. It helps you boost your e-commerce website’s traffic. E-commerce analytics tools help you measure the number and source of email subscribers, track email performance, and help develop informed campaign strategies.
Optimize your website and reach new customers:
New customer acquisition requires effective website UI, UX optimization, and streamlined procedure that help you connect your customers to products and boost conversion rates. E-commerce analytics can provide you data-driven insights on how consumers interact with your website. These insights will help you take the guesswork and subjectivity out of website optimization, and help you discover new opportunities for improvement and innovation.
Depending upon these insights, you can optimize your website accordingly such as clear product presentation, similar recommendations by tracking their search history, user-friendly website UI, and overall usability of features provided for consumers. The marketing strategies should be designed in such a manner that focuses not only on new customer acquisition but also on customer retention. Existing customers are truly the backbone of any brand’s success.
In today’s scenario, real-time analysis can be combined with key performance indicators for understanding the data in a better manner. With effective real-time data, e-commerce companies can gain actionable and meaningful insights.