Today, almost every major enterprise is selling products or services online. The transcendence of e-commerce has grown from a secondary sales channel to a primary one. While bigger e-commerce marketplaces have been making use of smarter analytics and trends to improve sales, the onset of multiple device connectivity, IoT and Big Data has meant that small to medium online retailers can no longer ignore the power of e-
commerce analytics for their business.
How To Increase Revenue in eCommerce
Retailers operating out of brick and motor stores are able to physically see and interact with their consumers and customers. Even a customer who is not made up his or her mind for a final purchase, can be influenced by the retailer using effective sales, product awareness, brand value, and promotional tools, etc. The situation for an e-commerce retailer is exactly the opposite as the e-commerce retailer is blind to the consumer. Traditional e-commerce retailers who did not use any of the modern day ecommerce analytics were at best witness to just the name, payment details and shipping address of the consumer.
Analytics and their essential need in e-commerce
Enter ecommerce analytics, which have brought in a mini revolution for e-commerce vendors offering them useful insights into their consumer behavioral patterns. As a result, e-commerce vendors are also able to predict the consumer behavior, shopping trends, times when the consumer is most likely to buy allowing them to offer up-sale and cross sale options.
IoT requires leverage power of ecommerce analytics
Ecommerce has undergone a tremendous change in the way business was conducted in the last decade. A standalone static website selling products and services where consumers used the internet and a PC to make a purchase is today almost irrelevant. The evolving technological scenario means that today consumers are connecting with an e-commerce vendor using multiple devices and connections.
The onset of internet of things (IoT) where multiple devices are all interconnected and are able to exchange significant information and data has lead to retailers opting for analytical tools that can offer exclusive business insights. Online sales are today all about speed. The faster an e-retailer is able to offer services and relevant products to the consumer, the higher are the chances of a successful sale.
Ecommerce analytics allows retailers the power to instantly track the user’s purchasing behavior and trends, correlate it with the purchases made or product wish list and offer suggestions in real- time. For example, an e-commerce retailer selling business jackets can make use of the power of ecommerce analytics to find out whether the buyer is keen on buying any add-ons like shirts, trousers, cufflinks, or a business tie along with the business jacket purchase.
Some advanced analytical tools will also check on the color of the business jacket in the product cart and offer shirt suggestions matching the jacket being purchased by the buyer. Eventually, this not only increases the customer service quotient, it also enhances the possibility of higher sales.
Smarter insights offer e-retailers substantial food for thought
Ecommerce analytics are today on the wish list of almost every e-commerce vendor no matter how big or small. Some of the e-commerce website platforms offer analytics as part of their setting up fee for a retail e-commerce store. Bigger vendors are spending high quantum of money to ensure all e-commerce solutions are mapped to offer detailed analytical insights. The fact that analytics offer smart insights that help business improve and scale operations, improve customer service and insights that can redefine the future trends.
For example, a well-defined ecommerce solution tool that offers advanced ecommerce analytics can provide the enterprise answers to questions like the time it takes for consumers to make a purchase or prefer combination of orders with one product purchase.
Some advanced ecommerce analytics also offer detailed insights into the devices being used by consumer to make a purchase. If more people are buying using a PC compared to a Smartphone or a tablet it gives enough indications that the vendor’s mobile website needs to be upgraded for better user experience.
E-commerce vendors are making use of analytical tools to add an x-factor in their sales improving customer care, offering better services, and enhancing their revenue operations concurrently.