How can a business grow if it doesn't know its audience? Brick-and-mortar stores have the advantage of observing foot traffic and regularly talking to customers about their products, quality, and prices. This, however, is not the case with online businesses. So, how do they improve their services? Through e-Commerce analytics.
Take it or leave it, but the age of big data analytics has arrived. Whether you are shopping at the mall, going through a job portal, or using social media to interact with your friends and family, you are bound to leave behind a trail of information. Your online shopping wish list, recent purchases, and mode of payment say a lot about you. e-Commerce analytics is a way to tap that information and create useful insights out of it.
e-Commerce analytics comes in different packages, but they all have one purpose in common: to give businesses an understanding of their customer behavior.
In this blog, we take you through various aspects of e-Commerce analytics and discuss how it aids e-commerce businesses in accessing clean strategic insights for real-world success.
What Exactly Does e-Commerce Analytics Mean?
e-Commerce analytics is the process of accumulating buyer data. This is collected from several sources, including website traffic, text and audio, social media, and consumer feedback. This may be structured or unstructured; however, it is engineered to construct meaningful data.
Using these insights, businesses can rework their pricing strategy to match seasonal fluctuations. It may be of value to online stores that are struggling with high churn rates. Of course, dashboards can show how a business is performing, identify areas of improvement, and optimize its sales and marketing efforts. But the best part is that having analytics on your side gives you the freedom to personalize!
Source by: https://www.bluent.net/blog/e-commerce-analytics-for-business-success/
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