The truth is in the data. And today, businesses have access to more data than ever before. The challenge is to manage, clean, interpret, and analyze it. Analyzing your data will help you understand your customers, your business, and the available opportunities. It will help you make strategic decisions proactively instead of reactively, and it will enable you to make predictions and plans in an informed way.
Ecommerce analytics are relevant in all parts of an online business throughout the customer journey. Most ecommerce merchants are good at tracking conversion rates and average order value. But to be able to sustain long-term growth, you also need to understand customer lifetime value and when and why churn occurs.
Ecommerce analytics is the process of collecting and analyzing data that impacts your online business. Data is collected from all touchpoints and across the whole customer journey.
This process helps you understand customer behavior, trends, and market shifts, so you can make data-driven decisions to increase sales.
Discovery
This stage includes metrics like search, reach, impressions, and engagement.
Acquisition
This is where you measure the number of visitors and the cost of acquisition.
Conversion
This includes metrics like conversion rates, cart abandonment, and average order value.
Retention
This is where you track things like customer lifetime value, average purchase value, and churn rate.
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Consider measuring and reporting on how ecommerce is performing as a distribution channel to be a top challenge.
Most ecommerce companies struggle with similar challenges. The three most common are a lack of relevant skills and experience, difficulties defining data models and setting up proper tracking, and data overwhelm, not knowing what data to collect and how to interpret it. Let’s have a closer look at these three areas – and how Vaimo can help:
Ecommerce analytics is an area of expertise that is constantly changing and evolving. If you’re a generalist marketer or simply have a lot of different marketing objectives on your plate, staying up-to-date and at the forefront is almost impossible.
We’re experts in ecommerce analytics and can support you with cutting-edge skills and 12+ years of experience. We’ll be able to help you both with strategic planning and hands-on execution.
Not knowing what to track or how to track it is one of the most common challenges for ecommerce businesses. And even if you do know, you may not have the time or bandwidth that it takes to define your data models and set up the proper processes for tracking, reporting, and analyzing.
At Vaimo we’re specialists in all things related to ecommerce analytics. Whether you want initial support to eventually learn how to handle tracking and analytics yourself, or you prefer a full-on done-for-you approach, we’re happy to help.
Businesses have never had access to more data, but the sheer amount itself presents a challenge. Many companies end up not seeing the forest for all the trees, and struggle to understand what data points actually matter, and what is just adding unnecessary noise.
Gathering, cleaning, management, processing, interpreting, and reporting on ecommerce data requires in-depth knowledge and solid processes. To get the most out of your data, you need a unified and integrated approach. This will give you a complete overview of how your business is currently doing, and where there is room for improvement and growth potential.
We help our customers collect and leverage the right data, and establish the ways of working that are required for a sustainable ecommerce business.
There are many ways to leverage AI in ecommerce analytics. Artificial intelligence can be used to improve website personalization, build intelligent recommendation systems, and create more efficient search functionalities on ecommerce websites. Other use cases include image recognition, automated image tagging, and Auto-generated product descriptions. Artificial Intelligence can also be used to significantly improve the efficiency of testing programs, for example, in conversion rate optimization programs.
The transformation of raw data into actionable insight requires integration and analysis of data from all the data sources in your business to avoid blind spots and enable you to make the best business decisions. Vaimo has deep knowledge of all the different ecommerce platforms and tools on the market. We can help you optimize your current tech stack, and analyze any gaps that need to be filled for you to be able to collect data across all sources and work efficiently.
Omnichannel analytics means using data from all your different channels and data sources with the purpose of optimizing your omnichannel customer experience. Omnichannel analytics require a transparent tech approach and a transparent analytics environment. When done well, it will empower your team to work more strategically with merchandising, targeting, and campaigns.
By implementing the latest analytics technology, you will not only be able to understand what has happened up until now and how your business is currently doing. The more data you gather, and the better you get at understanding it, the more you will also be able to make accurate predictions. Predictive analytics allows you to understand better what your customers are looking for when they come to your site so that you can show it to them as fast as possible.
By merging and combining data from different sources, tools, and platforms, business intelligence will provide you with high-level overviews of all your data – in one place. This enables you to track and understand your numbers in real-time, spot trends early and make more accurate forecasts ahead for the future. These are all crucial capabilities for gaining a competitive edge. Business Intelligence provides you with real-time data at your fingertips in the format that you prefer. Implementing a BI platform will turn tracking and pursuing your KPIs a joy rather than a tedious chore.
Business Intelligence will enable you to track, report, and visualize all aspects of your business:
This type of analysis allows you to assess how your growth affects customer behavior, from conversion rate optimization to customer loyalty.
Tracking, analyzing, and minimizing your churn is a vital step in building a sustainable ecommerce business. Churn analysis will enable you to be proactive in reducing churn and lowering your churn rate by acting on customer feedback and behavioral analytics.
By monitoring things like stock levels, cash flow, and sales velocity, you’ll be able to increase the efficiency within your organization. BI empowers you to improve your organizational efficiency and improve your overall productivity.
The insights from your BI system allow you to improve personalization and create highly targeted email lists based on attributes such as historical purchase behavior and customer lifetime value.
A BI system will help you calculate your revenue consistently and with precision across the board. It becomes a single source of truth that makes sure all stakeholders have access to the same and the relevant revenue metrics at all times.
Your Business Intelligence platform will enable you to pinpoint profitable campaigns and channels by calculating the ROI on each of them, based on metrics like customer acquisition cost and customer lifetime value.
Related reading: The Power of BI and Analtyics
A deep understanding of all the different aspects of analytics and data management, combined with industry benchmarks and tried-and-tested playbooks for growth, makes Vaimo’s analytics offer unique in the market.
Properly administering analytics, while taking an integrated approach to your data is critical to reaching the highest ROI possible for your eCommerce business. At Vaimo, we specialize in helping companies improve their data management and analytics capabilities, improve the customer experience, and drive sales.
Our unique frameworks allow us to tackle both large, transformative strategic initiatives and specific, hands-on tasks. We work closely with you to guide and support you on your growth journey and help you measure and understand how your business is doing – and how you can grow it.
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