The increase of online shopping has allowed eCommerce to become one of the fastest growing industries nowadays. And since more and more buyers are online, the challenge for online retailers is to make sure that they are delivering the expected products, experience and services.
However to face that challenge effectively, it became primal to fuse Business Intelligence with eCommerce, because it would enable retailers to have clear idea about the whole ecosystem of the industry, from the market & customers to the products & categories, arriving to marketing and so on.
The BI analysis is a game-changer for eCommerce, it allowed online retailers to:
- Understand customers’ behavior
- Optimize the online shopping experience
- Make data-based decisions
- Predict future trends
Follow me in this quick blog, where I will share with you why every online store should have a BI tool, with an example of a Business Intelligence platform for eCommerce and we take a look at how it works.
Why Business Intelligence:
eCommerce site owners do not suffer from a lack of data or analytics. The bigger challenge for them is deciding which metrics to focus on in order to improve their performance and decisions. Data nowadays comes in oodles, whether it is related to sales, marketing, customers…etc.
All of this data makes the process of collecting, studying and analyzing it almost impossible. Because it is too much, comes from different sources and you don’t know which ones are urgent or which ones you should pay more attention to. In brief, your dashboard will be a warzone.
The eCommerce BI platform:
Conversific is a Business Intelligence platform that help eCommerce site owners to unlock hidden revenue in their data and boost their store’s performance by delivering actionable business insights.
It provides BI solutions such as:
- Displaying eCommerce based data in one business dashboard
- Converting the collected information from big data to comprehensive data
- Delivering smart insights about products, categories, marketing channels and customers.
There are several platforms that make it easy to capture data and analytics about the eCommerce site. But the thing about Conversific, it gives you actionable information about how you can use this data and turn it optimization, by the end revenue.
How it works?
To put simple, Conversific collects all eCommerce important data and KPIs, store it, analyze it and deliver it as actionable eCommerce insights and tips, so online retailers can optimize their webstores accordingly.
The insights on Conversific dashboard covers the 4 success factors of growth:
- Product optimization: to find out which products are the best in your store and which need improvements.
- Category optimization: to learn about which category performs better than the others.
- Marketing optimization: to identify which marketing channel brings the best conversion rate or which keyword needs to be used in your campaigns.
- Customer optimization: in order to discover who are the best customers in your store and get to know their loyalty level, and to identify those who didn’t buy from you again recently.
After the installation, you just need to enable Google Analytics and Google Search Console Connection. Immediately after you’ve signed in, you’ll see a comprehensive view of your reports and dashboards.
Business intelligence enable rapid and informed decision across your eCommerce store with real-time based data and analytics, this would decrease your risks and makes your decisions well studied and actionable. The deeper data you get, you more you have to dig into it to unlock more revenue, trust me, behind data there is fortunes, and it’s all yours. All you have to do is to go after it, it would drill down the expenses generated by the guess-work, and align the information to establish effective and sustainable business process.
About the Author:
Szilard Vajda is an eCommerce Web Analytics specialist and the founder of Conversific. Formerly he was the COO at a company that specialized in building eCommerce sites and providing SEO for online stores. Thanks to that experience, he gained first-hand knowledge optimizing eCommerce stores’ performance to increase sales.
His main goal is to help eCommerce store owners take their business to the next level. Therefore he decided to create the number 1 business intelligence software for eCommerce store owners, which is not just a simple reporting software, but like a web analyst that can give actionable advice on what you can do with your data to grow your business.