Step One Ahead of The Customer with eCommerce Analytics

NURAY GOKMEN KAHVECI | DIGITAL MARKETING MANAGER

eCommerce companies do not struggle with collecting data; instead that is exactly the problem! Lack of drawing insights and real-time actions from the data is the main trouble. How eCommerce businesses can use the data to their advantage?

According to Forbes.com, “Retailers who leverage the full power of big data could increase their operating margins by as much as 60%.”

There is a huge volume of data that businesses use to improve their customer experience. Here are the business needs that will shape the future of e-commerce:

  • Staying one step ahead of the customer
  • Analyze customer shopping behavior
  • Get valuable real-time insights
  • Predict what customer is looking for
  • Personalize customer experience
  • Identify next best product and/or price for customer

eCommerce companies will generate more leads and boost the marketing strategies utilizing the benefits gained by analysis in real-time and predictive analytics capabilities such as improved conversion rates, personalized customer experience and determination of buying patterns.

eCommerce analytics give you insight into your customer behaviours on your website –visited pages, time spent from site search to purchase, abandonment rates, cart to payment rates, bounce rates, etc. Knowing the customer journey, helps you convert your visitors to customers.

In addition to understanding customer behaviours, eCommerce analytics can help you analyze data from different sources – such as web analytics, social media, email marketing- and allows you to combine data streams to better understand customer expectations. This will let you increase relevancy and engagement; make adjustments to your products and processes that align better with customer wants and needs. It will also allow you to see customer buying patterns, predict purchases over time; make better marketing campaigns; plan the stock and inventory.

Big data and big data analytics in e-commerce are really helping to shape the retail landscape and help businesses and their sales and marketing teams understand how to plan their short-term and long-term strategies.

eCommerce Analytics on Streaming Data

eCommerce is a business managed real-time, Obase eCommerce Analytics solution is developed on streaming data with predictive analytics capabilities, employing big data principles and tools, marrying with MicroStrategy. Check out our eCommerce Analytics solution for more details.

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Data-Driven Culture for CEOs

data driven insights
Data-Driven Culture for CEOs
NURAY GOKMEN KAHVECI | DIGITAL MARKETING MANAGER

Most companies focus on data, but fall short of being insights driven. CEOs around the world recognize the competitive advantage of technological advancement can present to their companies. Many CEOs expect to put significant investment into emerging technologies to transform their businesses and engage customers.

According to the 2017 Global CEO Outlook:

  • 48% expect major disruption in their sector from technological innovation within the next 3 years
  • 38% are planning to invest in data analytic tools over the next 3 years
  • 35% will put significant investment into their digital infrastructures
  • 59% expect their investments will help transform the business and operating models.

Lack of Real-Time Management

Continuously optimizing action is a big gap for all. Only 13% of CEOs reported that they have an ability to monitor and iterate on production models which is essential for continually executing insights in real time. 89% of the companies have limited ability for real-time insight to execution.

Talent is more of an issue when executive support is lacking. 64% of Leaders strongly agreed that their executive team takes an insights-driven approach to decision making. Unless the management understand, it does not make any sense trying to prove with analytics.

 

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