Data is fueling the retail market these days, adding new dimensions to anticipate and understand customer needs. To maintain a steady volume of traffic, your eCommerce business should create customer experiences that fall beyond the physical boundaries. It is possible by using retail business intelligence which comes as an aid to all eCommerce sales queries and issues.
What is Retail Business intelligence?
The main usage of retail business intelligence is to collect data about your customers and analyze them. It also gathers information regarding your sales and marketing processes and other retail market-related data and presents them in the form of reports and dashboards and therefore, minimizing your manual efforts.
Retail Business Intelligence Solutions for your eCommerce business
Business intelligence can help you make well-informed business decisions with data derived from your customer, competitor and market research. Here are some of the eCommerce business intelligence solutions for you to focus in order to improve your performance.
- Advanced customer segmentation based on the customer’s purchase and interest.
- Personalized customer journeys and implement targeted discounts, tailored product promotions, et cetera.
- Latest trends in the market to get an upper hand over highly sought-after products, and adjust the pricing accordingly.
- Customer churn and customer life cycle to reveal enhancing marketing campaigns and improvement opportunities.
Ecommerce business intelligence to Identify Profitable Customers and Increase Sales
Data intelligence services play a vital role in analyzing your customer behavior and helping you in seeking highly profitable prospects. It can help you get insights into their buying behavior and help convert them into profitable ones, if possible. Apart from earning prospects, it becomes a priority to retain your customers to improve your sales in eCommerce. eCommerce business intelligence helps identify the reason your customers leave, And provides the needed insights to understand customer needs, keep them satisfied and retain them.
How does an eCommerce business intelligence work?
While working with online retailers, data intelligence services usually allow the following:
Data quality management
Data quality management must be given the highest priority to achieve the highest quality of analytics insights. Every eCommerce firm will have to develop its tailored approach to data quality management. And, this is possible using an eCommerce business intelligence to operate in different working environments and pursue meeting its unique needs.
For starters, usually, your data is gathered from all necessary data sources like CRM, social networks, eCommerce solutions, marketing tools, et cetera into your central repository to be mined for further actionable insights.
Customer segmentation and advanced analytics to instill deeper insights
The algorithms of an eCommerce Business intelligence usually allows segmentation of customers based on various factors like psychographic, demographic and behavioristic. It can be further enriched by a collection of data from external sources like social media, demographical data, et cetera.
AI-driven data intelligence services will be able to start recommendation engines to customize web page content, simplify check-out flow, reinforce purchase and more.
The techniques in eCommerce business intelligence?
1) Data Visualization:
After sorting the data as a set of matrices or numbers, it is precise but difficult to interpret. While looking at a vast number of data in a number of dimensions, it becomes difficult to handle them. Hence, having a visualization of data helps in interpreting and understanding it better. This will in turn help boost sales, customer retention, revenue, conversion of new customers, et cetera.
Designing, scheduling and generation of the sales, performance, reconciliation and savings report is a region where eCommerce BI tools help business users. Reports output produced by data intelligence services efficiently represent information to offer support to the planning, decision making and management process. Once the report is developed, it can be automatically sent to a distribution list in the form of frequent reports.
3) Data mining:
Data mining is a method to reveal unnoticed or unknown relations between data entities. Data mining is used in multiple ways like,
- Shopping basket analysis
- Fraud detection based on historical and behavioral data
- Measurement of products consumers buy in combo to promote other products
- Client risk assessment
- Analysis of compilation
4) Statistical analysis:
Statistical analysis uses the foundations of mathematics to qualify the reliability and significance of the observed relations. Among these, the most interesting features are confidence intervals, distribution analysis (for, e.g., changes in user behavior), et cetera. The usage of statistical analysis of data is for devising the data resulting from data mining.
Factors to Consider While Using Retail Business Intelligence
While analyzing the eCommerce market sales using retail business intelligence, one needs to
- Establish clear objectives to their business intelligence use case
- Implement and execute a tedious change management process
- Choose a solution designed specifically for an eCommerce retail environment
- Look out for a vendor who can provide technical and strategic support throughout your life cycle
Evaluating the emerging needs and formulating strategies using the BI techniques help understand the market trends and boost your ecommerce sales.
Vserve offers a wide range of business intelligence solutions that allows you to drill down to the depth of every data point related to your business. It helps gain a clear picture of what is going on in the competitive market and your customer minds.
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