The e-commerce market plays a key role in every sector, all around the world. According to the latest reports by UNCTAD, the global e-commerce market is worth around $22.1 trillion. China is the world’s largest B2B e-commerce market, both in sales as well as online shoppers. China is followed by the US and Japan at second and third places respectively. Also, there has been a 34 percent boost in the e-commerce industry in India and has touched $16.4 billion as of 2014. This boom in the Indian e-commerce market says that the market has touched a growth of approximately $2.3 billion from $600 million from just two years back. You may be running an online store for months or for years. It doesn’t matter. You still need conversions to keep your business chugging.
Mega online e-commerce stores
E-commerce brought about a new way to do business in the mid-90s to the 2000s, with the advent of the Internet. With so many integrated payment gateways, the speed of availability of gadgets today, buying of products online as well as any transactions that take place have become much quicker and easier. For example, Amazon, which started as an online book store, now offers a range of other products and services including video games, home need products, and electronics among others. Besides Amazon, there are many other such e-commerce websites that have grown to new heights. These sites have leveraged BI tools to convert millions of raw data into actionable insights. Most e-commerce website developers in India have increased their revenues using this method.
Big Data
Today, many e-commerce companies are turning toward big data. Big Data Analytics focuses on target customers, evaluates campaigns and maintains a competitive advantage, especially during the festive seasons, when there tend to be many sales. For example, based on the historical analysis of big data, electronics, gadgets, automobiles and clothing have the highest sales during the festive seasons. Thus, by conducting a thorough analysis, the inventory can be restocked before the festive season, thereby enabling the store to provide optimum discounts and helping boost revenue.
ECommerce Tracking
Most visitors won’t be able to keep track of which of the products are selling well on the store and which aren’t. Data analytics can help you out here. With the help of data analytics, you can adjust your promotions accordingly. You will be able to track any transactional data as well, including the average transactional spending or even the number of products bought, using advanced analytics. Most of the best e-commerce developers in India use advanced data analytics to predict the buying behavior and trends of their customers. This approach does offer a great deal of information that can help you in optimizing your online store.
Analyzing Key Metrics
Using analytics, it becomes easier to analyze as well as optimize the conversion rates for your store, the average order value as well as the revenue generated by each visitor. Thus, analytics helps the store manager track all of these key metrics and more and measure all KPIs related to the performance of your retail business in one go. Analytics also helps marketers identify those products which have the most sales.
The role of analytics in e-commerce
One of the main purposes of an e-commerce business is to connect suppliers with potential buyers. With the help of analytics, the supplier will be able to compare efficiency as well as the pricing of the products, and will also be able to manage the pricing effectively using predictive analysis of historical data. Furthermore, the use of business data analytics helps track any issues related to the duplication of products, which tend to cause a loss of trust. One of the other uses of analytics is that it helps their brands compete in the markets by assisting in customizing customer buying experiences. In order to understand customer satisfaction as well as to forecast any sales for products, analytics is crucial.
Evaluating Marketing Success
Marketing can have a profound impact on your store. So, analytics helps you track and evaluate the different marketing strategies for your business. This will help you analyze what strategies are working and what strategies need improvement. This way you can make the most of your time and efforts spent on marketing your products, not to mention that it can save you on costs as well. The best e-commerce website developers Bangalore always use data analytics to evaluate their marketing success.
Retail business data analytics is one of the most popular tools to see how your products, as well as product lists, are performing. With the help of analytics, it’s easier to keep track of product details, understand how your products are arranged on your website, and thus, help in improving product sales performance. Thus, the best e-commerce and website design company need business data analytics to boost sales performance. In order to further ease the process of analytics, some companies have even adopted the method of voice analytics.