Benefits of Data Analytics in Ecommerce
With the increase in internet penetration across the world, and with the increased affordability of mobile devices, the eCommerce industry has boomed in the last decade. eCommerce companies are mushrooming every day in every possible niche in all countries, most popular ones being Magento, Woocommerce, Shopify, and BigCommerce. eCommerce can be Online Retail, Travel & Tourism, Fintech, SaaS products, etc.
The typical buying journey of a customer nowadays is no longer linear – they will switch between websites, compare the similar products, search Google for promo codes, drift to trusted online sources for reviews, before returning to your website and finally making a purchase may be through a completely different device. Capturing and analysing all these customer interactions is a challenging task for the best team of human analysts. In this article we will walk through various problems faced in an eCommerce set up and an easy solution to all the hassles.
Various Channels involved in a typical Ecommerce setup
Common Problems Faced by Most Ecommerce Businesses
With the above scenario, data is split across multiple systems and each department runs its analytics. Due to lack of data consolidation, each team reports the same numbers from different tools.
The need for Business Intelligence tools for every Ecommerce company
To keep an eCommerce business up and running and be at your competitive best, you need to typically use a business intelligence tool, which is a software that can automatically source in data from your various channels and optimize it and give you valuable insights which is easily understandable and which would enable you to optimize every step of all the various channels at play. An advanced intelligent algorithm can gauge and monitor all the online behaviours like products viewed, clicks, past purchases, modern analytic tools can compile comprehensive data-rich user profiles of different audience segments. This can significantly improve your business bottom line.
How Halo Solves the Common Problem of Ecommerce:
Halo with its intuitive user interface, automated data extracts, a world-class modelling engine, scheduled reports, notification delivery, and a robust visualization layer offers e-commerce businesses a turn-key solution that addresses most of your business needs.
Key Benefits of Halo can be listed as:
- Out of the box solutions to all the above problems
- 1 day go live time for standard applications.
- Machine Learning ready datasets for Anomaly detection, sales forecasting and customer analytics.
- Self Serve capability & can answer any question for which data is being collected.
Advanced Analytics in the Present Ecommerce Scenario
Thousands of products are sold every minute that are bought by millions of customers every day. The increase in competition has led to companies resorting to different forms of marketing, customer support, logistics, etc. The sheer amount of data and the complexity involved in the process and the amount of competition in the market have pushed companies to think out of the box and resort to various degrees of automation & optimization using sophisticated software. This has created a huge scope of data analytics within every step of this process because companies need to make sense of all this data generated at each step through all the various platforms and channels involved. The niche and the scale may change but the fundamentals of eCommerce analytics remain the same. The challenges remain universal.