Online Businesses rely heavily on marketing and sales campaigns to attract new customers and enhance their market size. As marketing and sales campaigns come with a hefty cost, it becomes crucial to analyze their performance and know how many positive results they are providing us against our spending. Also, if you are seeking to grow your market to a new region, analytics can help in figuring out the possibilities your business can achieve and help you to allocate resources accordingly.
You must have heard this quote many times – ‘A happy customer is a repeat customer. Going per the stats from Business.com, 72% of positive customers bring more than six customers to a business. Apart from attracting new customers, businesses also pay a lot of attention to retaining their old customers. eCommerce Analytics helps in tracking down the service quality, delivery time of products, logistics, and other essential aspects that help in understanding customer service and defining more scope for improvement.
Product pricing is an essential factor that plays important role in getting more customers your way. Businesses can discover the best competitive pricing as per the industry and trends and earn optimal revenue through eCommerce analytics tools. For example – Increasing the prices of woolen clothes during the time of winter to maximize their size of profits.
Through analytics tools for ecommerce, it becomes an easy task for businesses to make and revolve strategies around their target audience. eCommerce data can assist business owners in understanding the customer purchasing journey and changing their strategies. Analytics allows reports such as age groups, interests, regions, and other crucial metrics that help in creating a more personalized experience.
Business owners cannot ignore the importance of stock management which is directly proportionate to their growth and also a big challenge. While excessive stock is related to loss of profits and leaking money, understock indicates unhappy customers and loss of sales. Through analytics reports, businesses get real-time data and updated information on their stocks and manage operations accurately. With this, businesses will never see themselves in a situation where their stocks are piled up or getting out of stock at any time.
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