e-commerce analytics

E-commerce Analytics: How to Leverage Data to Drive Sales

The popularity of eCommerce has grown rapidly and it is projected to continue so, owing to the technological innovations and evolution of consumer demand. The number of people using eCommerce services has reached 2.14 billion by the end of 2021 and it is expected to double in the next 2 years. No matter how you approach it, any strategy intended to boost eCommerce sales has to be rooted in data analytic solutions. Read on to understand how E-commerce Analytics can augment your business’s prospects and drive more sales. 
 
Understanding the Audience 
The right place to begin your E-commerce Analytics efforts is to understand the target audience and lead them to your online portal effectively. With data analytics solutions, you can gather information pertaining to your audience like gender, age, location, behavior, interests, etc to develop user personas and customize the messages and channels to reach them in a way that ensures maximum conversion. 

For instance, you can analyze keyword rankings and search volume to design an ad spending strategy.

Acquisition 
Leveraging data on the acquisition of customers is an Ecommerce Analytics tactic that can foster your business forward. Performing the right data analytics solutions on your acquisition data will reveal insights about how the visitors found your business online and what prompted them to visit the site. This information will help you identify the marketing channels that are working for you and the channels that create more conversions or sales and allocate your resources and efforts accordingly.

Customer Behavior 
Another area where you can unleash the power of data analytics solutions is behavior data. Each and every action of your website visitor can be analyzed and crucial insights can be drawn to optimize your eCommerce site. 

  • Do the visitors leave immediately after they land on your site?
  • What page or product gets more clicks?
  • Which products make it to the cart?
  • Which product brings customers to the site but does not convert?  

Such behavioral questions can call out the glitches and stumbling blocks that prevent the visitors from making the purchase. An example of the perfect use of Ecommerce Analytics and behavior data is Budapester, a popular German luxury fashion retail brand. Even though the company’s eCommerce site was attracting hundreds of thousand visitors every month, it could not convert these clicks efficiently. The company optimized its website with the help of Ecommerce Analytics; they highlighted the popular products, policies, offers, discounts, and free shipping on their eCommerce site. Within a year, the overall conversion rate of Budapester was increased by 12.5% 
 
Paid Marketing 
Paid marketing is another key area where E-commerce Analytics and data-driven decisions can make an impact. You can ascertain the return on investment and cost of customer acquisition precisely and optimize your spending for paid marketing campaigns.

Follow this link to know more about the strategies of E-commerce Analytics and its importance.

To lead your eCommerce business to success, evidently, data should be the heart of your business strategy. Ecommerce Analytics is not an option but an absolute necessity as it thrives on data. If you are looking for the right data analytics partner to leverage your business’ data and optimize your business across the board, get in touch with the experts at Site Lantern. Visit our website and find the data analytics solution that you have been looking for.

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