You started your eCommerce venture with a vision to establish a distinguished brand in the market. Right from the outset, you pledge to provide best products and services to the customers.
Over a period of time, after initial positive outcomes, you plan to take your business to the next level. For that,
- You aboard the best resources in your arsenal
- Raise relevant IT infrastructure
- Assign managerial roles
- Launch products in the market
But unfortunately, you don’t share healthy relationship with the heterogeneous data obtained from the business so far. You only work on the make-over of your organizational structure, but fail to change relationship with data.
As a result,
After a period of time, all you have is a debris of unstructured data manufactured from the early success of your business.
Underneath the high fortunes you spent on your business, you have piles of data killing hopes of a successful business.
And in the long-run, data silos rob intelligence from your eCommerce store and leave you high and dry in the surging market.
Why I am emphasizing your relationship with your business data is because data heroes throughout the History have used data to accomplish incredible things and business intelligence is an important concept for modern businesses.
- Einstein used data to understand the universe
- Florence Nightingale used data to advance the human condition
- Galileo used data to overturn the status quo
I am trying to highlight the value of evidence-based decision making in the era of information. And this can be achieved through business intelligence.
Business intelligence is putting your raw business data into action for better business outcomes. The data captured from various sources is utilized to analyze market opportunities and business strengths, weaknesses. There are numerous methods, tools and technology solutions that help you to gather critical insights for shaping future business strategies.
Here is what you need to do with data using business intelligence
Business intelligence plots the success of your business in the long run. If your eCommerce business is nurtured with intelligence, you may emerge as a major contributor to the trillion $ industry.
Data belongs to you and it’s time to tap into your best competitive advantage.
Here’s what business intelligence is capable of doing for your eCommerce store.
Sales and profitability analysis
BI solutions enable you to analyze product sales to uncover trends and product demands, and accordingly formulate sales strategy. It impacts responsibilities of every stakeholder that include executives, managers and external suppliers for making sense of the data obtained by identifying trends and business opportunity areas. Also, BI readies your eCommerce store to efficiently serve customers during festive season.
Store operational analysis
BI tools provide precise information on store operations for maximizing profitability and fact-based decision-making. Consolidating data using business intelligence enable you to monitor your store performance across different geographical boundaries, and on that basis accelerate marketing and make promotional investments.
Understanding customer behavior is pivotal to sustenance in the ever-intensifying competition landscape. BI tools provide in-depth customer analysis to identify customers’ purchasing habits, plan marketing campaigns, win customers’ loyalty, retain customers and perform customer segmentation.
With the help of BI tools, you can showcase right product at the right time. Depending upon the insights obtained from customer analysis, you can evaluate products’ performance, and accordingly accelerate promotion in fruitful areas (individual items, categories, geography, etc.)
In addition, you can also improve merchandising logistics, minimizing stock-out scenarios and streamline inventory.
Marketing dynamics fluctuate demands making it difficult for you to maintain optimum inventory levels. BI tools help you to avoid product stock outs due to unexpected circumstances. By using BI tools, you can rapidly determine where and which products are in-demand. It also helps formulating strategies for on-product discounts and promotions.
BI tools can also optimize inventory levels, replenish stocks and track inventory movement.
Most importantly, BI tools empower you to monitor sales lost due to insufficient inventory level of the products on the online store and ready inventory for future demands.
BI tools enable you to understand behavior and best target your marketing efforts. By analyzing customers’ points of interaction with your online store, you can promote special offers and recommendations to the target audience.
You can access reports, scorecards and analyze data to determine strategic opportunities for promotions and new sales channels.
BI tools also help you to gauge the outcomes of deployed strategies across the internet. This helps you strengthen consumer interactions, manage promotions, enable customer intimacy and maximize ROI.
In the end,
To outperform competitors, build a loyal customer base and generate higher ROI you need to,
- Consolidate business data obtained from various sources
- Break the communication barriers between you and your business data
- Transform unstructured data – likes, tweets, clicks, videos, etc. into structured data
- Act on the obtained data by getting answers to all your business queries
- Build strategies with data
Everything boils down to metrics. The likes of Amazon, eBay, and other eCommerce giants are thriving on the competitive front by cleverly using business intelligence solutions from leading BI solutions providers to measure their business outcomes on a regular basis.
So, before data robs your dreams of enjoying significant share from the huge pie of eCommerce business, collect smart data using business intelligence solutions, and use them for taking huge leaps in the eCommerce market.