E-commerce Insights: Learn from the Past to Boost Your Future Sales
3 min. read time
Being an e-commerce owner you would definitely like to make the most of this holiday season and for that we suggest you learn as many lessons as you can from the past. Then utilize the cutting edge analytics tools to understand your customer’s decision journey and predict future sales; personalize customer experiences to lock their loyalty to your brand. Let us delve a bit deeper to know in detail:
Review previous year’s data to get actionable insights
To find out which of your products performed the best in previous year, just check your sales from 2016. Especially you should focus on those three types of products which have –
- Generated the highest revenue for your e-store: You can expect this product or similar ones to be your best-seller again provided rest of the factors remain same.
- Sold more units albeit with small profit margins: Low-margin items can be more profitable when sold the most units than high-margin items that sell lesser.
- Generated the highest traffic yet couldn’t reach expected sales: For this item you need to do some introspection for your business to figure out what went wrong. Also analyze your direct competitors and leading players like Amazon. Was it due to competitor’s pricing or Amazon’s shipping strategy? Only research can tell.
Focus on understanding customer decision journey
Today’s channel-zapping consumer likes to utilize an array of devices, tools and technologies to complete a task, including shopping. It is critical for you to understand that decision journey to craft strategies for either winning new customers or gaining loyalty of existing ones. For that you can use McKinsey’s consumer decision journey loop model to identify how your e-store visitors arrive at the moment of purchase and discover what makes them buy. You have to get analytics integrated in your e-commerce website to study your site visitors’ behaviour. Talk with our E-commerce development experts for incorporating analytics tool in your e-commerce website so that you can get valuable insights from them. By behaviour analysis you can also learn why customers abandon shopping carts before completing check-out and then improve those aspects which are leading to cart abandonment.
Use analytics to become proactive and improve sales
Use predictive analytics tool to gather information on past browsing or buying behaviour of your customer to predict future events. Based on the data you can prepare a list of potential prospects and get innovative for creating messages and suggesting products that are relevant to them. You can give away loyalty points to repeat customers and encourage them to join loyal customer base. Also consider developing an e-commerce mobile app to offer your customers a one-click purchase and give them a friction-less buying experience. Apps also enable you to send personalized messages that are contextual and relevant. Being adept at providing Mobile App Development Services we have helped our clients to leverage e-commerce mobile apps for brand endorsement and better serve their customers by providing seamless and intuitive experience.
By combining lessons from the past with rich actionable insights derived from analytics tools you will surely be able to make a positive impact on your business’ bottom line, this festive season and beyond. Remember to keep your business aligned to your customers by maintaining consistency in terms of promotion in those social media channels which your customers actively use. For more information and e-commerce insights contact us; we are an Ecommerce Development Service Provider enabling e-commerce businesses to realize their dreams for more than a decade.