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Data-Driven product development
Customers have more options and control than ever before. The number of choices leads to high expectations, and companies will need to dramatically improve their capabilities to keep up with the accelerating expectations of consumers. Having evidence of consumers’ likes and dislikes and capitalising on that knowledge in the product development process is the key to creating a product that customers will love.
Good inventory management
The continuity of your online store depends on how good your ecommerce inventory management is. Knowing where your products are and when is the right time to reorder will save you a lot of headaches around order fulfillment. Besides this, e-commerce analytics can help you forecast and plan inventory for the upcoming period.
Cross-sell and up-sell to existing customers
Companies often underestimate the power of cross-selling and up-selling to customers. As reported by Forbes, it can cost five times more to attract a new customer than it does to retain an existing one. On top of that, 65% of a company’s business comes from existing customers, so using e-commerce data for a retargeting strategy can be a gold mine.
Gather user behaviour data
You must stay on top of rapidly changing consumer preferences and expectations. The best way to do so is by gathering user behaviour data and understand their demands, expectations, and pain points. If you want to stay relevant, you have to adopt a consumer-first mentality.
Personalised shopping experience (product recommendations)
In e-commerce, one size fits none. Epsilon research shows that 80% of consumers are more likely to make a purchase when brands offer a personalized experience, and 90% indicate that they find personalisation appealing. In this new world, personalisation is far more than simply tailoring assortments. Using e-commerce analytics, you will be able to predict the needs of individual consumers and make relevant product recommendations.
Optimised product portfolio
In every product portfolio there are “zeros” and “heroes”—and that’s fine. Ignoring that fact is what’s not okay. That’s why e-commerce analytics is far more than just numbers. Use the data to analyse what are your bestsellers, and what are the products that don’t sell. You can always dig deeper and find out the reason why some products stay forever on your virtual shelf and take advantage of the insights you gather to optimise your product portfolio.