27 May 2020

E-commerce and Data Analytics: What are the benefits?

The current pandemic has sparked online shopping, changed consumption habits and forced new business management models. This new scenario made it mandatory for organizations to review their digital strategies and respond effectively to a more digital and informed consumer, and conscious of their purchases.

Data Analytics solutions are a powerful tool for analysing all available data, from the shopping cart to traffic or the abandonment rate. The digital footprint, which we all leave behind, is an essential source of information, which offers countless data that, properly analysed, become meaningful insights for the business.

Did you know that, in e-commerce, the sectors with the highest growth compared to the period before the pandemic were entertainment, culture and subscriptions (57% more), catering, food delivery and take-away (53% more), and retail (44%more), according to data from SIBS? Also, according to the Statista website, retail platforms had a 6% increase in global traffic between January and March of this year and, in general, retail sites generated 14.34 billion visits in March 2020, compared to 12.81 billion visits in January 2020.

Undoubtedly, the era of electronic commerce was already growing, and a situation caused by the COVID-19 started to accelerate this whole process on the part of customers and organizations.

The organizations that best position its digital strategy will be those that will differentiate in the future

Presently, consumers want to buy anywhere, anytime and in a convenient, simple and safe way. This brings new challenges not only to organizations which have to be quick in responding but also immense opportunities to position and differentiate themselves in the market through a more integrated, personalized and intuitive service.

By knowing what the customer wants, how and when he wants, it is possible to develop your marketing strategy according to his habits, trends and tastes. At the same time, through the history of researches and purchases made, it is possible to know the customer’s behaviour and generate accurate recommendations, which translates into more personalised, efficient and profitable campaigns.

Data Analytics solutions allow, through accurate, reliable and real-time data to make the best decisions for the business, which will lead to an increase in sales and brand awareness.

With simple and quick Data Visualizations to consult, you can get the metrics that will make you understand your business, your customer and the market in which you operate. The behaviour and actions of your customers during the journey on the website, clicks and conversions, or the best-selling articles and recommendations are some of the insights you can gain that allow you to make decisions based on facts and adapt your strategy to your business reality.

Simultaneously, Data Analytics also gives you the possibility to identify the customers who are most likely to switch to the competition, so you can, in advance, trigger actions to try to keep them with you.

“Gaining a new customer costs 5 to 7 times more than maintaining a current one” – Philip Kotler

Nowadays, the customer wants to feel unique and special, and values online stores, where they can have a pleasant shopping experience and that quickly satisfies their needs and preferences, transmit security in purchases and payment and have support 24/7 via, for instance, chatbots.

By identifying patterns, it is possible to adjust your strategy, predict future behaviours, create targeted offers, recommend products and determine what price the customer is willing to pay for a particular product or service, avoiding run massive discount campaigns.

With an assertive strategy based on real and accurate data, you can conquer new customers, retain existing ones, deliver a unique and differentiated offer and, consequently, increase sales.

Keeping your customers loyal, does not only make customers buy again but also recommend and influence others, that is, become true brand ambassadors.

If e-commerce was already a trend of the future, the current situation that we are experiencing has accelerated its adoption. Buying behaviour has changed, and the organizations that best position their digital strategy will be the ones that will differentiate in the future. Are you ready for the new digital consumer?