eCommerce Analytics is turning out to be the most crucial tool for capturing the key metrics that guide in driving the eCommerce store in the right direction. The application of analytics helps in comprehending the customer journey – thus understanding the churn rate, bounce rate, conversion ratio at a granular level. Real-time eCommerce Analytics provide an advanced mechanism to guide the business – thus targeting the North-Star metrics in a dignified manner.
How does the Real-time eCommerce Analytics guide the business to achieving their sales target? Well, here is an interesting stat that will give you a clearer picture –
Online shopping aims to topple north of $200 Bn in the next 5 years. It gives an ample room for the ecommerce analytics to gain traction – thus more than 60% of the shoppers prefer digital channels of shopping.
So, does this ensure a wider scope for the eCommerce Analytics? The impact of Real Time Consumer Analytics will drive the business to capitalize the booming eCommerce market – that is targeting to cross $6 Tn by 2024.
eCommerce Analytics: Understanding the impact of real-time consumer analytics
Let us find out the impact of real-time consumer analytics
Uncovering the real-time operations of eCommerce website:
It is crucial to understand the real-time operations of the webstore – and having the analytics will help you measure and proceed in this direction. With the real-time data, the operational excellence can be achieved.
Rectification of any problem in the live site:
If the webstore is not functioning properly, the real-time data become quite handy. Based on the user behavior, the real time analytical resolution can be achieved.
Personalizing the web-browsing experience:
Leveraging the web analytics, the consumer information regarding the age, gender, IP address can be retrieved – based on which the customer behavior can be tracked. Based on the consumer data, the consumer experience can be personalized – thus improving the user interaction, in-turn improving the purchase rate or conversion.
Gaining social media traction:
Social media account is the most preferred one when it comes to gaining the social media lead. Lead generation is crucial, and the social media posts act as an eye-candy to gain the users’ attention. Performance of the social media websites can be tracked using eCommerce Analytics – that make it an integral part of the eCommerce industry.
Pattern Recognition through consumer online behavior:
Pattern recognition through online channel can be quite tricky, yet the eCommerce Analytics enhance the data collection efficiently. Based on the consumer behaviour pattern, the marketing strategies are curated – thus the analytics work as the feedback for advertising campaign performance. Hence, saving you on bucks – and improving your advertising budget.
Intangible benefits of eCommerce Analytics in 2022
Moving on from revenue, the intangible benefits involve an excellent customer service. Based on the eCommerce Analytics, the customer experience can be monitored – and improved – thus enhancing the consumer loyalty to the brand. Based on the consumer data, you can bring about improvement in the consumer experience – based on the consumer survey results & testimonials. Often, customer sentiment analysis is a key analytical tool to gauge the pain-point, thus improving on the same.