Turn real-time data into actionable insights with True Digital Commerce Platform
Most people in marketing deal with a significant amount of data daily. When it comes to Data-driven ecommerce, you can either love it or hate it.
For marketing teams, dealing with thousands of numbers daily can lead to emotional stress. On top of that, everyone is overworked. And no one has the time to sift through all the numbers all day long, either. That’s not even because many teams still operate within silos of data.
A campaign’s performance data should be dependable and assist us in making decisions about the next steps in the campaign, as well as show us whether or not the campaign was a success and provide evidence of return on investment (ROI). As a result, there are a large number of marketers that are effectively experimenting with an ecommerce platform. They selectively offer data at meetings, even if they know that it may not accurately reflect the efficacy of marketing.
At the same time, some spend so much time deciphering the data that they do nothing at all. Progress is hindered because of their inability to take action. Data is king, on the one hand. Contrarily, it is perplexing. In addition, many teams feel a great deal of stress due to this.
Marketers often have a lot of data but lack the insights to use it effectively. We’re here to make a difference if you’ve had enough and are ready to learn more about how Concord Commerce can assist you in making sense of your data and taking appropriate action.
A Digital Commerce Platform Is Exactly What It Sounds Like.
For online shops, digital commerce platforms are an end-to-end software solution. ecommerce platform website builders, accounting and inventory management systems, and infrastructure for customer care are all included in this type of service.
People, procedures, and technologies play a role in digital commerce platforms, which encompasses everything from product development to customer acquisition and retention to the overall customer experience at every point in the purchase process.
What Qualifies as a Useful Ecommerce Analytics Insight?
Let’s divide this into two portions for simplicity’s sake—an actionable piece followed by an insightful piece of advice.
In this context, actionable means you can use the information you gather to make a difference in the world. This might be demonstrated by comparing the outcomes of two A/B campaigns and implementing the one that achieves the best results.
What you’re looking for in terms of information can help you get insight. An insight is a piece of data you gather and then use to create a difference in your life.
Ecommerce analytics and the actions you take after learning why specific data appears in a particular format are covered under this umbrella term.
When making positive changes in your business, you must have and use data in the digital marketplace.
With a True Digital Commerce Platform, You Can Turn Your Data Into Actionable Insights.
According to the previous paragraph, to make sense of your company’s data, you must analyze and generate relevant data insights. Here’s how to turn Data-driven ecommerce into helpful information.
Right data sets should be measured.
What you can’t measure, you can’t optimize. Furthermore, no problem has a one-size-fits-all answer. Every issue is distinct and necessitates a different approach than those encountered in the past. Thus right Data-driven ecommerce is measured.
Patterns can be learned by studying them.
Recognizing patterns will aid you in transforming data into information. You can find trends using a sequence of lines connecting price points at a specified period. However, it is essential to remember that not all patterns apply to your case. You must thoroughly examine the possible outcomes of your uncovered practices and determine if they answer your questions.
Find out what you need to know.
Attempt to answer all inquiries from your stakeholders. This could include a look at their goals and obstacles. You can spend hours poring over data and come up with insights that aren’t related to your company’s goals if you aren’t careful. You must ask the appropriate questions to receive helpful information. To proceed with data analysis, you must formulate a set of questions.
Data insights can be conveyed through speaking.
Consolidating and verbalizing insights from various data sources is an additional critical step. With the help of interactive dashboards, you can keep track of your key performance indicators and share your findings with others.
Sharing new information with your team ensures that everyone is on the same page about the progress of every project. Additionally, it aids in the dissemination of information among the members of the team.
Achieve positive outcomes by segmenting your audience.
Segmentation is a must if you want to take action on your data. You can begin your investigation by grouping data with comparable attributes, such as a customer base with similar consumption habits or timetables. Then, you can decide which area to focus on based on the issue you’re trying to address or the questions you’re trying to answer. You can better understand consumer behavior and patterns by segmenting your customer base and assigning each segment a unique identifier. Using this data, you can devise an optimization strategy. Custom reports can be created with the help of a digital commerce platform.
Your message will be better received if you use visual aids.
The way you present your data can have a significant impact on the results. It’s the difference between a presentation that’s all numbers and text and another that’s filled with eye-catching images. Which one do you think is more logical and understandable? You must ensure that every piece of data and its story is communicated. Do not forget the why and how. When required, use diagrams and other diagrammatic drawings to help convey your message. Your Data-driven ecommerce will be transformed into useful information through this method.
Learn how your data set fits into the larger picture.
We all have information at our fingertips, and we all have opinions about what we see in that information. It is usually best to make decisions based on the context in which you find yourself. Ascertain the context of any dataset that you have at your disposal.
What significance do the numbers have in this context? The question is whether or not they are relevant to the company. What impact do the figures have on the business?
Data devoid of context is meaningless and can lead to poor decisions due to erroneous interpretation.
Create a long-term optimization strategy.
Adapting ecommerce platform digital marketplace concepts to your business environment is possible. Defining, Measuring, Analyzing, Improving, and Controlling your firm is the most effective strategy. For example, you can specify the level of growth or improvement desired, quantify it through measurement, conduct a business analysis and develop an action plan to achieve that growth or improvement. Consider adopting this method to improve your ecommerce platform.
Formulate a plan based on a specific idea.
A well-stated digital marketplace should be the first step in every investigation. There should be an ability for the hypothesis to inspire action in its design. It may be challenging to develop a hypothesis, but it will save you time that you would otherwise spend sifting through evidence to derive conclusions.
Link information sources.
Making better and faster business decisions is made possible by integrating data sources in the digital marketplace. When new and relevant information is readily available, businesses prosper. Studying large databases to get fresh insights requires that data mining be considered. It will be much easier for your customers to get information from you if you use data mining and source connecting. You and your consumers will have a better relationship in the field of ecommerce platforms.
Silos in the workplace must be dismantled.
Silos are the sections of your firm that operate independently and don’t communicate with each other. It is to the organization’s best advantage to limit and dismantle these silos. An organization without blind spots is one where information may flow freely between departments and sectors to make decisions and develop a strategy.
Everything good comes from a well-functioning organization. Rather than confronting someone, try talking to them instead. It’s also important to be curious about every dataset’s potential. Rather than removing hurdles, this approach focuses on enhancing communication between the organization and the analytics team leaders.
Make the proper choices when it comes to staffing.
To gain insights from the data collected by digital tools, you need employees who have a thorough understanding of the business. If you don’t have a team of intelligent people who can collect and analyze relevant data, you won’t have any meaningful stories to tell (data insights). Internal and external experts should work together on this project.
Using your data, you can tell a compelling tale about your company.
An ever-evolving digital world necessitates a company’s ability to apply data intelligence and actionable insights. An organization’s plan for utilizing business data must be laid out in detail.
The proper business solution, like Concord Commerce, can give AI-driven data insights that set the standard for the future generation of analytics. The aggregated data collection provides actionable business insights that can be instantly routed into the visualization layer and onto the dashboard.
Automatic discovery of trends and outliers that influence results is enabled by augmented data intelligence, which does not require a laborious querying process. With Concord Commerce‘s decision-support tools, business owners and managers can find and close gaps while also staying one step ahead in the ecommerce platform.