How to make Data Driven Decisions to increase your Online Business.
However, this does not mean that there are no other ways for online sellers to know their customers and serve them better. Website analytics has been one such way through which you can get insights as to what is happening on your online store.
As a matter of fact, running your ecommerce store without analytics is just like driving a car in heavy rain without wipers. You are basically blind and are unaware how your website is doing. However, with the right use of analytics, you can easily find out what is working on your website, who are your customers, from where they are coming, and what they are interested in.
Why Should You Bother with Analytics?
Analytics is basically the information resulting from the systematic analysis of data and statistics. This means that for an ecommerce brand, the need for analytics is immense. With analytics, you get to know more about your customers, your products, and your website. You get an overview of what is working on your website and what is not. However, more than that it is about properly managing all three pillars of your ecommerce store, i.e. sellers, buyers and the marketplace itself. Let’s understand it with the help of a couple of examples:
Example 1: Consider you have an online store that sells T-Shirts. In order to attract consumers, you advertise on several platforms. Soon after, your website starts to get some traffic. Now you want to make this process efficient, by only focusing on those platforms from where you are getting bulk of your traffic. This is where analytics come into the picture.
Example 2: Lets’ assume that you have an online electronics store selling a multitude of products across several categories. Some of your products are selling like hotcakes, while others are not doing so great. In order to ensure that your marketplace is as efficient as possible, you need to delve into the data and the best way forward is using analytics.
Given the constantly changing customer behavior & market dynamics, collecting all this data becomes important in order to make better decisions concerning marketing strategy of your store,as well as to serve your customers better.
There can be numerous other scenarios, when presence of analytics is not just helpful but also necessary. It is only after considering these scenarios where analytics can be useful that the analytics tool for Hub9 was designed.
Below we will discuss some of the key aspects of an analytics tool and how Hub9 analytics is designed to cover these crucial areas effectively.
The wealth of information Hub9 puts at your fingertips—ranging from real-time snapshots of your business to periodic summaries by always knowing where you stand, you can spot trends early and make the best decisions for your business
The smartest decisions begin with actionable data. Our reports provide you with insights that help you optimize purchasing, pricing, selling, and shipping. With Hub9 at the centre of your operations, you’ll gain access to how your business is really doing.
- Track sales by channel, brands, categories
- Track ageing of returning orders
- Monitor the sales velocity by products
- Monitor listing across channels.
If a visitor comes to your store but goes out without buying anything, it becomes a worry for your business. As a business, you don’t just need visitors but also customers who actually buy things. In other words, you don’t just need traffic but conversion as well.
When same thing happens on an online marketplace,it becomes quite difficult to find out where you lose the customer.Hub9 analytics tool has that covered with its conversion report, where you get a detailed analysis of how many users added a product to cart, reached checkout, canceled or ended up making a purchase. This data in turn allows you to alter your strategy to ensure that you do not lose many visitors.