Analytics enable us to measure how closely we come to reaching our goals across various factors. For example, earlier this year, we reviewed Competitive Analytics for Social Media and Key Performance Indicators for Marketers. While in December 2020, we studied Data Analytics Not Meeting Executive Expectations. At this juncture, we examine a valuable E-commerce analytics handbook.
From Adverity: An E-Commerce Analytics Handbook
Adverity is a leading marketing data intelligence platform. Recently, it published a “playbook” as to E-commerce analytics. To read its conclusions online, click here. To download the free PDF of the report, click the image. Then complete the simple logon. Below the image, we present some highlights.
According to Adverity:
Simply put, it’s the process of gathering all the different information related to your E-commerce activities and placing it under a microscope. It involves integrating all your data into one place. Then, building dashboards and reports so you can visualize the data, And finally, analyzing the data to gain actionable insights into your business.
What do we mean by actionable insights? Well, a bunch of random numbers shown in a nicely designed dashboard will not help you win more customers. But, by understanding what the numbers tell, you will make timely effective decisions. Which will support the growth of your business.
With the right data at your fingertips you can do the following. (1) Understand which channels bring the most customers. As well as optimize your marketing budget accordingly. (2) Learn which groups of customers spend the most and what they spend their money on. Then, target them with specific offers and sales. (3) Reveal which customers are least likely to make a second purchase and why. And develop an appropriate customer retention strategy. (4) Most importantly, these insights will be based on real data. Hard numbers and facts instead of costly guesses and estimates. However, to achieve this, you first need to identify the most crucial metrics for your E-commerce business.
In its report, Adverity covers these topics.