Using data to fuel the ominchannel shopping experience
Retailers are expanding and diversifying by allowing customers to shop through a variety of new channels. Shoppers aren't limited to going to a local store or just a website, they can now research product prices, reviews and even complete purchases through mobile devices and tablets.
However, this multichannel shopping trend raises an interesting question for retailers: Where do you prioritize your resources? If shoppers are coming to your brand from a variety of angles, how do you know where to engage them and which channels will have the biggest impact on your bottom line?
The answers could be found with data and analytics. With the right eCommerce software, you can track the origin of sales, customer activities and marketing campaigns, allowing you to take action on various insights. Going even deeper, it's critical that you use this data to discern which channels are performing in your cross-platform engagement strategies.
For instance, Practical eCommerce advises companies segment visitation and conversion data by channel to maximize resource allocation.
If you understand whether your customers are engaging through email, mobile applications, online marketplaces or any other means, you can double down on your profitable channels and secure more sales while fine-tuning the other parts of the customer experience to secure more conversions.
"By monitoring the sources of your traffic, you are able to see what's working in your marketing campaigns," the news source explains. "You also will benefit from the ability to gauge the point of access from several sources."
"When tracking conversion rates, it's important to monitor traffic sources, or conversion events, with very high and very low conversions," Practical eCommerce adds.
Going beyond channel segmentation
Data should play a critical role in everything you do, and channel segmentation is just one area that could see improvement. There was a time when analytics weren't as readily available and retailers had to rely on gut instinct instead of hard facts. That time is long gone, and new retail software allows you to generate real-time reports that should influence every facet of your eCommerce operations.
Platforms such as SalesWarp allow you to consolidate data from a variety of different solutions into an easy to access, real-time dashboard that provides you with actionable insight. Everything from shipping information and order processing to customer behaviors and trends can be easily pinpointed, helping you to find out where you're making money and maximize revenue while identifying resource sinks and fixing them.
Whether you're looking to improve sales, create a better omnichannel customer experience, reduce costs, optimize inventory or accomplish any other retail objective, data is key. By using the right software, you can ensure this information is never further than an arm's reach away. Retail analytics will be critical to the success of your business moving forward.