Learn How Business Intelligence (BI) Can Fuel Your eCommerce Business
A significant shift is observed in the online shopping sector in 2020. Online shopping has become the new normal during this pandemic crisis. The digital transformation renders eCommerce businesses with tremendous opportunities to establish and expand their business successfully.
However, this opportunity has its own set of challenges. People have tons of eCommerce sites to choose from, and they are overwhelmed with ads on social media, emails, and OTT platforms.
What is it that can differentiate your eCommerce company from others?
That’s right! Business Intelligence (BI). You need to know all about BI and how it can enhance your eCommerce business.
Topics To Cover
- Introduction to BI
- How Can BI Improve your eCommerce Business
- Decision Making Process
- Retaining Customers
- Increasing Revenue
- Understand Customer Behavior
- Product Management
- Stock Management
- Marketing Strategies
- Are you Ready to Implement BI in your eCommerce Business?
Introduction to BI
Business Intelligence, aka BI, is a blend of advanced technologies & strategies that gathers, examines, and provides essential business data & customer data to organizations. If incorporated correctly, it saves your energy and time while providing crucial information about your clients & company.
BI helps businesses make more sensible and insightful decisions about sales & marketing, inventory management, product management, and several other areas.
BI’s ability to analyze helpful information has attracted several eCommerce ventures. As per top BI consultants, specialized BI tools can transform the working models of eCommerce businesses.
How Can BI Improve your eCommerce Business?
1. Decision Making Process
According to some sources, decisions made using data rather than assumptions increase the success ratio by 79%. The primary purpose of BI is to help your business make intelligent decisions fast.
For instance, from the previous and current data about costing evaluated by BI software, you can make the right decisions about how to price your products strategically.
BI can analyze your data and make custom reports to assist you in formulating meaningful choices.
2. Retaining Customers
According to reports, attracting a new customer is 6–7 times costlier than retaining an existing one. BI can provide you insights about reasons that compelled your users to leave and the ones that remain loyal to your company.
BI software can gather and evaluate data such as customer complaints, delayed shipments, refunds, helping your business enhance customer satisfaction & retention.
3. Increasing Revenue
BI solutions allow you to assess product sales to unfold trends and product demands and formulate sales strategies accordingly.
It affects every stakeholder’s responsibility, including managers, executives, and external suppliers, to make sense of the information acquired by recognizing trends and business opportunity areas.
The data gained from BI can help you decrease expenditures and incorporate more efficient processes.
BI may result in more sales and customer loyalty. Using BI software eliminates the need to manually enter and evaluate data, saving your precious time and resources.
4. Understanding Consumer Habits
Identifying buyer’s behavior is vital to sustaining in the ever-changing competitive terrain.
BI tools render intense consumer analysis to recognize customer’s buying habits, run ad campaigns, retain them, gain their loyalty, and conduct client segmentation.
5. Product Management
BI tools can display the right product at the right time. Based on the insights acquired from the buyer’s analysis, you can examine product performance and speedily foster changes in categories accordingly.
6. Stock Management
The changing marketing demands make it challenging for you to maintain minimum stock levels. BI tools can help you to avoid product shortages due to unexpected situations.
BI tools can quickly calculate the product demand as per the location and help make item promotions & discount techniques.
BI tools can further improvize stock levels, refill them, and keep track of it. Moreover, BI tools empower you to examine sales due to inadequate stock levels on the online store and prepare stock for the future.
7. Marketing Strategies
BI tools facilitate you to comprehend the buyer’s habits and put in place your best marketing strategies.
By evaluating customers’ interaction points with your online store, you can market exclusive offers & suggestions to the target users.
Using BI tools, you can access reports, evaluate data & scorecards, and ascertain strategic opportunities for marketing and new sales platforms.
It also helps you to measure the results of strategies deployed across the internet.
This will reinforce customer interactions, empower closeness with clients, boost ROI, and manage promotions.
Are you Ready to Implement BI in your eCommerce Business?
To achieve success in this competitive world, you need to understand your consumer’s mindset so that your sales & marketing techniques align with their demands.
Speaking of which, BI is helping eCommerce companies make strategic businesses quicker. With well-built eCommerce BI, you can gain in-depth insights, boost your marketing campaign efficiency, track potential churns on time, and eventually increase sales.
Due to the increasing competition in the market, the need for BI in eCommerce is vital. It helps companies enhance decision-making processes and monitor business outcomes regularly.
