business intelligence & e-commerce
DESCRIPTION
E-Commerce without Business Intelligence is like a puzzle unsolvedTRANSCRIPT
HEY!CHECKOUT THIS COOL WEBSITE
Tom’s eyes lit up, and clicked the buy button at a speed that would
have impressed Usain Bolt. His
heart brimming over with joy, he
called up his friends and talked
about ‘a great online store that
you’ve got to check out’.
However, his sadness did not go by unnoticed. A virtual fairy was watching over him. As Tom was a loyal
customer, it was worth offering him something special.
The fairy had noted the product pages where Tom had
spent lots of time, the items that he had analyzed in
detail, and it had observed Tom lingering on the t-shirt
and checking out the price again and again. The
algorithms kicked into action, bunched together the algorithms kicked into action, bunched together the
t-shirt, a pair of jeans and sunglasses, and offered 20%
discount on the bundled package.
HURRAY!I CAN AFFORD NOW
Cygnet
HMM!REPEAT CUSTOMER!OFFER DISCOUNT
OH NO!PRICES ARE TOO HIGH
WOW!I’LL LOOKHANDSOME IN THIS
Tom was looking for sunglasses, a t-shirt, and maybe a pair of jeans to go with it. After spending a
good half hour browsing through what the online
store had to offer, he finally found an awesome
t-shirt and immediately fell in love with it. But the
rosy visions of striding into his class wearing that hip
t-shirt faded when reality bit him in the neck – the
price was too high for him. price was too high for him.
Business intelligence can transform a passive online store into a dynamic salesman.
Your website can act as a detective-cum-salesman that keeps an eye on the
customer’s needs & behaviors, finds patterns, analyzes data and takes positive
action to drive sales.
Things have never been better for online shops. There’s tons of user data that you can automatically collect.
You can keep track of all the activities that a visitor performs on your site, you
can tease out trends from this data, and algorithms can take automatic action
on the basis of the findings. By integrating BI and business analytics with your
online store, you can accomplish a lot, including:
idea
Mine customer data and view it in visually accessible and understandable forms
Integrate BI with AdSense and other online marketing tools to follow visitors with advertisements of products they are considering
Analyze customer interactions and offer better responses to customer queries Improve overall decision-making in your
organization by depending on hard data instead of hunches
Understand customer journey and calculate customer lifetime value
View sources and keywords that drive unique visitors to the website
Get insights into buying patterns and measure impact of various marketing efforts
Measure KPIs & generate customized reports for any specific category
Make real-time decisions during customer interactions based on data to push a sale through
Traditionally, one of the biggest roadblocks to the success of BI or BA was
lack of enough relevant data. The Internet
has reversed the situation – now we live in
an era of information overload.
As Mitchell Kapor said,
‘Getting information off the
Internet is like taking a drink
from a fire hydrant.’
When you have hundreds of thousands of customers and
visitors, the amount of data generated is staggering. But,
data in itself is just a potentiality – it has to be
transformed into knowledge and wisdom.
Business Intelligence solutions can help you automate data
capturing from different platforms, present it in a visually
appealing manner, make predictions and lead to effective
decision making in real time. You can even go one step further
and automate some of the decision-making processes.
As the online selling space becomes more and more competitive, only intelligent ecommerce stores will thrive.
While talking to our ecommerce clients, we realized that many want to explore the application of BI & BA for
ecommerce, but lack information on how it all works.
Here are a few of the questions we are asked frequently:
Can BI help me attract new customers to store?
Does BI help me improve my mobility efforts?
What exactly do I gain by integrating BI with my online store?
How can I use all the BI data to improve the profitability of my site?
How to deal with the data overload without hiring extra resources?
What do you think is the future of BI and BA, in relation to ecommerce?
What real-time decisions can I take during customer interactions using What real-time decisions can I take during customer interactions using
BI?
Do my customers get anything special if I implement BI?
Watch this space! Over the next few weeks, we
will be tackling all of the above questions (and
more) through a series of articles focusing on BI
and ecommerce.
if you don’t want to wait for that,
just get in touch with us and fire your questions!
We would love to help you on your quest to build
the right BI solution for your ecommerce store.