E-commerce businesses gather a great deal of data during the holidays as online shopping revenues have been increasing for the past 10 years! January brings the end of the shopping frenzy and the beginning of the analysis.
Making the New Year Bright
It’s time to shine the light on all that information! The who, what, where, and when of e-commerce! You’ll need to look for trends everywhere the data resides including accounting, CRM, PayPal, Google Analytics, and your social media profiles.
Trends could include ads that worked well, products that sold out, demographics that bought more than one item, social media recommendations that drove traffic to your site, or your own site content that helped consumers make the final decision. Take the time to find what trends are unique to your e-commerce business!
There are also great stats on trends that are found from other big data sources. For example, a BigCommerce.com blog post supplies an impressive list of online shopping trends and advises “effectively targeting a ready-to-buy audience requires solid data and statistics on your customers.”
All Paths Lead to the E-Commerce Purchase
Google analytics help identify how they arrived at your site, giving you a great “where” starting point. But remember, the customer journey is long with many touchpoints, so be flexible with your conversion attribution.
Just because they clicked on a Google search or Pinterest post doesn’t mean they haven’t been thinking about buying since they saw your Facebook ad last week! In fact, Moz conducted a survey and found that “it now takes 12% more clicks to generate a million euro online than it did 12 months ago, with 360,000 clicks being the magic million-euro number in 2017.”
Marketing automation, AI, and machine learning are exceptional tools to easily and quickly identify trends in your data. The more information there is to parse through the better the technology works. They can identify each customer’s unique path, assign engagement scores, and uncover insights that will help you with business decisions in 2018!
These tools can also suggest and even send the best content to create a two-way street with your customers, preventing customers from falling through the communication cracks. However, writing great content is still up to the human hands at the keyboard.
E-Commerce Should Capitalize on Content
Is it the thirst for knowledge or the hunger for more stuff? Either way, consumers want interactive content that helps choose what to buy. The more you know about how they buy the more you can serve up what they’re looking for.
Segmentation and personalization have always been important but now they’re crucial, and the right data removes the guesswork. You know who, what, how, and why, so simply make sure you are in the most effective “where”! Social media platforms, review sites, email, online ads, and the content on your website all need to be optimized for each group of consumers, and every business has more than one!
Back to BigCommerce.com for some “where” insights under the heading, “Social media as an influencing factor on conversion rates.” This list is a self-study course in where to reach your consumers!
Happy New Year!
E-commerce businesses never sing “Auld Lang Syne” because there’s no forgetting “old acquaintances”! Continue to gather as much information about your consumers as possible, leverage technology to do the analytics and most of the “thinking” for you, and create great content that makes buying from you the consumer’s best choice.
BONUS #1: As you analyze your data click here for a list of 2018 holidays you need to plan for from Business2Community.
BONUS #2: Business stats change faster than you can take action on them. Here’s a link to some Summer 2018 e-commerce stats courtesy of Top 10 Website Hosting.