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Gone are those days when the business decisions like buying more stocks and playing with sales promotions were made on mere hunches. The shopkeeper had no clue of which items sell more on Sundays and Wednesdays, so to speak, and which items had been purchased more by the customer along with the Cooking Oil. All of such decisions were subject to the business acumen of the executive. However, with the advent of new Business Intelligence (BI) based tools and technologies, sales and marketing managers can now easily foresee the rise and fall of sales while analyzing from different dimensions (aspects) of the store right in one view of the screen.
Did I just mention Business Intelligence?
Business Intelligence (BI) is an umbrella term for all the processes and methodologies of maintaining data in a format that can be analyzed by machines for providing forecasts and insights into the business to help to make informed and timely decisions. In simpler words, Business Intelligence is to the business, what headlights are to the car in a pitch dark night. Without the headlights, you definitely know you are moving ahead (because you are driving the car), but you can never know where you are going, and therefore when and how you will reach your destination is always a question. Business Intelligence gives you, and the rest of the stakeholders, the required vision to move ahead with all the navigations and forecasts.
Now, that you know what is Business Intelligence, it’s time for you to see how the ecommerce business is empowered with this unique capability.
BI Analytics for eCommerce
It provides your techno-marketing specialists the right gauges to measure the performance of the business, and not only gauges, but it also provides them with the most updated and enriched data. Some of the most important reports-related analytics pertaining to e-commerce business are:
This report illustrates the most profitable advertising campaigns, segments, customers, sales channels, and products. If you have this set of analytics, this means you know how to sell your products at the right time, in the right way and to the most related customers.
Customer behaviors and preferences are never constant, as the influences around them are always changing in the degree and type. This makes the trend analysis crucial to perceive the changing customer preferences and behavior.
If you do not know how much you are saving and how to save yourself from losses, then you are soon going to end up in hot waters. This set of BI analytics help you analyze the cost and profitability of products and product lines, and you can also see the areas where margins can be increased, according to the demand and price sensitivity.
Marketing managers yearn to see the charts showing which products most of the customer add to the cart but don’t buy, what products are searched more, and how many people respond to the newsletters. For this, they need marketing reports ready and up to date on their dashboards.
What if your e-commerce store has transactions going on but you do not know which season, which country, which segment, and which product has hit the best sale when you last launched your promotional offering or discount coupons? Take Sales Reports by your side and let them speak it out for you.
Inventory reports are the backbone reports, means they tell you how many items are in hand, in the process, on the way, and out of stock. You need these reports because your entire business stands on your inventory items and you cannot afford to omit this one.
Common But Most Effective Business Intelligence Tools
Business Intelligence has got all the tools in the world for every business, but which tools do you need for your e-commerce? Do not worry, you just need one or two dashboards and one Google Analytics installation; that’s it. But before reading any further, always remember that any dashboard in the world is made to answer a business question for which you are searching for an answer. Not all dashboards can answer “your” question. You need to custom develop such dashboards, or deploy a third-party service like SalesForce, or hire an IT company (or even a virtual assistant) to develop a customized solution according to your dashboarding needs.
A business dashboard is specifically designed to represent your business processes and work. For example, if you have segregated your products by their vendors or manufacturers, and want to analyze your entire business from this lens; then that’s possible in this dashboard. You will get to know which of the manufacturers are more popular in which areas in which seasons and among which products. You may also get to know, which of the logistics are costing you more in which type of orders, or what brands are selling more but giving less profit.
Performance dashboards answer the questions of an operations manager who want to see which functional unit or department of the e-commerce business is performing better, and what are the key areas behind that performance, and how to control those key areas according to your own needs. Performance Dashboards are an operations manager’s best friend; they let them keep an eagle’s eye on the entire business inflows and outflows from the single view. For example, you have got multiple bulk orders for the items that are not tipping in your stock anymore, and you do not have any facility to monitor that on runtime, what would you do to prevent that unwanted situation? Frankly, at that point, you have no choice but to reject the order.
Our team at TransData is working days and nights to develop intuitive intelligent solutions for you and other business out there, enabling them to capture more market with lesser investment, lesser risk and greater profit every day. If you want to take your business into the big giants in just no time, then talk to one of our highly expert professionals who are excited to help you grow big.