The importance of Customer Data in E-commerce
Data analytics play a pivotal role in running any online business regardless of the size and scale of operations. Data has to be at the heart of your online business. Collecting and analyzing customer data can give you very important insights in your business. If you are not reaping the benefits of customer data collection and analysis by using our customer data platform Engage you are sitting on a gold mine. Analysis of customer data by Engage can give you insights regarding behaviour patterns of your customers which can help you in increasing sales along with a number of other benefits.
Our e-commerce data analytics platform uses AI based models to analyse the data collected through your store and gives you useful information to base your business decisions on. Seamless integration into your e-commerce store on the most famous platforms in the world such as shopify and woocommerce etc allows you to easily collect this data.
In this article we will discuss some of the major advantages that you can get from a customer data platform if you are running an ecommerce business.
1. Personalized Touch
One of the most important benefits of getting customer data from your e-commerce store is the ability to create a personalized feed for your customers. Once you add a personal touch to your e-commerce store you will be able to significantly increase your sales. People love to buy things that are specifically catered according to their taste and purchasing history.
Imagine going on a website and instead of wasting time on surfing through countless pages and products you find out exactly what you are looking for on the first page. This is exactly what you can offer to the visitors of your e-commerce store by gathering and analyzing your customer data. Your visitors will not have to surf through a myriad of products to get to the things that they would like to buy.
By adding the personalized touch to your online store you encourage the customers to trust your brand and your product and give them a feeling of being welcomed to the store.
2. Behavioural Targeted Marketing
One of the key reasons for investing in a customer data collection tool for your e-commerce store is that it allows you to have a behavioural targeted marketing approach in your business. There is no doubt about the fact that big data and data analytics helps you in understanding your customers in a better way. But now how do you utilize that understanding in order to make your business successful? This is where behavioural targeted marketing comes into play.
Our customer data platform allows you to have various important insights regarding card abandonment, time of the day when you have most visitors, sales figures according to different seasons, and various other factors that can affect your sales. Once you have all of this useful information in the form of easy to understand charts, figures and tables, you can create a marketing strategy by keeping these factors in the light. This practice is known as behavioural marketing or targeting. Once you plan your data based on the facts and figures collected through a customer data platform you will soon see that they are more effective in reaching your target audience.
Behavioural targeted marketing allows you to convert visitors into customers successfully. Our data analytics tool, Engage, allows you to reap the benefits of behavioural targeted marketing for your online store.
3. Informed and Dynamic Pricing Techniques
Customer data analysis gives you another great insight which can have multiple benefits for your business and this insight is the spending habits of your customers. The customer data tool allows you to better understand your targeted audience and how much they will be willing to spend for any particular product or service.
Buying power of people can vary greatly across the world due to a number of reasons. People from a certain area, group, age etc will be willing to spend more on any particular product then the others. Having this knowledge allows you to devise a marketing strategy for your online business that allows you to cater to a larger group of people. For example you can offer special discounts for people living in a certain area in order to make the product more affordable for them. This will not only help you in achieving more sales and increasing your net profit but it will also allow you to expand your customer base.
4. Improved Customer Service
Customer data analytics not only helps you in understanding your customers better but also gives you valuable insights into your business practices. This allows you to improve your business and customer service is an area that can greatly benefit from customer data analysis.
Having amazing customer service based on the persona of your customers is one of the best ways to win their hearts and convert them into returning customers. Data analytics and machine learning combine together to give your business automated customer service with a personal touch. This increases customer satisfaction and decreases load on you so that you can focus and channel your energy into growing your business.
One of the things that is crucial to collecting customer data from your e-commerce store is to understand that you have to be very responsible with how you collect as well as how you use the data. There are multiple ways in which you can encourage your customers for example by offering different discounts and incentives.
You can also tell your customers the reasons behind collecting the data. For example if you tell them it will help you in creating a more personalized experience for them they will be more interested in it. Also, it is really important to make sure that your customers have control over whether they want their data to be collected or not. This develops a sense of trust in them which is most important for any business.
How Would You Use Your Data?
In the fast paced and competitive world of e-commerce, customer data analysis plays a key role in making your business a success. By using our AI powered customer data analytics tool you can reap the multiple benefits discussed above and successfully grow your business online. There are multiple pricing options available for you to choose from according to the size of your organization and your data needs.