It is an interesting time for online retail in the UK. People are not spending as much on retail, but a considerable portion of this spend is going to online shopping. Your online store can tap this opportunity by leveraging data-driven consumer strategies to differentiate your brand.
From the first touchpoint of signing into your online store till check-out, your eCommerce store collects substantial data about your customers. Apart from basic contact details, payment and delivery preferences, your eCommerce store captures data related to pages visited, time spent on each page searches conducted, products browsed, abandonment moments, final purchases and post-purchase feedbacks. In a way, your eCommerce platform has seen the journey of your customer minute by minute and page by page.
You can use all this data to determine individual customer journeys, target their trigger moments, and derive a high performing customer acquisition strategy. All this and more can be accomplished even better with a GDPR compliant eCommerce site.
Create Personalised Online Store Experience
Not every customer wants to look at all your product catalogue. Some are just surfing while others are clearly looking for something.
Segment your customers based on criteria such as time spent on pages, visits, products searched, reviews viewed and purchase behaviour.
Identify patterns, create individual persona and group similar personas into a segment.
Now you can make the store experience highly relevant for each one of them by presenting products, promotions and blog stories that will entice them.
UK retailers lose more than GBP18 billion worth of sales in cart abandonment by indecisive customers. With data captured by your eCommerce site, you can identify the moments of abandonment and take immediate actions.
Differentiate between compulsive surfers and regular customers.
Channelize your efforts on targeted follow-up campaigns only on valuable customers.
Shorten the buying cycle by minimizing steps to check-out.
Design follow-up offers for abandoned carts
Provide proactive support in cases the abandonment happened due to a technical issue.
Your eCommerce store captures and presents the entire data by devices, channels and regions. You can now find out which channel (Digital Ads, Influencer communities, Social Channels, Web) gains more attention from your audience and why.
Create an attribution model using all this data to regularly monitor which channel generates high traffic and which device is used most for completing purchases.
Change your advertising, marketing and campaign efforts to align different messaging through different channels.
Strategize the timing, messaging and CTAs of your blog posts, newsletters, email campaigns, social posts, and influencer marketing stories to tap the right trigger to purchase.
Increase Order Value
The ultimate goal of every retailer is to provide a consistent commerce experience across web, mobile, and in-store. A side benefit of this goal is customer retention and increased order value.
Delve deeper into the buyer’s psyche by integrating customer data across applications and channels.
Create personalised pricing and product bundling to promote cross-channel retail.
Acknowledge and reward their continuous trust in your brand. E.g. Occasionally, invite your online customers to visits your store and offer a personalised experience.
Subtly promote products that are bought together, even though unrelated.
Monitor Business Growth
Apart from collecting customer information, your eCommerce store captures data on products, sales and inventory. This includes total site visits, total sales, profit per transaction, top customers by avg. basket value, top selling products, conversion rate and much more.
Using historical performance data, you can lay out a predictive sales model based on data related to seasonality, promotions offered, maximum and minimum basket value, highest selling products, least selling products, profit per transaction.
Use this data to create product and sales strategies
Conduct regular analysis of your marketing budget as a part of your revenues and gross margins
Integrate this data with back-end enterprise applications to get a holistic view of a business.
A lot can be done with data. However, it is important to know which data is critical for analysis. This is best determined by setting Key Performance Indicator (KPI) goals.
Here are the most useful KPIs you should track in order to improve your online business performance. You can also create KPIs specifically relevant to your business type and industry.
Total VisitsAverage Basket valueConversion rateAbandonment RateTop performing productsCampaign PerformanceAvg. check-out timeCustomer Lifecycle ValueTotal Sales, by channelAvg. time on siteCustomer RetentionTop Sales Days
You can create KPIs specifically relevant to your business type and industry.
Data is like the sales personnel for your online store. It will show you the truth about your retail business and offer you the next best action. Leverage it as a force to upscale your business. Once you have achieved excellence in using data for your online store, you can integrate data on other channels to create a consistent commerce experience for your customers.
Are you leveraging data wisely? Is your eCommerce platform capable of capturing and handling all this data?
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