Practical E-Commerce recently published its 2016 Ecommerce Marketing Checklist. It is important to note that the first two points on the checklist are data related.
1. Collect better data
2. Use the data you collect.
This was a big change from the previous yearly lists which focused on things like site design, customer contact, and content marketing.
It is no surprise that these are the top two components on the checklist. Data has always been important, regardless of trends. Whatsmore, since 2005, with the advent of Google Analytics, there has been an explosion of companies offering customer-related analytics. And for ecommerce marketers and salespeople, there has been a growth in user-friendly analytics and business intelligence tools including Kissmetrics, Mixpanel, and Hotjar. So the actual ecommerce data collection has become much easier and the analytics have become more sophisticated.
Better ecommerce data tracking
Collecting better data means sales and marketing professionals are able to identify successes and problem areas faster. For ecommerce businesses, the customer experience is key to conversions. Metrics that let you visualize the sales funnel from site entry to conversion are invaluable. You can test, control, and modify your web shop based on the data you have gathered about customer behavior.
But, how good, or rather, how complete is your ecommerce data? How accurate can you be if you only get part of picture? Let’s run through a short list.
The complete picture with third party product analytics
Product-level data may seem frivolous if you are already able to see conversions and customer behavior. But if you sell your items on a third party site, you are either left in the dark or you cannot get the data in real-time. Decisions that improve customer experience on your retailers' sites cannot be made in a timely or even pro-active way. Those decisions largely rest on the ability to examine product performance and inventory management.
Imagine being able to see in real-time the amount of products you have in stock, and how many you have sold, allowing you to make instant decisions about your customers’, and your retailers’ needs. You could avoid stock-out and keep up with demand when it spikes. You could see and compare irregularities and find out whether or not there is an unforeseen problem on your retailers’ site.
From a marketer’s perspective, having incomplete data is just a reality. You cannot measure everything you want to. So filling in the gaps and getting a holistic view of your product performance is a serious step forward. Running online campaigns makes it easy to visualize the impact of your effort, but what about offline campaigns? Currently you are limited to fluctuations in your own website traffic, Google trends, hunches, and intuition.
Now imagine being able to compare your offline campaign schedule to your products’ performance across retail outlets. You could measure the actual impact of your campaigns based on geography, outlet, customer demographics, and more. This would provide a real benchmark from which you can analyze your advertising efforts. Not only that you could anticipate inventory needs more accurately in relation to those efforts.
Now what if I told you all of this is possible?
Fill in the gaps - start tracking your products across online channels
With Plytix, you are able to centralize your product data onto one cross-channel product analytics platform. You are able to easily see and compare product data from your own website and those of your retailers allowing you to make smarter, faster decisions in real-time. Take control of your ecommerce business by having complete, cross-channel data.
Learn more about Plytix Product Analytics