The Importance of Ecommerce Analytics

Feb 04, 2020

Knowledge is Power

 

Good data helps us understand the world around us and make the most out of the opportunities we come across. It also enables us to take advantageous decisions and get ahead in life. Ecommerce data works similarly in the business context. Specifically, e-commerce analytics is a complex system or tool that allows business owners to understand users’ onsite behavior, then make appropriate improvements and be able to predict results based on current trends.

However, believe it or not, there are still many ecommerce owners who try one random tactic after another, until one works, instead of relying on data for actionable insights and solid growth. In this day and age, we should be discussing what analytics tool is best and which metrics are more useful, rather than trying to convince owners why ecommerce analytics is better than taking a stab in the dark.

Being able to take faster and smarter business decisions is a real competitive advantage, in today’s online market. This is why, ecommerce owners need to know exactly which channels are more profitable and double down on them, what campaigns attract & engage, when demands & consumer trends change, and how they can improve UX to increase sales and build loyalty. But without access to relevant statistical information and actionable metrics, growing an ecommerce business is practically next to impossible. Thus, integrating an analytics tool is the first step to building a better and stronger online store.

Different tools offer different measuring capabilities, some better than others. Before anything else, they should deliver more than just colorful graphs and pretty tables. After all, data is useless if it’s not able to convey important insights quickly and efficiently. Knowing your conversion rate/cart abandonment rate or the average checkout price is really important, but even more so is understanding consumers’ behavior. A good tool helps ecommerce businesses identify buying patterns, predict preferences, determine when the user drops out of the funnel and why, plus it recommends changes that improve user experience and increase sales long-term.

Truth be told, analytics tools, while having their obvious advantages, sometimes they can be intimidating in terms of costs, integration time, and steep learning curve, even for big ecommerce players. This why our team has developed Claro – a goal-orientated sales analytics that is intuitive and simple to use, focused on KPI monitoring and improving onsite UX.

Claro offers an overview of channel performance for online campaigns and it also drills down on specific customer actions (e.g. orders, registrations). Integration with current systems is fast and seamless, so you don’t need to worry about downtime. Claro is built to always show real-time data, to automatically monitor trends, anomalies and goals, and to be an excellent tool for segmenting, drilling and third-party exports.

As an ecommerce owner, what would you do, if you had access to a bucketful of data about your online store and visitors’ buying behavior? What metric would be of interest, first and foremost?

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