Over 80% of ecommerce retailers are not using ecommerce analysis tool. Therefore, most online sellers are missing important analytics. Over 60% of ecommerce entrepreneurs do not even collect data.
Competitive Advantage
Ecommerce is competitive. Anyone can start an ecommerce store with very little capital. All that one has to do is to set up a website.
There are many sellers and a limited number of buyers. To stand out of the competition, you need to have a competitive advantage. You will achieve that by using the best ecommerce analytics tool. This will put you miles ahead of your competition.
Most likely, some of your competitors are already collecting data and analyzing it. Thus, if you are not already doing that, you will easily lose your market share.
Data is Everything
It is the data age. Data is the holy grail of ecommerce. Modern day business is all about data. That is why data analysis is one of the most demanded skills.
To succeed online, you need data and the right data analysis. Even the biggest online platforms including Microsoft, Yahoo, Google, and Facebook, have invested a lot of money on data collection.
First, Collect Your Data
You should invest in data collection tools. The first step of improving your ecommerce business is collecting data.
Data is information related to your shoppers. In business, information is power. Often times, the most successful online retailers have high-quality information.
Secondly, Analyze Your Data
Data means nothing if the proper analysis is lacking. That is where an ecommerce analysis tool comes in handy.
A Good Tool Will Classify Your Data
Unclassified data will confuse you. A functional tool will classify your data according to a number of metrics, saving you time and effort when you want to understand your data.
Ecommerce Analytics Tool Makes Data Presentable
You will need to present your data to investors to obtain financing. Thus, your data should be in a presentable state. That will make it easy to get financing.
Historical Data
An analytics tool will store information for decades. You will be able to access the data of the past with just a click of a button. That facilitates easy comparison of past performance with current performance.
Automating Data Collection
With an analytics tool, everything happens in real time and in the background. While consumers are shopping, it will be silently collecting data. Consumers will not be aware of that fact.
Bottom-Line
Your online business needs data. You need to know the shopping habits of your customers and use it to your advantage.
