How Ecommerce Analytics Software Helps Boost Revenue
The global ecommerce market is valued at approximately $16.6 trillion, and it’s expected to keep growing each and every year for the foreseeable future. While that may make it seem like succeeding in the world of ecommerce isn’t challenging, the landscape is highly competitive. As a result, many companies need an edge to remain ahead of the curve. Fortunately, that’s something ecommerce analytics software can provide.
If you’re among the 2.5 million ecommerce businesses operating in the United States, here’s how ecommerce analytics software can help you boost revenue.
What Does Ecommerce Analytics Software Do?
Ecommerce analytics software is a technical solution that allows companies to harness their data to learn more about consumer behavior, monitor their performance, identify relevant trends, and make data-driven decisions to support revenue growth. It can also assist with marketing efforts, using data to analyze the performance of paid ads to track the return on investment (ROI) and determine which campaigns are the strongest.
These solutions analyze various data sources – ranging from past purchase information to social media engagement – to assess a company’s position and how it’s connecting with its target audience. Additionally, many of these programs evaluate competitor stances within the marketplace, allowing ecommerce companies to see how they measure up and find opportunities for differentiation.
How Can It Help You?
Ecommerce analytics software simplifies data-driven research by making the process less manual. Companies can review metrics to learn more about their target audiences, including everything from shifts in sentiment to known pain points a company could potentially solve. Additionally, it can help ecommerce businesses segment their audiences into categories, allowing them to target advertising efforts to specific subsets effectively.
With ecommerce analytics, companies can also assess customer acquisition and conversion rates. For example, the software can help businesses determine which discovery pathways or ads are most effective at increasing traffic and leading to purchases. These solutions also help ecommerce retailers identify potential issues by determining when customers choose to disengage with a company or which marketing efforts are underperforming.
Can You Boost Sales with Ecommerce Analytics Software?
With ecommerce analytics, companies can optimize their processes to generate additional sales. For example, these platforms allow ecommerce businesses to identify top-performing ad campaigns, making it easier to update an advertising strategy to secure more business.
Additionally, businesses can use ecommerce analytics to gather information about the customer journey. Along with understanding when conversions occur and how long they take, this helps companies see when potential customers are lost along the way. In turn, the business can update its site to address the identified problem, potentially leading to additional conversions and more sales.
Finally, ecommerce analytics software supports trend identification for improved forecasting, allowing companies to strategically position themselves in the marketplace. These solutions can also help with price optimization, upselling opportunity identification, and inventory efficiency.
Top Provider Options
When you’re looking for capable, robust ecommerce analytics software solutions, it’s wise to take a look at the top providers first. These platforms all have solid reputations, and they work well for a variety of ecommerce businesses. Here’s a list of the leading ecommerce analytics solutions:
- Crazy Egg
- Glassbox
- Google Analytics
- Heap
- Hotjar
- Kissmetrics
- Mixpanel
- Shopify Analytics
- Triple Whale
- WooCommerce Analytics
- Woopra
