Making the Right Data-Driven Decisions
The importance of making “data-driven” decisions is a phrase that has generated a lot of buzz lately. But data is everywhere. What data should I be looking for? And how can I use that data to make the right decision for my storefront?
The important thing to consider is using the right data. Using data tailored specifically for e-commerce is integral to growth and success and can increase both conversion rates and the overall lifetime value of customers, as well as prevent customer churn.
Too often, stores are pulling in data but aren’t looking at the right information. Sure, you need to know the basics — how many orders today vs yesterday? Which products have sold the most? But that’s just the tip of the iceberg.
According to eMarketer, for every 10 shoppers on your site who place an item into their shopping cart, 6 of them will leave your site without purchasing. They do this for a variety of reasons, of course, so ultimately what does that mean for you and your store? If you could understand more easily which products were abandoned the most, or which products resulted in the greatest amount of lost revenue, you could take specific actions to grow sales in your store.
How effectively do you analyze your marketing analytics? You may know how much you spent, and where, but do you know which marketing dollar was most effective, and which was least? Today’s analytics tools, if used right, can show you in real time what you’ve gained from each campaign, and which new customers will drive the most success and revenue.
To learn more about the importance of making data-driven decisions, and how to do it right, be sure to register for the next Spree Webinar, “How Smart is Your E-Commerce Intelligence?” presented by our partners, Jirafe, on Wednesday, May 14th, from 2-3PM.