Data Tips for Ecommerce Brands

​It’s not easy to run an eCommerce business, but data is one of your most valuable resources. If you're already selling online and have established a firm footing, there’s a good chance that you’re already making use of the vast volumes of data available to you. Of course, when it comes to using that data, there’s always going to be room for improvement, and you may be missing out on some uses and some resources. Here are some quick and easy tips that all eCommerce brands should be aware of when it comes to their data and how to use it more effectively.

​The Customer Experience

By using your website analytics, you can measure clicks per page, the time between landing page and purchase, and gain insights into bounce and conversion rates. Using that data means you can learn more about your customers, but it should also be used to make improvements to your web pages. If your shopping cart abandonment rate is high, then find out why. If you’re seeing new trends in a growing audience segment, then change your tone of voice or your content style. Gather data, assess it, and always make the relevant changes to improve the customer experience.

​Master Data Management

If you have access to vast amounts of data, it can be overwhelming. The larger the business, the more likely that in-house communications and goals will become misaligned, and that can be catastrophic. There are lots of reasons to take a closer look at Master Data Management, and it could be the key to brand growth. By taking more control over your data and aligning your IT processes with your business goals, it becomes easier to use and easier to glean the right insights.

​Optimize Your Prices

It’s never been easier for consumers to carry out price checks on any product. They simply type what they need into a search engine and look at what’s being offered, by who, and at what price. If your prices are too high or too low, then you will lose sales, but data is the solution. You can use your data to collect and compare your competitors' prices and make adjustments in real-time. If your data lets you see a sudden surge of interest in a specific product, then you can temporarily adjust the price accordingly. Price optimization and data go hand in hand, so don’t overlook it.

​Improved Security

There are more online threats than ever, and hackers are becoming increasingly sophisticated. Monitoring for potential security breaches can be quite the challenge, even with the latest in digital risk protection and real-time threat mapping. However, by using data to guide that threat mapping, usually via the implantation of the right software, brands can spot potential security concerns long before they become an issue. Being proactive with digital security is more essential than ever, and data is one of your most high-value defensive resources.
 
Data can be overwhelming, especially when brands have access to such incredibly large volumes of it. The goal is to know what kind of information you need and the best ways to get those insights. The more that you can understand big data, how to manage it, and how to use it, the more likely that your business will be able to grow.