Analyzing data can be intimidating and overwhelming. But when it comes to commercial data, successful ecommerce brands know they don’t have the luxury of avoiding the uncomfortable. After all, how can you expect to achieve results and drive a successful growth strategy if you don’t know how you are performing at present?
A Forbes article noted that most business users use only 0.5% of the data in their possession – the rest is siloed in external tools and spreadsheets. Consequently, automating data analysis to support brand growth is a powerful strategy. By doing so, forward-thinking ecommerce leaders are able to drive innovation, pay dividends quickly, and accelerate growth.
The power of personalization
Further, having big data analytics allows ecommerce brands to create comprehensive user personas, capturing the interactions that a user has had with other brands, allowing for a more personalized product recommendation.
Why is a personalized product recommendation important in ecommerce? Accenture reports 91% of consumers are more likely to shop from brands that offer relevant and targeted recommendations.
In today’s surging ecommerce environment, where competition is stronger than ever, customer satisfaction is everything. Using data analysis to allow for an inside look into the needs and expectations of shoppers can be all the difference in achieving a competitive advantage, or being left behind.
Peel Insights, a commerce-forward technology leader helping ecommerce brands reach new customers, and deepen relationships with existing ones, by engaging a data analysis tool examining hundreds of metrics, segmentation options, and daily trends.
Through deep segmentation, e-commerce brands are able to identify high-value customers and boost long-term performance through revenue, spend, AOV, and more. Metrics have been especially formulated for subscription based businesses as well.
Using 37 metrics, Peel’s analytic reports can help enterprise brands convert visitors to loyal customers.
Peel has the most advanced and expansive cohort analyses and subscription metrics on the market. Because of its calculated data, this makes it fast and easy to get answers to nearly any metric queerythat a brand’s ecommerce team may have including things like; retention rate of customers who purchased a specific product, or the Lifetime Value of customers that came from a certain marketing channel.
Growing your brand through the power of data analysis
When used wisely, data can be a driver of change in your business, both by unveiling opportunities and pointing out problematic areas. This trickles down to the quality and power of your data analysis. Deep, and effective analysis provides perspective into customer behaviour patterns, and allows you to apply deep design principles for growth strategies.
Here is how data analysis can revolutionize your business:
Build data driven campaigns:
By showing merchants data behind the strategies and offerings put into the market, they are able to decide if it is a valuable opportunity. This takes the guessing game out of the equation and allows companies to build and strengthen data driven campaigns. Peel gives the ability for their clients to have an easy and simple look at what is driving their most popular products or what the rate of repurchase is among a cohort of consumers.
Peel gives e-commerce businesses a chance to optimize acquisition by analyzing Cost of Acquisition to Lifetime Value ratio and turning that data into better marketing. These are then segmented by channel, region, etc. Peel can track revenue, new orders, and the Lifetime Value of those customers. Merchants can use this feature to track how much marketing they could, or should, be spending.
Is the current product being pushed creating more revenue? What products are the best in terms of margins? Using Peels’ automated data analytics, companies can easily find what products are most profitable. In turn, helping them figure out if certain products should be marketed in campaigns.
Peel helps you answer the tough questions like what products are lead indicators for customer retention and how to find the ROI, Lifetime Value, and the Customer Acquisition Cost. Using Peel metrics, cohorts can be segmented into first products purchased to see if there is a common product that consumers are first driven to purchase. E-commerce companies can use these segmentations to their advantage and create buyer personas through the data, creating a chance to increase personalized recommendations leading to higher sales and loyalty among already existing customers.
When leading automation becomes the obvious
No doubt agility and technology are key priorities for enterprise brands in a post-pandemic ecommerce environment. And what helps to improve agility?
Indeed: better, more accurate, and more immediate data on how a brand is performing so ecommerce leaders can make faster, more informed decisions.
To achieve this, automation will be a keystone element to your data strategy that will help your brand achieve its wider business goals.
In their Stix Case Study, Peel provided the women-founded health brand with solutions to analyze business retention, allowing the company to not depend on data scientists for their reporting. Peel was able to deliver advanced analytics that allowed Stix to better understand their customers’ behavior. Not only did Peel successfully help Stix retain more subscribers using the subscriber vs. non-subscriber segmentation, but they also saved the Stix costly hours of manual data analysis each week.
A strategic partnership for deep visibility
Partnering with Peel grants brands the ability to meaningfully measure the influence Bold is having across their ecommerce efforts, and understand their subscribers in a more holistic way. For example, Peel simplifies the ability to pull customer attributes from Bold Loyalty – giving the brands working with Bold deeper insight on their customer behavior, preference, and expectation. With Bold’s ability to enable a deeply tailored checkout experience, and Peel’s automated data analytics, enterprise ecommerce brands will have enhanced knowledge on what their challenges and opportunities are, and identify key strategies to drive success against those benchmarks well into the future.