Did you know that when operating an online store, you may research not only the actions of your clients but also those of your rivals? After measuring conversions, seeing market trends, and enhancing the supply chain, monitoring the prices of online retailers is another advantage of specialized e-commerce analysis tools. We offer suggestions for how this knowledge might be successfully applied to increase sales.
E-commerce analytics is a field that focuses on locating, analyzing, and then communicating specific data patterns that are crucial from the perspective of a person managing an e-commerce organization. One of the methods used to study how Internet users behave is checking these things:
- who visits the product website,
- when (at what times of the day, on which days of the week) your website is visited most often,
- which products are most popular with customers who visit e-shop,
- how much time an average customer spends on a given website,
- whether adding a product to the basket occurs after viewing its page, and if yes, what additional items the user purchases after doing so,
- What proportion of visitors abandon the website versus those who engage with its content by browsing it or making purchases,
- which website elements receive the most clicks,
- how the user arrived at the online store.
This method of gathering information is particularly significant since it allows for market segmentation. (division into relatively homogeneous groups of consumers). How does it benefit you? First of all, better planning of marketing activities. Knowing how customers behave enables you to tailor advertisements to specific groups that may be considering a particular product. Additionally, it is also possible to provide advertising content in a way that highlights the qualities that customers want the most based on the monitoring of consumer opinions.
… to make the best business decisions, however, brand monitoring and competition comparison are essential
E-commerce Analytics is crucial for tracking client activity when they visit an online store because it helps determine what is preventing them from making a purchase. Modern software analyzes which sites have high bounce rates or low conversion rates to determine what factors are at play. They enable the creation of a suitable strategy that will enhance these statistics. To change the behavior of potential customers, it may be sufficient to alter the product description, add more expert images, provide a larger range of delivery options, or include a review.
However, modern analytical methods in e-commerce deal not only with what is happening on our website. They also track the activities of competitors on the web, both comparing the visibility of a given product or website in search results, as well as comparing prices. To make better business decisions, it is especially important to keep an eye on the prices of online retailers. You can respond to shifting market trends and create successful pricing plans more quickly thanks to data analysis and competitor comparison.
Price monitoring allows you to get very accurate information on thousands of products available in online stores in real-time. This has tremendous value for the seller. It is not about imitating the actions of competitors, but about making the right business decisions based on careful observation of market trends. The information gathered from the competition analysis makes it possible to create an appropriate pricing strategy, optimize the offer in line with customer expectations, predict the outcomes of the actions taken, and even identify ahead of time those products that could end up being true sales hits.
Instead of manual price monitoring, it is better to implement a professional program for e-commerce analysis and brand monitoring in the e-shop
Running an online business must unquestionably consider not only the behavior of Internet users who visit the website, but also what is happening in other e-stores throughout the country that sell the same or comparable goods. However, since manual rival price monitoring and consumer behavior analysis are too expensive and time-consuming, many e-commerce business owners do not carry out this kind of study themselves. Utilizing specialist analytical software allows you to save a ton of time and money, making it a much simpler and more effective option.
Brandly360 is an example of a tool that swiftly gathers information, analyzes it, and then displays the findings in the form of clear, ready-to-use reports. With Brandly360, you can explore a huge amount of data in a short time. This sophisticated e-commerce tool allows for real-time analysis of the dynamics of the online sales industry in addition to automated monitoring of the brand, ongoing promotions, and competitor prices. It allows you to check, among other things:
- how your supply chain compares to other e-shops,
- how your products are positioned in search results and on the category list,
- what are the reviews and ratings for the goods sold by a particular retailer.
Comprehensive tools for data analysis and price monitoring of online stores significantly reduce the risk of making wrong decisions. By implementing a contemporary program in the online store, the business owner can anticipate optimizing the expenses and labor hours of his staff, with a measurable outcome in the form of more sales. These kinds of solutions are must-haves for e-commerce since they enable you to grow your company at a constant rate, independent of market conditions.
Manager with experience in leading team of software developers and testers during implementation of internal and external IT projects. Ceo of Brandly360.com.