E-commerce Performance Analytics
If your company is selling products via an e-commerce platform, you are also gathering data with each transaction that can lead to valuable insights about your business. Insights that you can leverage to make even more money. This is the realm of e-commerce performance analytics, and it is a MindEcology specialty.
If your e-commerce company is like most others, you are likely unaware that this data collection is taking place, and you may have even less of an understanding of how to make it work for you. This means you are missing out on significant opportunities to increase the amount of business you are doing with current customers and new ones alike, both per-transaction and over the course of the lifetime of the customer relationship.
Your e-commerce platform is the digital storefront for your business – and so much more. That is because it is also a secret gold mine of hundreds of data nuggets that, when unearthed, can reveal answers to a number of important marketing questions, such as:
- Which customer segments do the most business with you, and at what times of the day or year are they most likely to purchase?
- Which customer segments are under-performing, but represent potential for bigger spend?
- Which products need to be offered at greater frequency, upgraded, re-priced or discontinued?
- What types of products are your customers searching for that you are not offering?
When you’ve been running an e-commerce business for years, the prospect of figuring out how to harness and interpret mountains of data may seem too overwhelming to consider. That’s where MindEcology comes in.
Our data scientists have worked with small companies and Fortune 500 businesses alike, so we’re comfortable with just about any-sized project and have pricing structures to meet your needs. We can analyze your data on a one-time basis for a special project, or we can set up a regular analysis where we report results to you on a quarterly or monthly basis.
Working with your website analytics, we’ll deep dive into your e-commerce data and emerge with valuable, actionable patterns that you can use to help you make decisions that will increase your sales.
Deliverables for You
By enlisting MindEcology’s e-commerce analytics services, you will be eligible for the following types of deliverables, depending upon the project type and scope:
- A report that details lucrative opportunities for cross-selling and upselling, based on your data.
- Alerts regarding e-commerce problems of which you may not be aware – problems that can impact your bottom line.
- Assistance creating a recommendation engine that can increase sales per customer transaction (“We noticed you’re looking at product X, which means you might also love product Y.”)
- Identification of pages that aren’t performing well in terms of customer conversion.
- A report of site search data that lets you know which products are in demand by customers that they’re not finding on your site.
- A better understanding of your top-converting products, top total revenue products and top-products that are cross-sold with other products.
- A report showing you which types of online behavior indicate a higher probability for a conversion. You can use this information to offer special discounts or customer on-page banners depending upon the user’s behavior profile.
Because the minds at MindEcology are marketing experts as well as data scientists, we can also put together specific recommendations for improving your website, or improving specific pages on your website, for overall conversion rates.
How We Do It
To gain the deep understanding of the hidden “data within the data” of your e-commerce platform, we study your website analytics, order history, conversion rate and customer demographics and purchase patterns. Specialized techniques we employ include traditional statistical/stochastic techniques as well as advanced methods like artificial neural networking.
Getting ahead in e-commerce is about more than just shipping products and collecting payments.
Contact MindEcology today. We’ll help you get started on the path to bigger profits and better insights.