How Business Intelligence Turns your E-commerce Store into Success
June 20, 2020
Countless technologies stand to benefit e-commerce business. While some of them have the potential to transform your online e-commerce store but, not all technologies are as robust as Business Intelligence (BI) in this context.
Business Intelligence combines strategies and best-in-class technologies to breakdown the most crucial information for easy understanding. It not only helps organizations to gather data and relevant insights but also saves valuable time.
Read Also : Guide to Choose the Right CMS for your eCommerce Business in 2020
E-commerce is one of a kind industry that indispensably depends on business intelligence and analytics to get the best results. Investing in business intelligence and analytics can help you go beyond simple calculations of costs, customers count, and revenues. Instead, it enables you with algorithms to gain a deeper understanding of customer’s behaviors.
Reasons Why E-Commerce Companies Are Leveraging the Potential of Business Intelligence
Make Enhanced Decisions
The main goal of implementing business intelligence is enabling e-commerce entrepreneurs to make better and informed decisions. With BI-enabled software, you can evaluate your data from both past and present to create custom reports, summaries, and charts. It extracts crucial facts from the enormous data generated regularly. Data from voice calls, chats, and e-mails can be thoroughly analyzed by BI tools that shed a spotlight on customer’s preferences. Since the tools help you in gathering and analyzing data, the process saves time and improves business productivity.
Merchandise & Inventory Management
With BI tools in your e-commerce tools, you can showcase the right product at the right time. Depending on the insights, you can also evaluate the product’s performance and accelerate promotion in fruitful areas (including categories, location, etc.).
In e-commerce, the marketing dynamics fluctuate time-to-time, making it hard to manage inventory levels manually. Leveraging the potential of business intelligence tools, you can make orders as per in-demand products. It helps you build effective business strategies for product discounts and promotions.
Improve Customer Retention
Customer retention is one of the top concerns for any e-commerce or B2B business. Business intelligence tools help you find out why customers are abandoning carts. Information like late shipments, customer complaints, and inconvenience in returns, lets you improve your services and fortify your e-commerce business.
To achieve the best possible outcomes, hire a reliable business intelligence solution provider. The company that holds years of experience and enhanced expertise can help your business grow at a scale.
Address E-Commerce Challenges with Smart Business Intelligence Tools
Being a top e-commerce web development company, we have skilled BI consultants that specialize in e-commerce analytics. The experts use modern BI tools to make your platform more efficient and sustainable in the marketplace.
Tableau
From loyalty programs to shopping cart details, an enormous amount of data is generated that helps retailers to make quick decisions. Tableau drives insights with the optimum utilization of data for future benefits. It combines relevant data into a single view that encourages participation in dynamic discussions. VizQL is the visual query language used in Tableau that helps in translating its drag and drop actions and showcase data visually.
In the e-commerce industry, data is massively vast. With the help of BI tools like Tableau, companies can analyze complete data including, AdWords, seamlessly. It gives you a better understanding of keywords, leading to optimum usage of budget.
How BI tool “Tableau” proves beneficial in E-Commerce?
- Easy-to-use
- Delivers intuitive and immersive experiences
- Integrated with other tools like Salesforce customer success platform to embed analytical dashboards
- Works seamlessly across web, desktop, and mobile versions
Microsoft Power BI
Power BI offers a complete Business analytics tool to provide deeper insights into an organization. By using visualization and AI, the BI tool allows you to understand the growth and spend patterns of your customers. Timely updates on finances help you to keep a pulse on the overall operations and the ability to respond quickly to financial results.
Moreover, Power BI can record data points for effectively targeting customers through personalization. If you want to achieve her sales, reduce costs, increase customer acquisition, and achieve outstanding ROI of your platform, integrate with Microsoft Power BI.
How Microsoft Power BI proves beneficial in E-Commerce?
- Manage data from multiple locations
- Understand changing customer trends
- Improve campaign performance
- Visualize the impact of marketing activities
Looker
Thanks to e-commerce data analytics, retail businesses are now much aware of how to access the data and turn them into opportunities to grow business. Every company is looking for innovative ways to derive value from data. It’s time to upgrade your retail and e-commerce business with Looker.
With Looker, you can track e-commerce KPIs like shopping cart abandonment and conversion rates with ease. Predictive tools like Looker help you boost your sales by identifying upcoming consumer trends basis on which you can update the prices of your products.
How Looker proves beneficial in E-Commerce?
- Get real-time updates and dashboards for in-depth analysis
- Infuse real-time data with pre-existing tools for effective results
- Monitor inventor levels that help you manage stock regularly
- Optimize digital ad spend in real-time
- Make accurate predictions for loan paybacks
Summary
Competition in the market is thriving every passing day. Leveraging the potential of business intelligence helps your e-commerce store to stand out. Hiring the best business partners can help you navigate your business toward success.
With a decade long experience, our BI experts hold a strong portfolio in developing custom web applications for the e-commerce industry. Supported by market leaders, we have successfully outgrown our position in top mobile and web development companies across the globe. Book a free consultation with experts and get started with your project today!