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    Could BI be the missing piece of your eCommerce puzzle

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    could-bi-be-the-missing-piece-of-your-ecommerce-puzzle

    For instance, consider how Tom tipped over from “Boo-hoo!” to “Woo-hoo!”

    Tom was looking for sunglasses, a t-shirt, and maybe a pair of jeans to go with it. After spending a good half hour browsing through what the online store had to offer, he finally found an awesome t-shirt and immediately fell in love with it. But the rosy visions of striding into his class wearing that hip t-shirt faded when reality bit him in the neck – the price was too high for him.

    However, his sadness did not go by unnoticed. A virtual fairy was watching over him. As Tom was a loyal customer, it was worth offering him something special. The fairy had noted the product pages where Tom had spent lots of time, the items that he had analyzed in detail, and it had observed Tom lingering on the t-shirt and checking out the price again and again. The algorithms kicked into action, bunched together the t-shirt, a pair of jeans and sunglasses, and offered 20% discount on the bundled package.

    Tom’s eyes lit up, and clicked the buy button at a speed that would have impressed Usain Bolt. His heart brimming over with joy, he called up his friends and talked about ‘a great online store that you’ve got to check out’.

    Woo-hoo Moments…

    Business intelligence can transform a passive online store into a dynamic salesman.

    Your website can act as a detective-cum-salesman that keeps an eye on the customer’s needs & behaviors, finds patterns, analyzes data and takes positive action to drive sales.

    Things have never been better for online shops. There’s tons of user data that you can automatically collect.
    You can keep track of all the activities that a visitor performs on your site, you can tease out trends from this data, and algorithms can take automatic action on the basis of the findings. By integrating BI and business analytics with your online store, you can accomplish a lot, including:
    • Mine customer data and view it in visually accessible and understandable forms
    • Analyze customer interactions and offer better responses to customer queries
    • Understand customer journey and calculate customer lifetime value
    • Get insights into buying patterns and measure impact of various marketing efforts
    • Make real-time decisions during customer interactions based on data to push a sale through
    • Integrate BI with AdSense and other online marketing tools to follow visitors with advertisements of products they are considering
    • Improve overall decision-making in your organization by depending on hard data instead of hunches
    • View sources and keywords that drive unique visitors to the website
    • Measure KPIs & generate customized reports for any specific category

    What about your ecommerce store –is it street-smart?

    Traditionally, one of the biggest roadblocks to the success of BI or BA was lack of enough relevant data. The Internet has reversed the situation – now we live in an era of information overload.

    As Mitchell Kapor said, 'Getting information off the Internet is like taking a drink from a fire hydrant.’

    When you have hundreds of thousands of customers and visitors, the amount of data generated is staggering. But, data in itself is just a potentiality – it has to be transformed into knowledge and wisdom.
    Business Intelligence solutions can help you automate data capturing from different platforms, present it in a visually appealing manner, make predictions and lead to effective decision making in real time. You can even go one step further and automate some of the decision-making processes.

    As the online selling space becomes more and more competitive, only intelligent ecommerce stores will thrive.
    While talking to our ecommerce clients, we realized that many want to explore the application of BI & BA for ecommerce, but lack information on how it all works.

    Here are a few of the questions we are asked frequently:

    • Can BI help me attract new customers to store?
    • Does BI help me improve my mobility efforts?
    • What exactly do I gain by integrating BI with my online store?
    • How can I use all the BI data to improve the profitability of my site?
    • How to deal with the data overload without hiring extra resources?
    • What do you think is the future of BI and BA, in relation to ecommerce?
    • What real-time decisions can I take during customer interactions using BI?
    • Do my customers get anything special if I implement BI?

    Do you also want to find out the different ways in which BI solutions can help improve your processes and boost sales?

    Yes ?

    Watch this space! Over the next few weeks, we will be tackling all of the above questions (and more) through a series of articles focusing on BI and ecommerce.

    And,

    if you don’t want to wait for that, just get in touch with us and fire your questions! We would love to help you on your quest to build the right BI solution for your ecommerce store.

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