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’.
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.
- 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.’
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?