According to a special report by the Boston Retail Partners, online retailers are planning on making analytics a priority for investment. This is no surprise really, as the need to better serve consumers based on their behavior has long been a goal for retailers.
Commerce is Real-time
What has changed however is the timeframe in which data needs to be crunched, insights need to be generated and action needs to be taken, something we have built for at Granulytic. With more and more online shopping (not just browsing) moving to mobile devices, with an increasing number of things to distract us, and with plentiful options, consumers are not spending as much time on any one website.
“The need for differentiated experiences has never been greater,” – Catherine Diaz, senior analysis manager at ADI
After telecommunications, retail is seeing the biggest drop in time spent on site which should not cause panic and make you think your customers are going away. They are not. They are simply spending less time on your site, so knowing what they are doing as they are doing it and having the insights to take action is key. This is what we at Granulytic call Real-time Merchandising Intelligence.
When you think about using analytics on your website, beyond the standard data reports you get from most eCommerce platforms and solutions like GA, you want to also think about the following:
- How will I know, when it happens, if people are searching for things not being mapped to my catalog
- How do I know if whats actually being purchased, as it is being purchased is aligned with how I am promoting product on my site
- How might I leverage geographical or other shopper specific data, matched with product data, to offer a targeted promotion so as to capture desire while customers are on the site
If you would like to find out more about some of the insights we can generate and learn how we can help your business, drop us a line and arrange for a demo.