The value of understanding your product data quality cannot be overstated. The act of not only being able to be aware of overall performance, but to take actions accordingly, is becoming more and more important to eCommerce managers.
Optimizing your eCommerce data on a product by product level enables, among others:
A gap currently exists in understanding and taking action on analytics results in eCommerce.
Digital marketers and eCommerce specialists face the challenge of having to acquire new customers at a lower and lower cost, whilst simultaneously retaining them for maximizing product sales.
This leads to the following questions often being posed:
The current solutions are not only time consuming but resource-consuming for businesses that want instant insight into product performance.
Forrester reported in 2016 that 74% of firms say they want to be “data-driven,” but only 29% are actually successful at connecting analytics to action.
The result of a lack of overview and control over data can lead to the following mistakes:
In simple terms, predictive analytics tools shows product and eCommerce managers how their products are performing, what their users need, and how to retain them. Product insights simultaneously drives better customer insights and data-based decision making, by collecting and interpreting all product-related data.
In short, product analytics provides an automated method to analyse product and sales performance to give a more effective and efficient experience to your potential customers.
This lack of understanding means that eCommerce Specialists cannot optimize as well as they could and will miss important opportunities that could be achieved by effective analysis of their portfolio.
Generally, the problem is that the customer reacts too slowly or will act at the product category level instead of a particular product level.
eCommerce companies need to know how their users and customers are engaging with their retail products or services. Product-focused analytics enables them to track the digital footprint of their products to view and collect information of what shoppers like (or dislike) along with the product line, promotion or brand that they engage with most.
Product analytics converts unstructured business data into valuable insights by integrating a variety of data sources into a single and organized window for eCommerce decision makers.
Companies that deploy product analytics earn twice as much profit as any competitor company that does not use these technologies.
By bringing together sales data from each of your sales and marketing channels, and combining that with industry benchmarks and machine learning - you can understand how your products and sales are related on a product level.
That's why we've just launched WakeupData Actions
What this means is that you get an instant overview not only of your online store, but product performance on each channel you're selling on.
Respond to changes in performance just a few minutes after they occur, as well as automatically respond to trends that arise on external channels.
The WakeupData Actions platform creates great value for you, as it allows you to make relevant marketing optimization decisions that will increase online sales and conversions - based on data from your own portfolio.
Upon logging into your Insights account, you can get an immediate overview of:
Most campaigns are managed on a category level. Even if the performance of a category is good, there are probably several products that are not doing very well and that decrease the ROI of the entire product group.
Most channels do not provide performance data on product level so you need a data feed tool to identify and remove unprofitable products. To improve campaign ROI considerably, consistently remove products with: many clicks and no conversions a CPA that exceeds the gross margin a Return On Ad Spend (ROAS) below your target etc.
Through AI and best practices, we want to deliver the feed solution that does it for you.
The only requirements are a Google shopping feed, and some short questions about your industry and market - to help our AI recommendations.
We have packed the WakeupData platform with more than just insights and recommendations sign up for a free trial to lean more about the tools: