Growing Significance of Digital Analytics in E-commerce

Growing Significance of Digital Analytics in E-commerce

If there’s one thing that the past COVID-affected year and a half has taught the retail industry, it is the importance of a substantial e-commerce presence. With the brick-and-mortar model highly affected globally, both small and large-scale companies lately have needed to adapt their strategies to the new realities if they wanted to be competitive and/or profitable in the marketplace.
However, converting a brick-and-mortar retail business to conventional e-commerce does not address the issue entirely. A typical e-commerce implementation goes hand-in-hand with Digital Analytics. Studies suggest that by 2022, 90% of corporate strategies will explicitly mention information as a critical enterprise asset and analytics as an essential competency.
With the rapid transformations that took place in the past one and a half year, the next couple of years will be about finding opportunities to reach consumers digitally and stocking your marketing expertise with innovative strategies to stand out. This further boosts the importance of how efficiently can you take advantage of e-commerce analytics. The essential question here is: How can your brand exploit the new opportunities despite the uncertainty to exceed your goals this year?

Challenges in adopting digital analytics

Obviously, any firm beginning any process of adoption mostly faces many problems and barriers. The case stays the same when it comes to digital analytics.
A Forbes research shows that companies tend to make the following five mistakes pretty often while trying to use digital analytics effectively:

• Starting digital analytics without a clear goal
• Ignoring core metrics to chase noise
• Choosing overkill analytics tools
• Creating beautiful reports with little business value
• Failing to detect tracking errors

The lack of digital analytics expertise in the market makes it even harder for businesses and eventually it takes a lot of time to ease the uncertainties. Analytics is a domain where early mistakes result in massive revamps. This eventually makes the fixes extremely expensive and time-consuming. That’s another reason why implementing analytics the right way is not only important but vital as well.
There are hundreds of analytics tools out there in the market with their own benefits and limitations. Consequently, it becomes difficult to choose which one to go with that matches perfectly with your strategic business needs.
Taking all of these factors into consideration, there are many fundamental aspects within any small or large-scale enterprise that are needed to be asserted into corporate strategic planning to ensure that data & analytics capabilities are incorporated the right way within the highest-level public-facing enterprise plans. This is where Visionet can assist in incorporating a strategic and result-oriented implementation, which allows enterprises to gain competitive edge and be even more profitable in the new normal.

Visionet is here to help!

Visionet’s digital analytics experts not only bring their tool-oriented expertise to solve your problems but also help you combine the strengths that these individual tools carry and then consolidate the data for advanced and ROI-based analysis. Whether you’re going with Adobe Analytics, Google Analytics, Tealium IQ, FullStory, or any other platform, our team of experts will help you achieve a holistic view of your data and information to make your analysis easier and allow for informed decision making.
 
Time and time again, our clients have endorsed us for providing them with key advantages such as:

• Sustained growth in customer acquisition
• Increase in revenue per customer
• Decrease in customer acquisition cost
• Reduction in customer churn
• Enhancements to product offerings

Does your business have the right people having the right expertise along with the processes to accomplish an aligned idea? If not, take a step back and get in touch with the experts who will help you jumpstart the learning curve and manage this exciting organizational change.
 

Author

Waleed Mirza – Senior Business Analyst, Digital Analytics, Visionet
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