Ecommerce Analytics Tools In NEXT BASKET
Ecommerce analytics are critical for your business to understand customer behavior and the customer journey. With NEXT BASKET ecommerce analytics tools, you’ll be able to analyze results and optimize them.
Analyze Results to Optimize Them
Ecommerce analytics consists of the data generated within your online store. These data analytics help you make better decisions with a complete picture of your ecommerce business’s performance. These analytics support tracking consumer behavior trends.
There is a wide range of analytics relating to ecommerce that can be valuable. Those include:
- Customer data: Demographics, buying patterns, device usage, and other information collected from customers and their activities on your site
- Customer acquisition data: Information on how customers find your site (e.g., organic search, social media, email, paid search, etc.)
- How people interact with your site: Pages they visit, time on page, clicks, etc.
- Conversions: Sales data related to when a prospect becomes a customer, such as how long it takes, shopping cart abandonment, average order value, number of visits before purchase, etc.
This type of data can help you track the entire customer journey and influence many areas of your business.
What Can You Do with Ecommerce Data and Analytics?
Gathering and analyzing the data from your ecommerce shop delivers many opportunities for your business.
Improve Customer Acquisition with Conversion Rate Optimization
When you learn when and how people convert, you can make tweaks to your shop that align with customer behaviors. For example, you could track cart abandonment and what drives a customer back to complete it.
Segment Audiences More Effectively
Customer demographic and user behavior data are key to segmenting. The more you learn about these visitors, the more you can personalize the offers they receive as a part of your marketing strategy.
Create Enhanced Ecommerce Customer Experiences
Consumers have expectations when shopping online. They want it to be easy and without friction. Learn how people move through your site and convert. With this knowledge, you can make changes to the user experience. Look at numbers for mobile and desktop to draw these conclusions. It could improve customer retention, too.
Optimize Pricing and Inventory Performance
The analytics from your ecommerce site deliver granular data analysis on what drives value for your audience. Learnings from this can support pricing optimization at the product level, so you can earn more per transaction.
Forecast More Accurately
Forecasting your online sales is a vital part of operations. However, it’s not as easy as looking at just past sales data. With enhanced ecommerce analytics, you gain more details on business performance. As a result, your forecasting is more reliable.
To achieve these benefits, you’ll need a robust ecommerce analytics tool set that blends multiple data sources.
How Ecommerce Analytics Tools Work
Ecommerce analytics tools are on the backend of your online store. They work to capture, collect, and aggregate information from across your ecommerce platform. They monitor all the activities that users create while visiting your shop and are critical for ecommerce companies to be more data-driven.
Then all the data becomes available within a dashboard, and you can run reports based on many variables. So, what kind of reports are available, and what can they tell you?
Structured Reports on Store Performance in NEXT BASKET
You’ll have access to various structured reports on your ecommerce store performance within the NEXT BASKET suite. Below are some examples of those and how they are beneficial.
Sales Report by Channel and Outlet
In this data set, you’ll identify the channels and outlets with the highest and lowest sales. From this, you can decide to invest more in those performing well. You can also adjust the marketing channels and outlets underperforming.
Site Traffic Analysis
Discover how people find your site and what influences them to browse your online store. With these enhanced ecommerce tracking, you can continue optimizing the best website traffic sources. If you find an area like organic search is falling off, it can indicate it’s time to improve SEO or the user experience.
Analysis of Most Requested Products and Services
Find out what sells the best on your ecommerce site with this report. Knowing what’s popular with customers will help you plan out paid marketing campaigns and marketing efforts better. Spotlighting these sought-after products and services could then result in more online sales.
Sales Funnel Analysis
The sales funnel is the sequence of steps a user takes before converting. It will constantly evolve as buyer preferences and behavior do. Dig into this analysis to improve how you nudge people down the funnel toward a sale.
Consumer Behavior Analysis
How do average customers behave while on your site? What choices do they make, or what information do they view as they shop? You’re tracking everything a user does on the site, and it can all be available in a report. All the actionable data helps you know your customers better so you can market to them more appropriately.
Payment Analytics and Reporting
The next area of performance metrics that are essential is how people pay. This information can help you improve the checkout experience. It will also advise you of which payment options to enhance based on usage and shopping success.
ERP Resource Planning System
Ecommerce analytics can feed into your ERP. This data provides valuable insights and more context to inventory management, orders, and sales. Accounting and finance can access this data in the ERP system as well to support financial reporting.
Ecommerce Analytics Tools Fuel Data-Driven Decisions
The NEXT BASKET ecommerce platform has all the advanced analytics tools you need to make informed decisions on every aspect of your business. With these actionable insights, you have the marketing data to clarify assumptions and marketing strategies and pivot if necessary. Gain these by adopting the NEXT BASKET solution today.
Frequently Asked Questions
What ecommerce KPIs analytics should you be tracking?
KPIs (key performance indicators) are the metrics that indicate how your store is performing and growing. You can track any activity on your online shop. Some key ecommerce metrics include:
- Website performance (e.g., traffic, bounce rate, load time)
- Marketing analytics (e.g., click-through rate, conversion rate, cost per acquisition, marketing channel success, etc.)
- Customer behavior metrics and product metrics (e.g., inventory turnover rate, product page views)
- User experience metrics (e.g., page load time, mobile responsiveness)
Does using ecommerce analytics tools require a lot of knowledge and training?
No, you and your users can quickly find what you need within the NEXT BASKET platform to review metrics like customer acquisition cost, average customer lifetime value, etc.
Can you transfer existing ecommerce analytics to the NEXT BASKET platform?
Yes, it’s possible. An entire database is transferable to NEXT BASKET from other ecommerce platforms and tools. Pull data from one place and send it to NEXT BASKET. There is no charge to import this data.
Can NEXT BASKET share data with other ecommerce analytics software?
Yes, NEXT BASKET has pre-built connections to many ERP systems. Additionally, the ecommerce software integrates with 90 external solutions to ensure you can run your ecommerce business seamlessly, including Google Analytics and multiple high-end analytical tools.