Introduction

You undoubtedly know how e-commerce has grown as the global market becomes more connected and digital. This growth leaves your organization with no choice but to understand customer needs and deliver exceptional experiences to stay ahead of the competition. 

However, how can you do that? 

E-commerce analytics is the answer to it. It plays a crucial role in achieving the key goal of enhanced online customer experience. It will support your organization with valuable insights driving data-backed decisions, bringing forth new trends essential for managing enhanced customer experience. 

E-commerce analytics eliminating the obstacles to growth

Two major obstacles are faced by companies today towards their journey of growth – establishing a strong workforce and winning the hearts of new customers with immersive and personalized experiences. E-commerce analytics trains brands to move along with data and insights, allowing them to understand the customers better and build robust marketing strategies, improve products and services, boost sales, drive ROI, and position themselves among the top-ranked companies. Apart from this, today, conversational AI is revolutionizing customer support.

However, before heading on to understanding what trends your company should follow, there is a need to understand the analytics types and the critical metrics tracked to integrate such trends in your customer experience strategies. 

Types of E-Commerce Analytics:

Audience – Generates deeper insights into customer demographics and devices used to access the website/store to reframe your company’s advertising, logistics, and marketing content decisions.  

Behavior – Insights generated on the main products your customer purchases, the pages they visit, and time spent on your website, allowing your business to gather significant points to improve your online and offline user experience. 

Acquisition – It enables your company to understand the pre-purchase journey of the customer. It generates insights on the effective marketing channels to use – driving sales and retaining customers. 

Conversions – Develop insights on the conversion-related factors – cart abandonment, time taken to become a customer, and refocus your understanding of the ROI generated through paid marketing activities. 

Implementing the above-identified analytics needs to be accomplished by maintaining performance indicators. The performance indicators should be associated with the customer journey stages, which primarily contain five stages – awareness, consideration, conversion, retention, and advocacy. 

Let’s take a peek into the metrics your company must follow:

Stage 1: Awareness metrics – Being the starting point of any customer journey, it would lead your company to understand how recognized your brand is to the customers through – the brand search traffic, brand impressions, brand mentions, and engagement levels on social media. 

Stage 2: Consideration metrics – Once the customers have accessed your website but made no purchase, your company should monitor the traffic source, number of sessions followed, pages viewed every session, click rate, and the add-to-cart rate. These metrics will lead you to the critical insights into which the sources would generate traffic for your e-commerce site. 

Stage 3: Conversion metrics – Tracking the number of sales is not just what your company should idealize but should also focus on the worth of the sales. Thereby, you must consider the sales profit, cost per acquisition, and the return on advertisement spend. 

Stage 4: Retention metrics – Retaining your customer will be a task after a customer makes a purchase. But if customer retention rate, customer churn rate, and customer lifetime value rates are monitored, then attaining continuous sales from the existing customers will be a piece of cake. 

Stage 5: Advocacy metrics – Apart from continuing to shop from your website or application, how often your existing customers recommend your brand to others demonstrates the customer satisfaction rates. You should look for affiliate deals, customer referrals, and net promoter scores for this.  

Now, where would these metrics lead your company to? It will lead to none other than the latest trends that your company should adapt to the dynamics of customer preferences. 

Connect with your customers with these trends  

Changes in customer preferences are altering their expectations of the experiences from e-commerce companies. Hence, with the ever-changing e-commerce landscape, the key trends that you are supposed to watch for are:

AI-Generated Noise – To keep customers hooked to your website, your delivery content needs to be efficient. Hence, AI will play a significant role in bringing out the best marketing spirit your company will install within your organization. 

Pricing pressure – Price change is standard, especially when selling products in an e-commerce platform, and the pressure towards commoditization also increases. Thus, tracking the marketing pricing is necessary to leverage analytics. 

80/20 customer segmentation – Segmenting your customers based on the 80/20 rule will give you insights into customer demographics and tune your CX strategies accordingly. 

That is where Conneqt comes into the picture with our focus on enabling retail and e-commerce businesses to make better decisions and improve their growth with exceptional e-commerce customer service. Whether the companies choose us to entrust data and analytics to their in-house team or outsource it, we are here to shape it all. With Analytics as a service, we help businesses establish an analytics Center of Excellence, leveraging it across company functions. 

Our advanced analytics services, proactive insights, alerts, and business analysis play a significant role in developing statistical tools for companies to deliver stellar CX. Our SLA-Driven service delivery and proactive alerts raise concerns over risks while catering to all business needs.

We also augment analytics through our services using Speech Analytics and Data Analytics to analyze customer sentiments and call-to-action insights for continuous product, process, and service improvements. Speech analytics led to customer journey insights, used to conduct sentiment analysis, guiding our data specialist to identify patterns and help clients improve their employee skills through the client training process. Customer segmentation leads to easier data recognition from audio recordings, transcribing them into text, and further generating actions to improve customer service outcomes. Through analytics, Conneqt ensured that the CX improvement strategy focused more on customer feedback, leading to efficient customer support management practices. 

Final thoughts

Considering the competitive e-commerce landscape, delivering an exceptional customer experience is non-negotiable. E-commerce analytics trends are evolving rapidly to meet this demand, providing businesses with invaluable insights to create personalized, efficient, and seamless customer experiences. Embracing these trends, your company can stay up-to-date with the market and thrive in the competitive market while establishing lasting relationships with satisfied customers, generating better customer experience. 

If you want to deliver an exceptional customer experience and thrive in the e-commerce landscape, Conneqt with us.