Even as we approach the next decade, the eCommerce industry continues to be poised for an exciting future. The latest studies estimate that eCommerce retail sales are set to increase globally to $4.9 trillion by the year 2021. By the same year, eCommerce sales will account for 17.5% of the overall retail sales around the globe.
With the constant transformation of the eCommerce retail industry, online shoppers are also looking for an improved shopping experience and brand engagement. In this competitive environment, eCommerce stores are trying to stay relevant by developing a deeper understanding of shopping habits and preferences. As a result of this industry trend, technology tools like E-commerce predictive modeling and eCommerce prophet reporting are on the rise.
Through the use of data analytics, eCommerce reporting and user tracking are enabling online retail stores to track and monitor data generated from user behavior and online campaigns to come up with a better decision-making process.
The next sections of this article focus on how eCommerce prophet reporting (or simply eCommerce reporting) can benefit the business. Besides that, we shall look at eCommerce prophet parameters that work for better decision making.
What is Enhanced Ecommerce Reporting?
As an eCommerce store owner, you can rely on eCommerce tracking and reporting provided by analytics tools such as Google Analytics. As an example, you can use eCommerce conversion tracking to correlate your online sales-related data with customer-centric metrics such as bounce rate, average session time, and incoming traffic.
As compared to traditional eCommerce reporting, enhanced eCommerce tracking and reporting provide a broader view of your eCommerce data with reports on:
- Shopping Analysis (including shopping behavior and user checkout behavior)
- Marketing Analysis (including customer responses to internal promotions, product or order coupons, and affiliate codes)
- A predictive model for E-commerce reports that can be used to boost online sales, conversions, and even the right product pricing based on customer sentiments.
Ecommerce engagement or user engagement (including shopping behavior and user checkout behavior)
In the following section, we shall evaluate the 4 most critical parameters when it comes to eCommerce prophet reporting and tracking.
4 Key Parameters in Ecommerce Reporting
So, which are some of the key parameters of eCommerce prophet reports that can truly provide valuable insights to any online retail business? Here is the list:
- Ecommerce conversion tracking
- Advanced Ecommerce reporting
- Intelligent data support for effective decision making
- Hypothesis data analysis
Let’s now discuss each of them in further detail:
These are among the key parameters used to track online activities and transactions occurring on your eCommerce site. This typically includes conversion tracking as measured by Google Analytics as well as on business pages on social platforms like Facebook and LinkedIn.
The eCommerce conversion tracking report can provide valuable business insights into various online activities including:
- Conversion rates and revenues generated in a particular time period or duration.
- Transactions-related data that indicate the total number of online purchases (in a given time period) along with the average order value (or AOV)
Marketing-related data including the most selling products (and the average revenue generated) and transactions related to any marketing campaigns, internal promotions, and affiliations.
Advanced eCommerce Reporting
As discussed earlier, analytics tools like Google Analytics and Google Data Studio enable advanced eCommerce reporting that can measure the user’s complete purchasing journey.
For example, the Google BigQuery tool can be deployed as an eCommerce data warehouse that can provide access to limitless eCommerce data and to perform a deep path analysis for greater clarity.
As another example, Google Data Studio can consolidate all your business data under a single report and provide data insights into:
- Shopping Behaviour Analysis that measures shopping-related parameters like the number of sessions for each shopper during every stage of their purchasing funnel, or the number of abandoned sessions in each funnel stage.
- Checkout Behaviour Analysis that measures the ease with which your online shopper can move through the checkout process stages. This analysis indicates how the number of users who have progressed (or abandoned) the checkout funnel.
Intelligent Data Support for Decision Making
Effective data systems are fundamental to better decision making in the eCommerce industry. In other words, an intelligent data support system is designed as an eCommerce web server linked with the rest of the company’s information systems.
As illustrated in the above diagram, eCommerce systems such as ERP (or Enterprise Resource Planning) and CRM (Customer Relationship Management) now include efficient decision-making modules or the decision support system (or DSS).
With a greater emphasis on fulfilling customer needs, eCommerce managers need to find effective ways of meeting customer expectations through efficient decision making. As a result, we are gradually witnessing the deployment of eCommerce system in management functions including:
- Supply Chain Management (or SCM)
- Financial Resource Management (or FRM)
- Human Resource Management (or HRM)
- Manufacturing Resource Planning (or MRP)
- Composite Product Mapping (or CPM)
- Hypothesis Data Analysis
The last of the 4 key parameters in eCommerce prophet reports analysis is data-driven hypothesis analysis that is based on testing eCommerce website changes. What can this achieve? Hypothesis analysis can improve user conversions and even profits.
An example of hypothesis analysis is A/B testing that is based on multiple data sources including mouse tracking, live chats, customer surveys, and usability.
For instance, mouse tracking data can be used to improve eCommerce KPIs and metrics based on the following focus areas:
- Whether online shoppers are performing the key designated task on each website page?
- Are website users clicking more on website elements that they shouldn’t be?
- Are there any website areas with a high volume of mouse click density?
Finally, let’s take a look at how eCommerce prophet reporting benefits the business.
How Ecommerce Prophet Reporting Helps in Business Growth
For any online retail business, eCommerce reporting offers a quick snapshot of your online store’s performance including the top products and buying trends that are driving your online sales. With its actionable data, eCommerce business owners can improve decision making and business growth with the following categories of data insights:
- Product insights, which include insights about the top (and least) selling products or the sales of discounted products. Product insights enable the retail business to make the right decisions about which products to promote or run promotions.
- Customer insights, which provide insights about customer needs and expectations and the driving force behind repeat purchasers. With these insights, the eCommerce store can focus on how to identify the top customers and how to encourage them to spend more on purchases.
Additionally, eCommerce managers can work closely with product engineers and other personnel and guide them with data-inspired product ideas. For example, optimization of the eCommerce sales or conversion funnel can boost product purchases, drive more incoming traffic, and reduce the shopping cart abandonment rate.
- Marketing insights, which provide insights about the effective marketing channels that are driving the most conversions. As an eCommerce store, you can use these insights to target the right channels for improving sales leads and customer engagement.
As an example, effective A/B testing in eCommerce can improve the overall returns on ad spending, reduce the customer acquisition cost (or CAC), and increase the customer lifetime value (or LTV).
In summary, eCommerce prophet reporting has grown to be an effective tool for the global eCommerce industry and is driving better decision making and online purchases. With industry experience in cloud-based analytics and visualization, Countants has partnered with various eCommerce players and enabled them to make more business sense from their enormous data volumes.
As data analytics companies, Countants has been successful in providing online eCommerce retailers with the right technology-driven solutions based on their specific business needs.
Looking to leverage our technological capabilities in the eCommerce industry domain? Leave your valuable comments in the section below or contact us today.