E-commerce is a high-growth, yet highly competitive space, and data analytics has changed the way companies interact with their customers. Consumers these days expect tailored experiences and will not hesitate to switch to alternative vendors if their needs aren’t met.
Thanks to data collection, there are many reports and analyses that an e-commerce company can conduct. Of these, a website analysis tool is arguably the most critical. After all, e-commerce revolves around a shop-enabled site, and analysing the data relevant to your store’s success can be a huge driver of business growth.
Here are four ways in which website analysis helps e-commerce entrepreneurs increase sales.
Analyse Shopper Behaviour
Analytics has progressed to the point where companies can pinpoint a user’s behaviour with a high degree of precision. While they can’t track individual user behaviour minutely, companies can use behavioural data to segment their audiences and target them with customised offers.
For instance, companies can segment their audience based on levels of engagement with various off-site marketing touch-points and monitor how cross-purchasing happens within each segment. A highly engaged customer might purchase a different group of brands than one who hasn’t subscribed to all the company’s channels. In turn, this provides insight into the lifetime value of each cohort, and companies can prioritise resources to maximise this number.
Website analysis can also provide insight into elements that increase subscription and customer retention. Companies can A/B test their strategies to figure out what works best and zero in on their audience segments to boost growth.
Repeat purchases are a holy grail in e-commerce, and companies can examine their loyalty loops to discover cross-selling and upselling opportunities to boost engagement. For instance, a site analysis report might reveal that less-engaged consumers browse a certain accessory but don’t purchase it often enough. The company can target these customers via a newsletter and offer a bonus or a discount, thereby incentivising them to subscribe and engage with the retail presence itself.
Benchmark Your Metrics
One of the biggest challenges that e-commerce businesses face is figuring out appropriate thresholds for various performance metrics. For instance, is 1000 visits per month to a page good or bad? The only way to know this is to compare that metric to the competition and figure out what the benchmark is.
A site analysis report makes benchmarking simple and gives e-commerce businesses insight into what they ought to aim for. By putting their metrics into context, companies can allocate resources efficiently and discover untapped opportunities.
For instance, a popular product’s conversion ratio might lag behind the rest of the industry, and this points to a problem that could balloon in the future. By working to improve that product’s page or the overall buyer journey, companies can take action ahead of time.
Optimise for Google Search
Search engine optimisation (SEO) is the best way for e-commerce companies to ensure they’re discoverable on the internet. Search algorithms have become smart enough to analyse text contextually, and companies can leverage these improvements to appeal to their customers.
Keyword research, for instance, has progressed beyond looking up a few keywords and stuffing them on a page. To gain a search engine’s (and, by extension, a customer’s) attention, companies have to focus on creating rich content around relevant topic clusters on their website.
A site analysis tool can pinpoint which keyword clusters are driving the most traffic. Even more importantly, it can highlight lost opportunities. For instance, a competitor might be receiving huge traffic from a topic that your company isn’t addressing. Their social media channels might be oriented towards a different audience than your company’s channels, and this might be creating a performance gap.
Companies can also spot keyword search trends and take advantage of them. By matching the keyword’s search context to their audience segments eCommerce companies can create content that attracts more visitors and builds stronger relationships.
Tracking branded keyword search referral trends is another important part of SEO, since it reveals the performance of brand awareness marketing strategies. If more people are Googling your company name, then it’s a good sign that your off-site marketing is resonating. Thanks to site analysis, companies can even measure the profit potential of a group of keywords before committing resources to them.
Monitor Purchase Trends
Consumer behaviour changes all the time, and analysing these trends goes well beyond keyword research. These days, consumers interact with companies across a variety of channels, and monitoring interactions with them is more important than ever.
For instance, a customer might indicate displeasure on a social media channel and not open a proper customer service ticket about their issue. As far as the customer is concerned, they’ve complained, and the company has to take remedial action. A site analysis tool combined with social listening of this kind can reveal trends in consumer behaviour.
E-commerce website analysis can also reveal which products are the most popular and which ones are lacking engagement. Companies can either discontinue those products or change the page’s structure to boost engagement. They can also unearth growth opportunities via cross-sell opportunities.
Running a site analysis report on a competitor’s website will uncover their most profitable products, and companies can tailor their strategy accordingly. Thus, companies don’t have to be in the dark about which products carry the most appeal to their customers.
Putting Data to Work
Site analysis reports allow companies to leverage the data they collect and put it to work. It helps them increase their competitiveness in their niche and increase revenues in the long run. Best of all, it gives them a deep knowledge of what makes their customers tick and tailor unique buying experiences.