The world of eCommerce is filled with challenges and opportunities. How can you stay one step ahead in the fast-moving online business world? The simple answer is to make faster decisions than your competitors.
However, it's important to note that making quick decisions isn't necessarily the right approach if they aren't based on your eCommerce business data. While larger online businesses may have data analysts to study all business data and dive deep into sales, marketing, and product metrics, not everyone has this luxury.
But if your business doesn't yet have a data analyst, this blog will be your solution as we discuss:
Let’s dive in!
The Importance of Analysis in eCommerce Businesses
Conducting analysis on your business involves evaluating, understanding, and interpreting the information that flows through it. The primary goal is to gain better insights into how your business operates, interacts within its ecosystem, and to assess the effectiveness of your efforts.
Analysis in eCommerce encompasses various aspects such as sales, marketing, products, target market, and many other detailed factors. The benefits of performing business analysis in eCommerce include:
Identifying business opportunities
Overcoming business challenges
Increasing operational efficiency
Making better decisions
All of these aim to improve and increase profitability for your business.
When delving into eCommerce business data, you'll go through steps like opening all sales and marketing channels, downloading data individually, and organizing it for consistency. Beyond that, you'll encounter various sales and marketing metrics, from GMV, traffic, and conversion rates to average order value and other important metrics.
This lengthy process can be made more efficient with the use of analytical tools.
Analytical Tools to Help Your eCommerce Business
In this advanced era, there are advanced solutions to help you conduct analysis in eCommerce. A quick search online will present you with a variety of options.
Before deciding which tool to use to simplify data analysis for your business, let’s explore more deeply!
Triple Whale
Triple Whale is an eCommerce analytics solution provider. If you manage an online store on a website using Shopify, this tool is definitely worth considering. One of its main functions is to centralize eCommerce data from sales and marketing channels into a single platform. This makes financial reporting, marketing analysis, and customer data easily accessible in real-time. However, it's important to note that currently, Triple Whale only integrates with Shopify. So, if your online store operates on a different platform or marketplace, you might need to look for another analytics tool that better fits your business needs.
Supermetrics
If you want to dive into marketing efforts by analyzing eCommerce business data, Supermetrics is a popular analytics tool, especially among marketers. Supermetrics consolidates data from various marketing and sales tools into a single data warehouse, thereby reducing one of your business burdens
Once your sales and marketing data is in the data warehouse, you can create personalized reports using tools like Looker Studio and Excel, which integrate seamlessly with Supermetrics. This setup allows Marketing Managers, eCommerce Managers, or eCommerce Specialists to analyze the data and generate insights and recommendations for your business's next steps.
Mixpanel
As an analytics tool, Mixpanel could be the right analytics tool for processing sales, marketing, and customer data. It monitors your store’s performance and tracks important metrics like page views, bounce rate, average session duration, and more. As an eCommerce business owner, you’ll get real-time insights into sales trends and customer interest in your D2C store or website. This helps you make better decisions about which products to promote more effectively.
However, Mixpanel is primarily focused on applications and websites. Its eCommerce sales data integrations are currently limited to platforms like Wordpress, Shopify, and PrestaShop via JavaScript API.
CommerceIQ
CommerceIQ is an omnichannel management platform that uses machine learning and automation to boost retail sales. For eCommerce businesses, CommerceIQ offers a product called Digital Shelf Optimization, which provides real-time analytics for your business.
Unfortunately, CommerceIQ's current marketplace integration is only with Amazon.
Google Analytics
eCommerce business owners with a website or D2C store will love Google Analytics, especially for its ability to capture key metrics that reveal the customer journey from their first visit to the online store to conversion. Continuous analysis becomes easy when optimizing your website, as Google Analytics can connect to other Google services like Search Console, Google Ads, or Looker Studio. However, accessing more detailed insights requires opening a new tab for each integrated Google service.
The downside for Google Analytics, it relies heavily on the Google ecosystem. This limits online businesses from performing in-depth analytics on marketing and sales channels outside of this ecosystem. In addition, Google Analytics’ limitation of not providing data in real-time can delay business owners from making important decisions quickly.
Daasity
Daasity is an analytics tool for businesses to help you understand key business metrics across marketing, growth, and inventory channels. Users can run BI reports within Daasity rather than using other third-party tools. This analytics tool offers simplification in data processing to reveal hidden insights from your data.
The one limitation of Daasity is that currently it only supports an integration with Amazon. If your sales channels extend to other marketplaces, then you will not be able to integrate that data and other marketplaces has limitation. If your sales channels are built in a website or D2C, Daasity offers the ease of using its analytics tool. But, the eCommerce ecosystem extends beyond D2C. Marketplaces are also crucial sales channels, and currently, Daasity supports data integration only with Amazon.
Graas
Graas is an AI powered eCommerce analytics tool that offers a comprehensive in-depth analysis for businesses in the eCommerce ecosystem. Let’s explore Graas’ features and capabilities :
Workplace
Graas gives you a complete picture of your eCommerce business, with clear visualized data for your eCommerce Manager to monitor all stores, SKUs, and orders. Your Marketing Manager can also easily track campaign performance, including ad spend and ad revenue. It offers the ability to customize dashboards to view reports according to your preferences.
Business Deep Dive
Running an eCommerce business means dealing with a lot of data and metrics, and understanding how they interrelate. Graas simplifies this with the eCommerce equation, so you don’t have to perform complex calculations to understand your profitability.
Marketing Deep Dive
Marketing Deep Dive provides a comprehensive understanding of all your marketing efforts' performance. By identifying the best-performing campaigns with Graas’s AI data analytics platform, you can optimize your budget and spend on the most effective channels.
Root Cause Analysis (RCA)
Fluctuations in business revenue are common, but it is harder to understanb why it happened. With Graas’ RCA, you easily identify the reasons for a rise or dip in key metrics like Revenue, Traffic, Conversion Ratio, and Average Order Value (AOV). You can unconver how different metrics are interconnected and how one impacts the other.
Attribution
As your business grows, not only do you need to expand your sales channels but also your marketing channels. But there are times when you will ask ‘which marketing channel contributes the most, huh?’ The attribution feature in Graas will analyze the performance of each channel and give you an answer as to where shoppers are coming from and making purchases at your store. This will make it easier for you to make decisions to maximize your budget and campaigns on the channels that contribute the most.
The Right eCommerce Analytics Tool for eCommerce
Before deciding on the right eCommerce analytics tool for your business, you need to consider these five factors:
Features and capabilities
Platform integrations
AI capabilities
Ease of use
Customizable reporting
The right analytics tool for business owners should fully meet the 5 factors mentioned above, allowing you to comprehensively monitor your eCommerce performance in real-time.
Some analytics tools mentioned above might meet some part of your business’ objectives needs. However, with Graas AI data analytics tool, which offers 100+ data integrations and an intuitive dashboard providing a single source of truth to eliminate data silos, you will get a holistic view of your eCommerce business.
Moreover, Graas' API integration ensures seamless connectivity with multiple data sources, guaranteeing the accuracy and reliability of your data. This provides you with real-time insights and strategic recommendations, enabling you to make quick, data-driven decisions with ease.
Comments