Predictive analytics allows eCommerce businesses to stay ahead of market trends, helping them anticipate customer behavior and optimize their operations.
By forecasting demand and identifying how customers are likely to interact with products, companies can tap into new sales opportunities that might otherwise be missed.
This proactive approach gives businesses an edge, allowing them to cater to customer needs more effectively than those who do not use predictive analytics.
In this blog, we’ll focus on how Graas’ Predict can help eCommerce businesses optimize their revenue. And how through data-driven insights, Graas can help you make informed decisions and implement strategies that increase sales?
What is Graas’ Predict? How can Graas’ Predict help increase your eCommerce revenue with data-driven recommendations?
Let’s dive right in!
What is Graas’ Predict?
Graas is an advanced eCommerce analytics platform designed to help businesses analyze their complete performance, covering both marketing and sales.
The platform provides insights into how different aspects of your eCommerce operations are performing, helping you make informed decisions for improvement.
Graas’ Predict functionality takes it further by using your own eCommerce data to deliver real-time recommendations.
Powered by heuristic analysis, machine learning and pattern recognition algorithms, Graas’ Predict analyzes customer behavior patterns and market trends to deliver accurate recommendations.
These AI-powered recommendations allow eCommerce businesses to execute timely actions, ensuring that they capitalize on predictions and stay ahead of market fluctuations, ultimately driving higher revenue.
How can Graas’ Predict help increase your eCommerce revenue with data-driven recommendations?
Making decisions based on your own customer data is far more effective than relying on third-party insights or gut feelings.
While there might be occasional successes without data, relying on predictive analytics ensures more consistent, long-term results.
Here’s how Graas’ Predict helps you boost your eCommerce revenue and improve profitability with data-driven insights:
1. Get personalized recommendations based on your goals
Your eCommerce business goals can vary significantly depending on the stage of your business.
In some quarters, your primary goal may be to focus solely on increasing sales, while in others, when you’re meeting sales expectations, your focus may shift to improving business processes and implementing eCommerce best practices.
Graas understands how critical it is to cater to all these varying goals and offers personalized recommendations tailored to your business objectives.
With Graas’ Predict, you can access recommendations categorized under four major goals essential to any eCommerce business: Sales Growth, Cost Optimization, Best Practices, and Campaign Checklist.
1.1. Sales Growth
One of the most important goals for any eCommerce business is sales growth, and Graas’ Predict is designed to help you identify opportunities to increase sales effectively. The platform analyzes data to provide actionable recommendations that you can implement immediately.
For example, if your data shows that customers frequently purchase two specific products together, Graas’ Predict will recommend bundling those products into a combo. This not only increases the chances of high AOV but also attracts customers who may not have initially planned to purchase the additional product.
The insights are not limited to product bundling. Graas also analyzes your marketing data. For example, if a particular Facebook campaign is generating more conversions, the system will recommend increasing the budget for that campaign by a specific percentage, such as 10%.
These personalized recommendations equip you to drive more sales, both by targeting the right products and optimizing your marketing efforts for those products.
1.2. Cost Optimization
For eCommerce businesses, managing costs is just as important as driving sales. The average eCommerce profit is not very high across most industries, which means that if you’re not thinking about profitability from the outset, it will only become harder to achieve as time passes.
This is where Graas’ Predict helps you with cost optimization, allowing you to make smarter decisions with your marketing and advertising budgets.
For example, let’s say you’re running an ad campaign on Shopee, but the performance is underwhelming. Graas’ Predict will analyze the data and recommend either pausing or stopping that campaign based on its effectiveness.
This helps you avoid wasting money on campaigns that aren’t delivering results. The more you cut your losses on ineffective campaigns, the more resources you’ll have to invest in campaigns that are actually working for you, resulting in increased profits.
By consistently optimizing and reallocating your budget to high-performing campaigns, you’ll see a higher return on investment
1.3. Best Practices
Even when your sales numbers are satisfactory, it’s important not to become complacent. Business hygiene, or ensuring that all aspects of your eCommerce operations are running smoothly, is critical to long-term success.
Graas’ Predict offers insights that help you maintain business hygiene by identifying areas where small adjustments can lead to significant improvements.
For example, Graas’ Predict can alert you to issues like abandoned carts, incomplete or failed payments, or even suggest new campaigns you should consider launching.
If your payment provider experiences technical issues resulting in failed transactions, Graas will show you how many payments failed during that time. It will then recommend that you reach out to those customers whose payments didn’t go through, offering you a chance to recover potentially lost sales.
By implementing the best practices, you can ensure that your eCommerce business continues to operate efficiently and that you don’t miss out on revenue opportunities.
1.4. Campaign Checklist
Running a successful marketing campaign, especially during peak shopping seasons like Black Friday or Cyber Monday (BFCM), requires careful planning and execution.
Graas’ Predict takes the guesswork out of campaign preparation by offering a comprehensive Campaign Checklist feature that ensures you have everything in place before launch.
For example, based on your historical data and current demand trends, Graas may predict which SKUs are likely to sell more on specific channels.
It could recommend moving 50 of your most popular SKUs from other stores to Lazada if the platform predicts higher demand for those products there. This ensures that your inventory doesn’t sit idle and keeps moving.
Additionally, Graas’ Predict will remind you to check key elements like banners, ensuring they are scheduled for the BFCM sales event on platforms like Shopee. Well-placed and well-timed banners can significantly boost your conversion rates, and having these reminders helps you avoid missing out on any important campaign preparation steps.
By using the Campaign Checklist feature, you’ll be better prepared for each marketing campaign, minimizing mistakes and increasing your chances to increase revenue. Whether it’s ensuring your inventory is properly allocated or that all marketing assets are in place, Graas’ Predict helps streamline your campaigns for optimal performance.
2. Allows eCommerce business and marketing managers to focus on dedicated strategies
One of the standout features of Graas’ Predict is that it allows business and marketing managers to focus on strategies relevant to their specific roles.
While it’s ideal to implement all insights to get the best results, resource constraints may mean that different team members will need to focus on different aspects of the business. With Graas, this is easily manageable.
For example, an eCommerce marketing manager is likely more concerned with sales growth insights from an advertising or marketing perspective. This might include recommendations about which campaigns to optimize, what keywords to focus on, or which platforms are driving the highest conversions. On the other hand, an eCommerce business manager will have a broader focus, paying attention to overall predictions related to inventory, SKUs, storefront management, and other operational insights.
Graas’ Predict makes this separation of focus simple by categorizing insights under strategies like advertisement, inventory management, storefront optimization, keyword optimization, and product bundling.
This allows team members to zoom in on the most relevant data for their role, making the execution process more efficient. By focusing on insights that align with their expertise, managers can implement targeted strategies that are most likely to have a significant impact on business performance.
3. Get the expected range of monetary impact from the recommendations
Graas’ Predict not only provides actionable recommendations but also offers a unique feature to help you prioritize those insights—the Monetary Impact value.
When you’re managing a large amount of data and numerous recommendations, it can be overwhelming to decide which ones to implement first. The Monetary Impact feature helps solve this problem.
For every recommendation provided by Graas, there is an attached monetary impact value. This gives you an estimate of how much revenue increase you can expect if you implement the recommendation within the suggested timeframe. Yes, Graas even gives you a due date for each recommendation, ensuring that you know the best time to execute it for maximum results.
These expected monetary impact values are based on your own eCommerce performance data and are extrapolated to predict a 7-day revenue impact. This means the estimates are tailored to your business’s actual conditions, making them highly accurate. By knowing the potential revenue boost for each recommendation, you can better prioritize which insights to implement first.
This feature adds another layer of practicality to Graas’ Predict, as it doesn’t just tell you what to do—it shows you the financial benefits of doing it. This makes it much easier for managers to make data-driven decisions that will directly impact the bottom line. By focusing on the recommendations with the highest monetary impact, you can improve your revenue growth while making the execution process simpler and more strategic.
Graas’ Predict deals with the eCommerce predictive analytics challenges for you
Getting data-driven insights is crucial, but receiving them in real-time is one of the biggest challenges eCommerce businesses face. With multiple sales and marketing channels generating vast amounts of data, by the time insights are traditionally processed, it’s often too late to act on them effectively.
Graas’ Predict solves this by collecting and analyzing your data in real-time. It uses historical data to find correlations and patterns that deliver actionable insights when you need them most. This ensures you can make decisions swiftly, optimizing revenue opportunities across all your channels.
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