Approximately 70% of eCommerce customers abandon their carts at the last moment. How do we know this is true? Because this is not an opinion but rather pure data. Now, for your brand, it might be 50% or maybe 90%, but you’ll only find out with your own data.
Then why do carts get abandoned? Your gut might say that because your checkout process is not optimized. But the actual story can be totally different — maybe because your extra cost is too high (shipping, taxes, etc.)
Data helps pinpoint the root cause of problems, leading to the best solutions. Trust data over instincts for accurate problem-solving.
However, the challenges associated with managing and extracting eCommerce data is quite daunting. And brands struggle to find valuable insights needed to drive growth and stay ahead of the competition.
From analysts struggling to manage multiple data downloads to teams lacking the technical resources, these obstacles can be a significant roadblock.
Brands with strong in-house analytical capabilities often find themselves unable to use their data due to the complexities in data extraction and management.
By outsourcing these critical functions to expert service providers, brands can overcome these challenges and use the full potential of their data.
In this blog, we will explore the common problems faced by eCommerce brands and how partnering with domain experts for data solutions can help address these issues.
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Challenges eCommerce brands face in managing and extracting data
Here are 5 of the biggest challenges eCommerce brands face in data extraction and management:
1. Manual data collection from multiple channels
One of the primary challenges eCommerce brands face is the manual collection of data from multiple sales and marketing channels.
The data collected by eCommerce brands is categorized as big data. This includes data from various sources such as online stores, social media platforms, advertising platforms, and more. The volume is high, and so is the variety in data and the velocity at which it’s generated. Managing all the 5Vs of eCommerce analytics manually can be quite challenging.
The sheer volume and complexity of this data can be overwhelming, making it difficult for brands to manage and extract the insights they need to make informed decisions.
2. Time-consuming data extraction process
The data extraction process itself can be a significant challenge. Brands often spend hours, even days, manually collecting and organizing data from various sources.
There are at least 10-15 channels a brand operates on. Your team has to log in to all those accounts and manually download the reports. And because the velocity at which the data changes is high, this can’t be a one-time process — your team has to do this repeatedly and consistently.
So it’s natural that a manual data extraction process will consume a lot of time.
3. Prone to errors and inconsistencies in data formats
The data formats used by different sales and marketing channels can be inconsistent, making it difficult for brands to ensure accuracy and consistency.
How is it different, you ask? Well, not all platforms let you download their reports in structured format (i.e., tables, CSV, etc.) A lot of them give their data in unstructured format (PDF). And converting the data from unstructured to structured comes with its own challenges and consumes a significant amount of time.
This conversion process can also lead to errors and inconsistencies in the data, which can have serious consequences for business decision-making.
Apart from this, traditionally eCommerce business owners go to spreadsheets to manage their data. And it causes some problems in the long term because even if the data of one cell is changed by mistake, your whole analysis will be skewed, making the insights irrelevant.
4. Difficulty in maintaining consistency and aligning data
Another challenge eCommerce brands face is maintaining consistency in terminology and aligning data across different channels.
So, let’s say you want to measure your revenue as net revenue, i.e., revenue after all the discounts and reimbursements, but one of your channels gives you revenue as gross revenue, i.e., total revenue generated from all your sales.
If you analyze the data without accounting for the consistency in terminologies, the result will be skewed. It won’t help you make the right decisions because the fault lies at the source of that decision.
This can be even more challenging when working with multiple teams and stakeholders who may use different terminology and data formats.
Data management can become a nightmare without a standardized approach, leading to confusion and inaccuracies.
5. Tough to ensure accuracy and consolidate data for analysis
Finally, ensuring accuracy and consolidating data for analysis can be a significant challenge. Brands need to ensure that their data is accurate, complete, and consistent before they can begin analyzing it. This requires a high level of technical expertise and specialized tools, which can be a significant barrier for many brands.
How Graas Data Solutions can help you mitigate data management challenges
It’s pretty clear that eCommerce data extraction and analytics is not a one-man job. You need experts who know how to treat each metric — be it your revenue, AOV, conversion rate, CTR, or anything else.
This is where Graas Data Solutions comes in.
1. Domain experts in eCommerce
The experts at Graas have deep industry knowledge and understanding of the unique data challenges faced by eCommerce brands. This expertise allows them to provide you with tailored solutions that address the specific needs of your eCommerce businesses.
With years of experience in the eCommerce space, our experts have developed a comprehensive understanding of the data requirements and pain points that eCommerce brands face.
Graas data experts work with numerous eCommerce brands, helping them overcome their data challenges and achieve their business goals. 2. Automated report extraction
Graas’ proprietary platform has pre-built integrations with data sources across the eCommerce business that makes it easy to connect and consolidate data. Graas data experts use APIs, browser extensions, and other tools to automate the data extraction process from various sales and marketing channels. This ensures that data is collected efficiently and accurately, reducing the risk of human error. Automated report extraction also allows you to receive timely and accurate data, allowing you to respond quickly to changes in the market.
2. Ready-to-use and analyze data
The data extracted by Graas is cleaned, organized, and ready for analysis without the need for any data wrangling. This saves time and resources, allowing brands to focus on strategic decision-making.
It’s also presented in a user-friendly format, making it easy for you to analyze and gain insights from your data. When you work with Graas, you get actionable insights that can be used to drive business growth and improvement.
3. Zero knowledge of APIs or raw tables required
If you try to manage everything on your own, you’ll need to have a good understanding and some level of technical expertise in APIs or database management. But when you outsource your data management to eCommerce data experts, you don’t need to have technical expertise.
Graas handles all technical aspects so that you can focus on your core business. This makes it easy for you to integrate data experts into your existing workflow without requiring significant changes or investments.
When you outsource this to our experts, you get customized, user-friendly, and intuitive dashboards making it easy for you to get started and begin seeing the benefits of your data.
4. Historical data storage
You also get access to 12 months of historical data that allows you to analyze trends and make informed decisions, not just based on the new data but also based on historical data that creates room for more patterns to be analyzed.
Because the long-term data is stored, your forecasting and strategic planning will always be more accurate. With access to a full year of data, you can identify patterns and trends that may not be immediately apparent from shorter data sets.
The historical data storage solution by Graas also allows you to track your progress over time, which further allows you to measure the effectiveness of your marketing and sales strategies.
5. Robust data governance and security
Graas implements strict security measures, including AES 256-bit encryption, ISO27001 and SOC-2 certifications, and compliance with GDPR and PDPA.
This ensures the safety and privacy of the data, giving brands peace of mind.
Because our experts put so much effort into data governance and security measures, your brand will always meet regulatory requirements and maintain compliance with industry standards.
With Graas’ eCommerce data solutions, you can trust that your data is secure and protected, allowing you to focus on your business without worrying about data security.
Unlock the Power of Data with Graas
By partnering with Graas, eCommerce brands can overcome the challenges of data extraction and management and use their data to its full potential.
With our comprehensive data solutions, you can gain actionable insights, drive business growth, and stay ahead of the competition.
By using our expertise and technology, you can focus on what matters most—growing your business.
Get started today to learn how Graas can help your brand achieve its goals!
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