Competition is the biggest concern for eCommerce business owners today. And we’re in this industry where you can either keep finding ways to grow or die. In 2024, the market is expected to grow at over 19%. What happens when your growth rate is slower than that of your market? The chances of you disappearing increase significantly.
Finding ways to grow is another challenge in itself, thanks to privacy regulations, increased CAC, CPM, CPC, and whatnot. Apart from this, you have constant battles with your competitors that put customer loyalty to test.
So, what’s the solution? The solution lies in the data you already own. It has the potential to drive you in the right direction, and it's necessary that you make decisions based on it rather than intuition.
However, relying solely on data from a single platform or channel severely limits your ability to gain comprehensive insights into customer behaviour and market trends. Siloed data often leads to incomplete analysis.
This is where Graas, an eCommerce analytics solution, comes in. By leveraging advanced AI and machine learning capabilities, Graas allows you to leverage the full potential of your data, enabling you to make informed, strategic decisions that drive growth and profitability.
In this blog, we talk about :
How Graas can help you leverage predictive analytics for eCommerce
Graas changes the way eCommerce businesses approach data analysis by providing a unified view of their performance across multiple platforms and channels. By seamlessly integrating data from marketplaces, websites, and advertising platforms, Graas eliminates data silos, ensuring that you have a complete understanding of your customers' journeys and purchasing behaviours.
1. Enables you to follow a unified approach
This unified data approach is the foundation for Graas' advanced predictive analytics capabilities. Using cutting-edge machine learning algorithms, Graas can identify complex patterns and correlations within your data, enabling it to accurately forecast future trends, customer preferences, and market shifts.
2. Identify threats and opportunities
One of the standout features of Graas is its ability to identify opportunities and threats within your data. By continuously monitoring your performance metrics and market trends, Graas can pinpoint potential growth or risk areas, allowing you to proactively capitalize on emerging opportunities or mitigate potential threats before they impact your bottom line.
3. Insights and recommendations
Figuring out co-relation and co-dependence among independent variables is beyond human intuition. So, your intuitive decisions will be based on more linear relations. But Graas takes the guesswork out of decision-making by providing actionable insights and recommendations tailored to your specific business needs.
It uses machine learning algorithms to identify and analyze all the dependent and independent variables to give you recommendations that will have the most positive impact on your GMV or revenue.
Whether you're an entrepreneur, marketer, or eCommerce manager, Graas allows you to confidently make data-driven decisions, optimizing your strategies for maximum impact and profitability.
4. No-code and user-friendly
We hear analytics and think a lot of coding will be required. It is required but on the backend. Graas understands that eCommerce professionals often juggle multiple responsibilities and may not have the time or expertise to navigate complex data analysis tools. So, the dashboard you get will be as easy to navigate as a mobile app.
Graas prioritizes user-friendliness, offering an intuitive interface and customizable dashboards that provide a clear and concise view of your data and insights. With Graas, you can quickly identify key performance indicators, track progress, and make informed decisions without getting bogged down in technical complexities.
Predictive analytics use cases for eCommerce with Graas
Accurate insights are crucial for eCommerce businesses to make informed financial decisions and plan for growth. Graas' predictive analytics capabilities assess your data as a whole to derive insights with remarkable accuracy, taking into account historical sales data, market trends, seasonality, and other relevant factors. Here are some possible eCommerce predictive analytics use cases with Graas:
1. Revenue projections
Graas leverages advanced machine learning models to analyze your eCommerce data holistically, including gross merchandise value (GMV), average order value (AOV), website traffic, order count, and more.
By identifying complex patterns and correlations within this data, Graas Business Deep Dive can provide reliable revenue projections for upcoming periods, enabling you to make data-driven decisions about budgeting, resource allocation, and investment strategies.
2. Demand forecasting
Ensuring optimal inventory levels is a perpetual challenge for eCommerce businesses. Graas' demand forecasting capabilities mitigate this pain point by accurately predicting demand for your products.
By analyzing historical eCommerce sales data, customer behaviour, and market trends, Graas can pinpoint your top-performing SKUs based on sold count and revenue generated. This empowers you to double down on marketing efforts for high-demand products, capitalizing on their popularity.
Conversely, Graas can also identify underperforming SKUs, allowing you to make informed decisions about discontinuing or repurposing those products.
3. Discount effectiveness
Promotional campaigns and discounts are crucial for driving sales and acquiring customers, but their effectiveness can vary significantly based on factors such as offer type, customer segment, and marketing channel.
Graas equips you with the ability to analyze the performance of past discounts and promotions, enabling you to predict the potential impact of future campaigns.
By identifying the most effective offer types, channels, and customer segments, Graas allows you to maximize the return on your marketing spend and ensure that your promotional efforts resonate with your target audience.
Additionally, Graas can recommend bundled discounts for complementary products that are frequently purchased together. This encourages customers to increase their average order value, which generates more revenue.
4. Trend analysis
Graas' advanced analytics capabilities allow you to identify emerging trends before they go mainstream, giving you a unique advantage over your competitors. By continuously monitoring customer behaviour, market shifts, and industry developments, Graas can pinpoint both potential opportunities and threats to your business.
It presents these insights in a clear and actionable format, categorizing them as opportunities or threats and prioritizing them based on their potential impact on your gross merchandise value (GMV). With this foresight, eCommerce brands can proactively capitalize on emerging opportunities, such as introducing new product lines or targeting untapped customer segments, while mitigating potential threats by adapting strategies or diversifying their product offerings.
5. Campaign performance prediction
Graas allows you to optimize your marketing efforts by forecasting campaign performance across various channels, including marketplaces, social media, and search engines.
With Graas' Marketing Deep Dive, you can analyze performance metrics at multiple levels, from overall campaigns down to individual ad sets and creatives. It also allows you to identify top-performing keywords, search terms, and ad creatives, enabling you to allocate your marketing budgets more effectively and target the right audiences with the most compelling messaging.
Furthermore, Graas facilitates data-driven decision-making by providing in-depth insights into your ad revenue and spend across multiple platforms, such as marketplace ads, Facebook ads, and Google Ads.
By analyzing the performance of your advertising campaigns across these channels, you can make informed decisions about budget allocation, ensuring that your marketing efforts are optimized for maximum return on ad spend (ROAS).
One of the standout features of Graas' campaign performance prediction capabilities is the ability to conduct A/B testing for ad creatives. By analyzing the performance of different creative variations, you can identify the most effective messaging, visuals, and calls to action for your target audience. This ensures that your campaigns resonate with your customers and drive higher engagement and conversions.
6. Conversion rate optimization
Maximizing conversion rates is critical for any eCommerce business, as it directly impacts revenue and growth. Graas uses the power of predictive analytics and machine learning to identify the key drivers of conversions for your business.
By analyzing your eCommerce data through advanced algorithms and heuristic models, Graas can decipher trends and patterns that may not be immediately apparent, providing you with actionable insights to optimize your conversion funnel.
Within the Graas Marketing Deep Dive, you gain access to valuable heatmaps that visualize the conversion rates across different channels and stores. This granular visibility allows you to pinpoint areas of strength and weakness, allowing you to double down on high-performing channels while addressing any potential bottlenecks or friction points that may be hampering conversions in other areas.
Using these insights, you can implement targeted strategies to enhance user experiences, streamline checkout processes, and drive more sales and revenue for your e-commerce business.
Make predictive decisions with Graas to improve your eCommerce metrics
In the eCommerce industry, success depends on your ability to make data-driven, predictive decisions rather than reacting to results after the fact.
Using Graas' predictive analytics capabilities, you can stay ahead of the curve, anticipating customer needs, market shifts, and emerging trends before your competitors.
Apart from what we discussed above, Graas also offers a comprehensive suite of features, including a custom dashboard, root cause analytics, performance comparison across various metrics, and multiple data visualization options, ensuring you understand your eCommerce performance entirely.
Don't let data silos and reactive decision-making hold you back—sign up for Graas today!