In today’s eCommerce ecosystem, data is not just an asset, it’s a growth engine powering success. It is a core tool for any business to thrive and succeed in the constantly growing market. Recent studies have shown that companies that are leveraging data insight on customer behaviour are profiting 85% more in sales over their competitors. Data-driven decision-making gives businesses a headstart in the eCommerce space. In this blog, we’ll explore in-depth about the role of data in eCommerce and how your business can leverage this opportunity to breeze past your competitors.
How Data Drives eCommerce Growth
Data-driven insight in the eCommerce ecosystem enables businesses to make better decisions whether it is to optimise their marketing campaigns, analyse market trends and patterns or just getting access to crucial customer insights. Data is the torchbearer for businesses by powering their growth and success. Some of the latest studies have found that:
- 80% of your customers are more likely to make a purchase when they are offered some personalisation.
- Leveraging your customer behavioural data can help you outperform your competitors by 85%.
- Analysing demand forecasts with the help of data can be beneficial for your inventory management by cutting costs.
Data Revolutionising eCommerce Ecosystem
Data is reforming how we perceive the eCommerce industry. With insights-driven campaigns, data-driven decisions and season-based demand predictability businesses are scaling faster than ever. This transformation is not just limited to performance but also how it’s building up a better brand persona for businesses. Business aspects where data makes a difference:
- Personalising Shopping Experience: Brands are leveraging customer insights to prepare more personalised shopping experiences that can get them more sales. Analysing customer behavioral data, preferences and demographics on the eCommerce platform contributes to an overall enhanced customer experience. Some include: personalised product recommendations, additional discounts, customisable options and user-friendly content.
- Optimising Marketing Campaigns: With the help of key metrics like the click-through rate, bounce rate and conversion rate businesses can channel their marketing efforts to drive better conversion of customers from different platforms.
- Identifying Potential Fraud: Analysing transaction data like the order frequency, mode of payment, shipping address and average over value (AOV) businesses can identify fraudulent orders that may get returned to origin (RTO), for instance: if the customer had failed multiple login attempts each from a different ID addresses.
Shiprocket’s Data Capabilities Driving eCommerce Success
Shiprocket, India’s leading eCommerce enablement platform powering over 300K businesses, offers a range of technological solutions that drive success and growth. With its extensive data capabilities, Shiprocket helps businesses achieve their goals by providing solutions that include:
- Optimising Shipping & Logistics: Shiprocket offers 25+ courier partners to choose from and suggests the best courier partner for you based on the data of their courier performance in certain pin codes enhancing delivery times, cost-effectiveness and reliability. Shiprocket also proactively analyses the historical data and real-time tracking information which predicts potential delivery delays and RTOs and streamlines the whole process while communicating the same to the customers.
- Empowering Sellers: Shiprocket automates the complete order process including: order processing, label generation and tracking efforts that provide the seller sufficient time to focus on other stuff. Shiprocket utilises the data based on RTO patterns and customer behavior to identify and mitigate potential frauds. It also offers inventory management services with its 35+ Shiprocket Fulfillment centres across the nation that ensure faster delivery.
- Enhance Customer Experience: Customer experience decides your brand’s reputation in the eCommerce ecosystem. With Shiprocket, you can provide prompt real-time tracking updates to keep your customers informed about their shipments. Send personalised communication that engages customers and boosts brand recall, resulting in an overall enhanced delivery experience.
Conclusion
To sum up, data has been an esteemed driving force behind eCommerce businesses growth and success. With the help of data-driven insights businesses can optimise their marketing campaigns, enhance customer experiences, and mitigate risks or potential fraudulent customers. This is where Shiprocket steps in and empowers sellers with advanced data insights, streamlining their logistics, preventing fraudulent activities and improving overall efficiency. By harnessing data intelligence, businesses can outperform their competitions, boost conversions and deliver seamless shopping experiences in the eCommerce ecosystem.
