In the past few years, Indian consumers have taken to ecommerce like fish to water. With increased digital literacy, greater penetration of high-speed internet and smartphones, as well as government-back digital programs, ecommerce has become a household practice. The number of companies adopting ecommerce to sell products is increasing exponentially. While this means that there is immense potential in the sector, businesses are also competing with more and more brands every day.
To tap into this opportunity and win over competitors, ecommerce businesses must leverage the right strategies. The bottom line for ecommerce businesses is to maintain high stock availability, optimize marketing and communications, predict risks and pitfalls, and align their strategies with their consumers. They must possess a macro understanding of the ecommerce market and keep growth metrics at the center of their processes.
Getting a deeper understanding through numbers
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One major reason for this success is the rapid adoption of ecommerce analytics tools that provide quality insights into how customers behave and how you can develop effective strategies to boost revenue. But despite these encouraging projections, there is one major issue that permeates the ecommerce sector – a lack of centralized ecommerce analytics.
At Tenovia, we conducted a detailed 12-month study to better understand how ecommerce businesses approached analytics. When asked if businesses leveraged real-time data analytics to drive business-critical decisions, 85% responded that they didn’t. In fact, they only used Excel-based reports. Only a small minority employed centralized ecommerce analytics teams to get insights. 91% of businesses also admitted that they would only invest in insights driven by analytics if the data was easy to download through Excel sheets.
So how can ecommerce businesses bridge this gap?
To help your business keep pace in the ultra-competitive ecommerce market, it is important to arm yourself with ecommerce analytics from data to decisions. Centralized ecommerce analytics tools such as Tensight can provide advanced analytics and insights to help your brand boost profitability and revenues. With Tensight, you can get a centralized view of all your critical KPIs that impact your business and get answers to vital question such as:
- How effective are your marketing and sales strategies?
- What emerging data trends and patterns can help you forecast better?
- How can you use customer data to create personalized experiences?
- How can you optimize inventory forecasting and pricing?
- What data-driven insights can help you strategize better?
- What are the competitors doing differently and are you catching up?
- Which channels should you leverage to attract new customers?
- What discount strategies are most effective yet sustainable?
- Which metrics are affecting your business negatively?
- What immediate actions do you need to prioritize?
- How can you build a stronger supply chain?
- What changes do you need to make to unlock revenue and accelerate growth?
We can help you answer all these questions by giving you an ecommerce analytics tool that can turn data into actionable insights. By integrating it into your ecommerce platform, you can get real-time data, insights, and foresights on your top sellers, set and forecast sales targets, track sales and discounts, as well as a detailed analysis of your campaigns. When it comes to product and merchandising, Tensight gives you access to near real-time feedback across all your channels and provides average product ratings, sentiment analysis, and product reviews.
Tensight also provides essential data analytics for supply chain and warehouse management. You can easily measure loss of sales, forecast demands and stock replenishment, real-time inventory status across multiple marketplace warehouses, inventory health organized by product, category, marketplace, and warehouse, and more.
Our technology vertical allows you to track site performance metrics and orders segregated by channel, marketplaces, and sales campaigns. And finally, Tensight can be invaluable in helping plan your marketing and communications across channels. By collating all your marketing data into one centralized location, you can view the performance metrics of all your campaigns simultaneously and measure your brand’s impact across platforms. You can also use Tensight to track your competition’s offers and prices, follow new product launches, and send real-time data inputs to your product and merchandising teams.
So if you’ve been waiting to make your mark, it’s time to get the Tensight advantage and empower your business with ecommerce analytics from data to decisions.