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Today, data is like air. It’s everywhere. And owing to the sharp rise in internet speeds and the use of smartphones and social media, the volume of data around the world is increasing at an unprecedented rate. According to the International Data Corporation, global data will account for 175 zettabytes in the next three years. So it makes sense for businesses from all sectors to tap into this data goldmine, especially eCommerce businesses. 

From buzzword to action: defining data-driven culture 

Company culture centered on data, also known as data-driven culture, is the need of the hour. It has become the talk of the town in many industries and sectors. But what exactly does it mean? 

A data-driven culture is one that effectively uses data and analytics to derive valuable business insights, gain a competitive advantage, improve organizational processes, and boost innovation. What’s more, decision-making driven by such data can help ecommerce brands better serve customers, discover new opportunities to expand the business, get the first-mover advantage, and ultimately improve sales. 

Forrester reports that data-driven companies today are expanding at an impressive average of over 30% every year. But so far, as reported in a Harvard Business Review study, only about 20% of businesses are able to empower their teams with relevant and actionable data. And a key reason for this isn’t what you think. In most companies, the major roadblock to fully adopting data isn’t a lack of talent or technology, but culture.  

So, how can you get started on your data-driven journey?

If you’re keen to incorporate data in all areas of your business, especially in an ecommerce advertising solution, you will need a step-by-step plan. 

  • Start from the very top: A technological overhaul of this scale needs initiative from top management. The right leadership, combined with the advocacy of a data-first approach and focus on strategic and actionable insights, as well as transparency, can make all the difference.   
  • Make data literacy a priority: To become a truly data-driven company, your entire team needs to get comfortable and proficient with its unique language. This helps everyone on board stay informed and avoid ambiguity. Take the time to help your team learn and adopt the relevant terms associated with data, analytics, machine learning, and more.  
  • Establish organizational goals and key metrics: In a noisy world, what you focus on defines who you are. The same goes for data. Defining key metrics can show your employees what they need to focus on – be it competitor prices, customer behaviors and purchase patterns, or even the right ecommerce advertising solution.   
  • Learn what data your business needs and why: Using data to solve a problem means asking the right questions, analyzing the root cause, and determining what information you need. Different types of business operations can generate various types of data. For example, a financial institution may need and generate data that’s very different from ecommerce solution providers. Understanding and distinguishing between different types of data, and learning what applies to your business is essential. 
  • Understand how you want to collect it: Data can be organized in two forms – quantitative and qualitative. While quantitative data deals with numbers, qualitative data is a lot more descriptive and experimental. Understanding how to organize structured and unstructured data under these two umbrellas can help you find more valuable insights. 
  • Invest in the right partners to create a data-driven ecosystem: Collaborate with an experienced organization that can help you meet your data-driven goals and provide strategic value when roadmapping your future. Look for organizations that promise a stable and scalable model, and benefit you in the long run with additional support such as ecommerce marketing services.

Leverage the power of data with Tensight 

To help organizations make the best of data, we created Tensight – a central ecommerce analytics dashboard that helps you make informed data-driven solutions. This dashboard contains centralized data from all major platforms in the world of ecommerce. 

Tensight leverages data to help you find the most effective strategies to deal with product and merchandise, supply chain and inventory, competitors, marketing and promotions, paid campaigns, and KPIs. Tensight also offers ecommerce marketing services through its sales insights and forecasts. And we’ve shown significant results. 

When working with a prominent ₹2,000+ Cr footwear brand, we used Tensight to achieve 40% growth in profitability, 47% reduction in costs, 50% reduction in delivery, and an overall savings of ₹1 Cr. We also worked with a global denim brand and enabled listing optimization and content enhancement to improve customer engagement and brand visibility. This helped the brand achieve a 2x growth in conversion, 3x growth in CTR, and a 15% boost in brand share of voice. 

If you too are interested in taking your ecommerce business to the next level with data-driven insights and actions, get in touch with our team today.

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