E-Commerce Analytics: Optimizing Your E-Commerce Solution

The world of e-commerce has grown and changed in ways we would never have imagined just a few years ago. The restrictions of the pandemic and the shift to online buying have driven many businesses to adopt e-commerce. Those already operating online seek ways to refine their operations to serve their customers better and remain competitive. The guiding light of these changes comes from the wise use of e-commerce analytics.

E-commerce analytics is one of the most concrete ways to track your business’s successes and growth. The information provided by analytics allows companies to make informed decisions. Analytics can help e-commerce organizations in various industries improve customer acquisition, retention, sales, and more. Let’s talk about how your business can use analytics to get the best out of your e-commerce solution.

Sophisticated analytics

Sophisticated analytics measures your customers’ online journey from first contact to retention. You want to capture data at each and every touchpoint. Of course, you need to collect data in a legal, privacy-compliant manner.

Here are a few of the ways sophisticated analytics can benefit your e-commerce business:

• Analytics, including traffic source and search keywords, can help you determine what brought the customer to your site.
• Analytics lets you see when customers are converting and when they’re bouncing from your site.
• Analytics lets you store and organize information about your customers to be included in your e-commerce CRM.
• Analytics provides the information needed to improve customer experience.
• Analytics gives you the tools to process orders, streamline order-to-cash management, and ensure order fulfillment.

But sophisticated analytics involves more than just having the tools. A data-driven approach to e-commerce requires an organizational culture.

Most B2B businesses begin with offline channels and work toward an omnichannel approach. To continue their e-commerce growth, they need to have proper analytics to chart the progress of their customers’ e-commerce adoption. Suppliers can understand what they need to do to facilitate each customer’s web-store experience. That way, buyers will leave satisfied and return as loyal customers. A frictionless buying environment will drive conversion rates.

What to measure

When measuring the customer experience (CX) on your B2B web store, here are some metrics you should be analyzing:

• Conversion rates
• Funnel completion rates
• Abandoned carts: Where are your customers opting out?
• Customer Acquisition Cost (CAC)- based lifetime customer value
• Return on investment (ROI)
• Efficiency of purchasing by page-view tracking

Onsite analytics refers to information about how customers navigate to and interact with your site. Social media analytics give you information about how customers interact with you on social platforms like Instagram, Twitter, Facebook, and LinkedIn. Email analytics can help you track when your emails are successful and develop strategies for how to improve.

In addition to your onsite analytics, there are also e-commerce analytics tools such as Google Analytics, CRM software, and Integrated e-commerce software.

Where to start your analytics strategy 

Start by asking yourself what you want to learn from your analytics. What theories do you want to confirm? What answers do you want from your web store?

• Make sure your data is not faulty or incomplete. Collect it in a non-biased way and watch for anomalies.
• Test, test, test: fine-tune your marketing strategies by continually testing them.
• Take a holistic approach: Analytics can provide you with all kinds of data about your business. But don’t get lost in the details by focusing on only one metric.

B2B e-commerce, built for your needs

The very last step is choosing the tools you need. Simplify the complexity of the B2B buying process with an e-commerce platform that puts reliability and efficiency first.

At Sana Commerce, we understand how complex B2B purchasing can get. Are you offering volume pricing or customer-specific discounts? Does your buyer want to purchase in bulk, and is your inventory data up to date? Will your complex pricing pose a challenge?

Our B2B e-commerce platform was built specifically to address the concerns of B2B organizations. With our B2B e-commerce platform, the answers are simple — and they’re built into the way our product works with your Microsoft Dynamics ERP solution.

Contact our e-commerce experts at Sana Commerce for a free assessment and personalized demo.

By Sana Commerce,www.sana-commerce.com

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