Why Analytics is the Secret of Success in the Ecommerce Industry

Would you invest in the real estate business if the real estate market is going downhill? You won’t, right? And what would tell you about the real condition of the real estate market? The analytics.

Technology is evolving day by day, and shopping trends are changing as we speak; the e-commerce industry is always in a constant state of adaption that can easily leave brands in the darkness. To keep up with the latest trends, businesses must predict market changes through reliable data insights. In short, your business needs effective e-commerce analytics.

What is e-commerce analytics?

Ecommerce analytics simply refers to any strategy or tool that is designed to analyze huge amounts of data to produce rewarding insights. These analytics exist in an almost entirely virtual space; ecommerce produces complex, all-inclusive datasets — particularly those that are related to client behavior.

Did you know?

More data was generated in 2017 than was created during the previous 5,000 years altogether. If you talk about data charts, then that’s a lot to measure and analyze. Finding the right e-commerce analytics tools for the right job can be difficult, but if you do manage to have access to them, then you can easily outdo your competition.

Having this in mind, you might come across the most important question – what are the KPIs (Key Performance Indicators) that are required to stay ahead of the curve, and what e-commerce analytic tools can be used to analyze them.

This is where POS highway comes in. We offer comprehensive retail sales, inventory, along with logistics reports. A few highlights of our reporting and analytics survives are:

 

Powerful Reporting for Retailers

Get in-depth reports across all the sales, customer, inventory, and purchasing data you collect every day. Use Counterpoint’s built-in reports, such as sales history or inventory turnover (GMROI), to understand your business’s strengths and weaknesses, and in turn, make important decisions towards improvement.

Need custom reports? Not a problem. Our programmers are able to generate report templates to your requirements and specifications using SQL programming.

Analytics Dashboard

Use data visualization to get a “snap-shot” of a variety of performance areas with Counterpoint’s built-in analytics dashboard. Highlight key performance indicators, check your sales dollars, profit margin, average ticket amount for that day, and so forth.

 

Identify new cross-selling opportunities, drive merchandising, purchasing, and pricing decisions all through one system.

By azb | July 24th, 2023 | eCommerce | 0 Comments
Author: azb

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