This is a guest post by Anna Buchalova. Anna is the Social Media and Content Specialist at MonkeyData. MonkeyData is a partner of Bold Commerce. If you are interested in learning about our Bold Partner Program, you can find more details here.
Use data insights that ensure success in the long run
There are many different ways of maximizing revenue for your ecommerce business. You’re probably familiar with most of them, things such as exploring pricing strategies or diversifying sales channels. But have you already looked at data analysis as a priceless source of insights for your business?
Get to know your customers
Do you know what kind of customers purchase from your store? Have you already discovered your target group? What about new and returning customers’ participation? If you know who is buying your products and when, you can jump-start your sales by improving the management of your campaigns.
Discover trends and the most requested products
Once you know your customers, there’s one more important thing: the search terms they enter on your web. Find out what products and services are trending and what exactly your clients are looking for. Explore the most requested products and combinations. Incorporate cross-selling in your business strategy and it will considerably help you to expand.
Explore your order data
How long is the order processing time? Why do purchasers leave my store before completing the purchase? Orders are a great source of insight, more specifically their value, frequency, processing time, and reasons for cancellations. This kind of information is crucial for you to be able to optimize your services and to be more adaptable to your clients’ needs.
Watch all your revenue sources and efficiency
A common beginner's mistake is to analyze each source separately, i.e. PPC campaigns, social media, blogging, and newsletters. They support your sales but are you convinced of efficiency of these sources? Draw a comparison between individual marketing channels and you will clearly see where it’s worth to invest and which strategies can be completely ignored.
Care about possibilities of payments and logistics
Trying to be successful in ecommerce goes hand in hand with trends in payments and logistics in your target area. Try to see various forms of payments and delivery methods in the context of your revenue. Don’t forget that many countries follow different trends so make sure you react quickly to the current market situation.
Analyzing your data is the great way to find ecommerce success. If you want to do it as effectively as possible and save time and money, MonkeyData is the right solution for you. So make sure to check out the app in our App store and start your 14-day free trial.
Further Learning: Increase Shopify Sales Even More With a One Click Upsell
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