In the world of eCommerce, there’s barely any room to make mistakes. Sure, there is a lot of trial and error involved, but even so, the errors cannot be too significant. Upon launch of your business, all moves must be strategic. In order for that to take place, it’s important for you to understand what it is that would drive your customers to not only make purchases, but also keep them coming back for more.
Luckily for all of us, it’s relatively simply to gather basic business intelligence insights that help lay out stories about your customers, where they are, and where they are coming from. Each step along the customer journey helps uncover that information- every click, view, purchase, download- everything. It is up to you to be able to connect the dots that will help make sense of it all.
This is where tough decisions come in that must be made in eCommerce.
Expand beyond basic KPIs by defining your goals and deciding on an analytics solution.Do you want to find out which type of customers are interested about which type of product? How about the types of customers that are bringing in the most revenue? How about the items that customers tend to drop from their shopping carts? If so, start looking for a business intelligence solution that facilitates the collection, enrichment, and analysis of all your data. All patterns would need to be identified in real-time, so you can made quick adjustments as needed.
Research the solution that works for you.In early stages, many business owners often get tempted to build an analytics solution in-house, however, that’s not the efficient way to go because a great deal of time, money, and resources will go down the drain in building the product. You are better off investing in an established product earlier on, so you can jump straight into analyzing data to better understand your customers.
Implement the solution as early as possibleThe sooner you are able to begin leverating insights, the sooner you can implement the product changes that are necessary to optimize the user experience and prepare you for growth. Understanding the customer journey lies at the core of your business. Now is the time to gain a comprehensive understanding of your customers behavior, so you can achieve rapid growth.
Today, we’re happy to share that Syte raised $21.5 million in Series B Funding. Viola Ventures lead the investment, alongside high-profile investors Storm Ventures, Commerce Ventures, Axess Ventures, and Lyra Ventures. The total funding to date is $30 million.