Data analysis (or data analysis) is the process of transforming simple numbers into evidence to support strategic decisions. This transformation is essential to the life of a business as it eliminates the risk factor determined by human discretion.
Nowadays, there is no such thing as “in my opinion,” “in my opinion,” “maybe we could”-knowing how to analyze and interpret data correctly makes it possible to eliminate uncertainty in forecasting. The human factor, of course, does not disappear; on the contrary, it becomes crucial in the design of analysis models.
The most interesting side about data analysis is that it is not a one-size-fits-all process: once certain results are achieved as a result of an analysis, for example, the work is by no means finished. The result obtained is, in turn, data and as such must be archived in order to be reused at a later time.
Especially in e-commerce, data analysis is a constant learning, a continuous processing of the reality that surrounds and evolves with our business. In addition, the ability to process a large amount of data in a very small time window plays a decisive role in supporting this activity.
This allows analysts to work on an ever-increasing amount of data and get concrete answers in order to be able to optimize actions in marketing.
Learning the results in such a short time allows companies of all sizes to keep up with their competitors, thus generating continuous advancement. In the past, data analysis has always existed in the business environment; what is changing today is that decisions can be made in real time without having to wait for lengthy collection and reprocessing processes.
Data analysis: for an e-commerce what tools to use?
The tools to support data analysis for strategic decision-making are many, from the simplest and most accessible to everyone (Excel spreadsheets, Google analytics, etc.) to the most complex offered by large players such as Salesforce, SAP and Oracle.
Since this is an ever-changing world, Data Analysts are continually looking for the optimal mix of tools best suited to their needs.
In order to find an effective and specific solution for the needs of e-commerce , during years of experimentation in Tun2U, we have developed a Business Intelligence platform for data collection that makes it very easy and convenient to consult your e-commerce sales data.
Haliante in this sense is a vital tool for e-commerce managers. Starting by capturing data from various sources (online stores, marketplaces, physical stores) and filtering them according to countless metrics, we can analyze hundreds of KPIs such as individual product marginality, logistics costs, commodity diversification by category, brand or production line, and more.
In general, in addition to strictly product-related data a Business Intelligence platform allows comparison on a temporal level, thus enabling analysis over different periods such as the month prior to the one being examined rather than the same month in another year. Also, it is not necessarily the case that a product is sold exclusively in only one market… We live in the midst of globalization , so it makes sense to be able to compare various returns by target market.
Never forget the reporting!
Another essential point is the creation of reporting documents. To analyze the data without then summarizing it in an explanatory document would be to undo all the work. In any marketing strategy, it is essential to set KPIs a priori, i.e., the objectives according to which we are going to optimize the various activities and thus ex post analyses. And it is precisely through comprehensive reporting that we must make this data stand out immediately, even to the eyes of the less experienced.
We work with Cloud platforms!
The Cloud is a remote storage space. It is no longer necessary to share documents created within one’s company with all relevant stakeholders from time to time. In the era of smart working, there is a need to collaborate and share documents and reports in real time in order to streamline marketing investments and optimize time and costs simultaneously. Regardless of which tool you want to use to do data analysis, the advice is to use Cloud software in order to make the tool accessible to multiple people at once and from any location or device.
Data is a crucial element in defining a project
Through data analysis, the preliminary phase of a project will be able to best define the time and cost of the project and obtain an estimate of the work as close to reality as possible.
Can you run an e-commerce business without taking data into account?
Of course, it is possible in case you want to fail! Without data we go nowhere. Lucio Battisti sang “and drive like a madman with headlights off in the night to see, if then it is so hard to die,” here this image is rather explanatory: data taken by itself may say nothing, but by analyzing, studying and interpreting it is the compass of an e-commerce.
How much time does a user spend on our site? Little? A lot? Does he do it because he immediately finds what he was looking for or because he is lost? The data support an entire enterprise. To run an e-commerce business, there are many departments that need guidance on how to best develop their website.
The marketing department will want to have information regarding products, sales, and the performance of a particular campaign. The graphics department will certainly want to know whether a particular layout has met with favorable user feedback or whether it needs to correct something. The technical and development department will undoubtedly need detailed guidance to resolve any anomalies rather than putting new features into production. The sales department will need to know what the interests of users browsing online are in order to be able to propose the best solutions.
In short, data and its analysis support an entire organization, and keeping track means keeping e-commerce alive. Data analysis for an e-commerce strategy is crucial. Through this process we will be able to define each time aspect of an e-commerce, namely the short, medium and long term.
Each period may present various paths to take.
– In the short term: is it the right time to start an aggressive new marketing campaign or is it better to focus on a communication campaign?
– In the long run: do we want to focus on graphic redesign to optimize conversion rate (CRO) or on producing new features?
The data allow us to answer these questions, not on the basis of assumptions but on the basis of something that has been analyzed and, therefore, with firm foundations. Of course, in the process there are contingencies; indeed, they are the order of the day. But always data comes to our rescue because just as something has changed from one moment to the next, similarly we will have data that will tell us exactly what and why and then how to intervene to “right the course.”
