In an online store, new data is generated every second. Modern technologies allow you to collect information about the entire sale cycle, from visitors viewing goods in the catalog to ordering. Extensive amounts of data cannot be processed manually and require special software and solutions. Programs like Google Analytics are being used to collect data, Google Data Studio and Microsoft Power BI help analyze and visualize the data for management decision-making. These tools allow for analyzing the data in both historical and real-time.
The process of collecting, analyzing data, processing it with the help of software, and making decisions based on it is called business analytics, or business intelligence. The range of business intelligence applications is much broader than the analysis of the performance of an online brand store and D2C channels in general.
However, let us see what business intelligence can be used for in this segment. Here is what you can do with the help of business analytics:
- Find the weak points in selecting and buying goods by site visitors and eliminate problems.
- Compare the demand and popularity of products, both your own and competitors.
- Predict seasonal changes in demand and consumer behavior in general, reducing operational risks.
- See new business opportunities.
- Plan the launch of new products and predict their outcome with more certainty.
- Streamline workflows and improve the customer experience.
- Prevent or detect fraud of unscrupulous buyers at an early stage.
So how do you take advantage of these benefits?
The introduction of business intelligence begins not with the choice of software packages but with the definition of strategy, goals, and objectives. Based on this, the architecture of the collected data and the processes for managing the data are determined. Only after that is it time to select fitting software solutions. Then a system of collected indicators generated reports and diagrams, and an algorithm for working with data are being developed.
In the end, the chosen solution must be integrated into business processes without disrupting the work of existing departments.
Companies are often faced with a misunderstanding of their own employees who must do additional work entering or integrating data. Additionally, the existing systems: CRM and ERP Internet analytics, warehousing, provide the data in different formats which need to be integrated. As a rule, the introduction of business analytics in a medium-sized enterprise requires the participation of at least four people: the analyst itself, the programmer, the head of the company, and the financial director. A bigger team will be needed for a large brand.
Up to 85% of enterprises make a big mistake: they implement and configure business intelligence, collect, and carefully study data, make conclusions, but do not implement the decisions. This happens because of the wrong choice of goals and objectives, uncoordinated work of departments, or simply too cumbersome a decision-making system that does not allow you to respond quickly to the situation.
Syntes helps to manage the technical aspects of the business analytics implementation and overcomes the most critical problem: the inefficiency of using analytical data.
In outsourcing the management of an online store, we collect a large amount of information from different D2C channels in a single repository. Syntes Commerce MDM – our own technological platform makes it possible to operate with the product, prices, stock level data, and data about customers and competitors’ behavior. We set up automated data collection, eliminating overlapping to ensure high-quality information.
The data is displayed in a structured form, which allows you to make the most informed decisions. We can further present you with the business solutions based on the data, forming an assortment, setting up prices, conducting promotions, and increasing the efficiency and turnover of the online store.
Syntes will set up and manage your online brand store to increase the profitability of your business by the speed and precision of decision-making.
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