4 Benefits of Data Analytics for eCommerce
E-commerce is developing rapidly in Hong Kong, with more than 4.5 million online shoppers, the e-commerce penetration rate in Hong Kong is expected to hit 72.6% in 2022.
Not only consumers change their consumption patterns and lifestyles. Pandemic compels many businesses to develop online selling mode. It is inevitable that businesses have to adapt to the rising tide of E-commerce. This blog series will introduce skills that are needed to become a successful e-commerce business.
What is Data Analysis ?
Data analytics is the process of consolidating data that have an impact on your online business platform. By using such information, you can understand the market trend, consumers' behavior, preferences and so on. Hence, enable you to make data-driven decisions that will better achieve business objectives.
4 Benefits of Using Data Analysis
Benefit 1: Understand Shopper’s Consuming Patterns
Data such as products that are in the top search of the market but are not offered by your store, what time or period do customers shop more, which pages shoppers stay longer, monthly bestsellers on your store etc. can be assessed.
Benefit 2: Effective Inventory Management
Knowing data of your products inventory helps manage supply chains and when is the right time to reorder which can fully utilize your operational efficiency. Besides this, it can help you forecast and plan inventory for the upcoming period, lowering the chance of unsold inventory and related cost.
Benefit 3: Product portfolio Optimization
Data indicates what kinds of products the market or your shoppers are currently favorable towards and some even forecast or make predictions of upcoming top-selling products. Making good use of such data helps you to get a head start on seizing the market, being well stocked and choosing the right assortment to offer.
Benefit 4: Price Strategy Optimizing
Datas like Competitor pricing, Shopper’s consuming behaviour, Store’s supply chain & inventory management status etc, all mentioned data gives you reference on what dynamic pricing adjustment strategy should be incurred for each segment and product.
This article is co-created by HKEBA & Branch8