Business Intelligence is a technique of leveraging tools and best-in-class technologies to source, accumulate, and interpret data from different sources to present actionable insights about business goals and objectives. The growing power of business intelligence helps companies make more informed and better decisions about marketing, sales, logistics, and other different areas of their business.
The business intelligence solutions for eCommerce have the potential to revolutionize the functioning models and have enticed many ventures. With offline shopping collapsing in the COVID- affected world, business intelligence is no longer a choice: it is indispensable for eCommerce to implement BI in the age of fierce market competition and the savvy customer who gets influenced by marketing campaigns in the comfort of their social media platforms.
Adopting BI tools for eCommerce is no longer a choice for those with an objective to outgrow their competitors at full tilt and sustain organic growth.
Putting in place the key performance measures early to create a BI-centric eCommerce business is as crucial as launching quickly. It allows organizations to measure overall conversion, identify relevant customer cohorts on a granular level.
As customer behaviour continues to evolve quickly, it is imperative that companies respond to the ever-changing needs with key BI tools in execution and effective strategy in mind. The question is what advantages do strategically positioned BI services offer:
Advantages offered by business intelligence solutions:
With BI tools implemented in the right way, it is easy to combine data from different sources and present it comprehensively instead of having to manually input, collate, and analyze data. The comprehensive reports help in the efficient evaluation and is a great source of research to help companies save valuable time and effort.
While manual efforts are reduced significantly, it becomes seamless to make better decisions by analyzing customer life cycles, their past & present interactions and interests. The BI tools draw upon the trends & projections based on the customer journey to work on the pricing of products & services and other improvement opportunities.
Uniform setup of reporting:
Having a uniform setup of reports from different areas gets the team on the same page to create tailored customer journeys and implement personalization in products and services. There is a clear picture of which products and services are gaining profits to your brand versus those that may not be well-positioned to captivate customers’ attention.
All business functions on a single platform:
Data from different departments and business functions like marketing, SEO, emails, HR, sales, purchasing, administration, etc. are all combined to present an Omni-angle view of the business. The purpose of business intelligence tools in eCommerce is to display all reports at a single place and use that information to make insightful decisions.
Fact-based decision making:
Using BI-driven fact-based analytics and dashboards can give businesses the insight they need to scale rapidly – and make them highly competitive. By thoroughly utilizing reports, dashboards, and charts, you can gauge who the top market performers are in the same line of business offerings. When you employ powerful BI tools, it becomes helpful to make better decisions by synchronising offline and online channel strategies.
Increase sales conversion and profitability:
There is a silver lining that makes all the difference for your eCommerce business – and it’s business intelligence. It is often misunderstood that business intelligence is all about collecting as many metrics as possible without analysing them properly. In reality, the right approach to business intelligence tools indicates that you can automate price comparison, customer habits, and the efficiency of your logistics service to convert prospective leads and drive profit.
Timely address of errors:
With data available in real-time, it is feasible to address customer queries and concerns. Also, it is a great way to maximize profit along with optimum productivity to enhance revenue generation. Most of the time, business leaders turn a crisis into an opportunity to strengthen brand image and surpass their competitors by creating a unique business USP.
Achieve satisfied and loyal customers:
Given the dramatic shift in consumer demand, it’s important that the industry moves quickly to respond to unforeseen events. Digital players in the eCommerce industry treat customer satisfaction as a primary business goal. In practice, that means implementing BI tools and mitigating any customer friction tools to understand what their customers really want and deliver up to their expectations.
To drive this focus, BI tools use data and analytics to ensure a seamless selling & buying experience for business leaders and customers. BI-powered solutions allow business leaders to quickly react to new customer demand, adapt existing business offerings, introduce new digital platforms, and deliver them to customers rapidly.
The Bottom Line:
Building an eCommerce business aggressively driven by predictive analytics is no small undertaking. But experts have proved that the effective use of BI tools can not only pull it off but do it far faster than many might think is possible. While every kind of human talent is critical, Polestar Solutions continues to believe that business intelligence tools values speed over perfection, maximize profit, embrace failure as much as success and driving efficient use of resources is even more critical, and you can start the change today.
Whether it’s a ready-to-execute Business Intelligence tool or personalized BI engineering you are looking for – we are ready to serve business intelligence solutions for your eCommerce business needs within a reasonable budget.
Let’s get you ahead of the competition with powerful BI solutions & services!