In this highly competitive market every business owner is thinking of how to make more revenue with the existing product, infra , man power etc.. The Simple answer is ” Analytics ” I will tell you why ?
To answer this, let me explain one of our real use case. A customer came to us with a pain point saying that a lot of customers are coming to their online store but transaction rate is very low ! The situation is like 90,000 visitors are coming to the online store per day and hardly 1% transaction is taking place and our customer wants to improve this.
After investigating the situation, our analytics team came to know a lot of interesting insights from the look to buy analysis which we did there. Among 90,000 visitors coming every day, more than 70% are accessing the site from mobile phones ( with a split of 20% from android and remaining 80% from iPhone !) and only 30% visitors are coming via desktops. Out of 70% visitors landing at the home page through mobile, only around 6,000 visitors are moving to next pages and rest of them are dropping from the home page itself ! Which alerted the vital point that site is not user friendly for iphone users. We showed a lot of such meaningful insights and after re-engineering the online store accordingly we witnessed a good improvement in the transaction rate.
Also it matters very much that what kind of product is displayed in front of a visitor at our online store and what is the chance visitor buying it. Analytics can tell you that which product should be displayed in front of which visitor, based on their previous click history.
With the help of analytics we can know the taste of visitor either its a repeating visitor or a registered user and even the taste of a new visitor, after some clicks that he/she is making at our online store ! Recommending the right set of products to your visitors will definitely increase the basket value to a very large extend.
The concepts like Real time recommendation ( Retail) , Content recommendation ( news portals) , Sentiment analysis ( Service industry) etc has shown drastic difference in giving good customer experience.
In short we are living in an Era where vendors are able to give exactly what a customer is looking for !! Thanks to internet, Social media , the bundle of open source analytic tools and especially Big Data – The high volume data management technique !
CEO – Sesame Technologies Pvt Ltd.