The customer is king, and they have all the power with them. If, for some reason, they feel your brand is unreliable and not trustworthy, they would instantly change and purchase similar products from your competitor.
They are king because they have all the online arms and ammunition with them to get authentic product reviews, compare prices, and vote with their wallets.
They can purchase from anyone they like. Therefore, you must give the customers the ultimate shopping experience.
This is when our Wersel brand analytics tool comes to the rescue. Today we will explain what a brand analytics tool is, some statistics on the impact of e-commerce industries, and how a Wersel brand analytics tool can help you boost productivity.
What is a brand analytics tool?
The brand analytics tool is the process of gathering information and data from all the resources that impact your online store and utilize this information to understand the trends and why the customers have made the shift.
This brand analytics software helps you drive more sales and increase revenue. Several metrics relate to the customer's complete journey, from finding out about your product to the acquisition to conversion, and it finally ends with retention.
Some statistics of the impact of ecommerce industries in our daily lives
The scenarios of online trading and marketing have changed drastically. What's unsettling is that the change has happened over a very short period. Hence, a lot of businesses are still trying to process it and understand the change.
With the recent technological innovations, there has been a steady increase in global ecommerce sales. A study found that only 1.66 billion people were purchasing items from online stores in 2014. In comparison, the same number is to go up to 2.14 billion by 2021.
This statistic alone is enough to put into perspective how much the ecommerce industry has boomed over the past six to seven years.
The revenue earned by the e-commerce industries and markets was around $4.28 trillion US dollars, and it is expected to reach 5.4 trillion dollars by 2022.
Around 49% of respondents have stated that brand analytics tools have helped them make better decisions about a purchase. While 16% of them have said it helps them with key strategic initiatives and around 10% have agreed, it helps them improve the relationship between the customers and business partners.
51% of brands have also stated that analyzing and reporting the performance as a distribution channel is a difficult challenge.
How can Wersel brand analytics tools help boost productivity for your team?
Werlse brand analytics helps you get access to insights from the right data at the right time. Such data can help unlock significant business advantages for ecommerce companies and help them thrive in a brutally competitive online retail landscape.
The most important way how the Wersel brand analytics tool helps you is that it does the work of monitoring online retailers. You do not have to do it manually. This is a great way to help the team save time and boost morale.
Mentioned here are ways to use the Wersel brand analytics tool to help you boost productivity for your ecommerce team.
Helps with daily workflow efficiency
There are some extensions that you can add to your browser that will only partially help you do the work. These free extensions will help you keep the current price and history in check, but these extensions are useless for professionals.
Since the professionals need to pick out the indicators, it is a work that should be properly handled. Our Wersel brand analytics software is the best analytics for ecommerce, and once you get the hang of it, it will instantly become your favorite. We help with workflow by monitoring the real-time stocks prices and inventory levels to spend your time being productive.
It quickly helps you understand the slightest price movements
Tracking the ecommerce product prices is tedious work since most online retailers are using dynamic pricing. If you have an automated tool to check the prices constantly, you will find out which retailer dropped the price first and whether the promotion will start on time.
There are several features in the Wersel brand analytics platform that helps what happened with your competitors within a minute. The data refresh rate is set at a higher frequency, which helps you see the changes immediately. You can also go back to the exact moment the price changed, saving you the time to monitor it continuously.
Keeps you updated with the state of the market
You might spend an entire day with no results and still be checking your competitor's out-of-stock products or price changes. Hence, some businesses employ a team member that keeps track of the competitors and their products.
However, the Wersel brand analytics platform can help. This ecommerce analytics will assist you in getting detailed information regarding the competitor's performance in real-time.
You can see the progress at a glance
A weekly progress report is a detailed report about the ongoing tasks of the ecommerce team. This report points out any unusual changes, such as competitors changing the prices, running out of stock, negative reviews, etc.
As the product increases, the work becomes more complex for the team to be in touch with every progress. Hence ecommerce analytics software can help you debrief you about key changes that would matter the most.
The report is generated with the change regarding your performance and your competitor. Once you get the reports, you can utilize them to your fullest, inform the retailers, and plan your next action.
You do not have to search for mishaps manually
Despite the technological innovations, there might be some problems that you or the competitor might face that will set a few setbacks. For example, you might know when your product has gone out of stock or that it is time to place new orders.
These mishaps will catch you by surprise and leave you in a state of shock. Searching for mishaps manually is tiresome work. Hence, with our e-commerce data analysis, you set up notifications for mishaps.
Once you see a notification, you can be ready with a backup plan and face the mishap with a solution and resolve it. Solving the problem will help you resume your work like nothing has happened and continue increasing your sales.
Helps you efficiently carry out content strategies
Your content speaks volumes about your services and how experienced you’re in the field. Hence your content should be of the best quality. Good content will be one of the best sources of growth, adoption, and conversion.
A business invests a good amount of work and energy into good and relevant content. But they are torn down by the use of low-quality images or unattractive titles. Hence, it is mandatory to inspect the product pages properly.
Since there will be thousands of product pages of several products, monitoring each page separately becomes a daunting task. During this crisis, an ecommerce analytics software will come into play and help you check the pages and make sure it is implemented properly and is consistent.
What are some benefits of using ecommerce analytics software?
Listed here are some of the benefits of using ecommerce brand analytics tool.
Helps you gather user behavior data
Since the customers have access to everything on the internet, they always decide about the products and services they buy. Once you understand what they buy and when they buy it, your task of selling your products becomes very easy.
Provides them with an engaging user experience
It is crucial to ensure your customers are satisfied. Hence the rates and the quality of the products matter the most.
Once you get detailed reports from the Listed here are some of the ecommerce analytics software, such as how much time they have spent on your website, what they clicked the most, etc. you can improve and create the website to be more engaging, simple, and friendly to enhance their experience.
Helps you keep your inventory full
If you have a favorite product among the masses, you must ensure that you have inventories filled with that particular product. Knowing you have full inventory will help you save last-minute headaches and help you carry on with your selling.
The data will help you improve your product
With the recent developments over the past couple of years, a business will only survive if it keeps itself ahead of its customers' expectations.
Once you know what the customers like and dislike from the data, you can easily create products and help them enhance their lives to the fullest.
These were a few ways how ecommerce analytics software could help boost your team’s productivity. We also covered on the many USPs offered by a robust and powerful tool like Wersel Brand Analytics. It is proven to take a business to an accelerated path to success.
Now, all that remains is to drive this advantage home by scheduling a convenient time to call us up to get it integrated within your organization’s systems.