What happened ? –>Descriptive Analytics. Why did it happen ? Diagnostic Analytics or Actionable Analytics?
There are many data analytics tools in the market (Public and private) which help you to acquire the data from various sources (Web,Mobile, Salesforce, Sharepoint etc.,) generating very beautiful dashboards on historical data by doing various queries , combining multiple datasources which is very much motivating and everyone love it.
Diagnose the behaviour:
What next ? You will generate such reports every month/period ? It doesn’t help us to watch the ocean of data. Now question raises, why did it happen ? Lets diagnose it .
Let’s talk with an e-commerce example. Your e-commerce store has very good number of visitors . Say 5000 new visitors. Every visitor is going to a mobile product and then accessories . He is comparing the features , prices and exiting your store. Now figure out why the customer is navigating in the same steps/clicks ? Did he misunderstand the content ? Is your site usability having any issues, even though we showed him a discount ?
Now, try to fix the content /content display issues, if not make a simple video. If we still have issues, introduce chat window & talk to the live customers.
Diagnose the business strategy
But still visitors are clicking in the same pattern, now it is the time to play with price, discounts. Business owners, may not like it.
However, it’s time to think win-win strategy for customer & the business owner. Let’s introduce the mobile product with accessories as bundle. This can provide a opportunity for business owner to save money on shipping, ageing inventory etc., Customers will have option to taste a better value for the purchases.
Diagnose and make it as actionable events:
Diagnosing the click events, page events, visitor’s entry and exit points will fall into historical data which is descriptive analytics. Adding event triggers on a specific section of the page, widget will help us dig into deeper insights.
Let’s take an example of e-commerce data again. Given a chance, everyone wants to keep a trigger event in Add Cart button, Check Out button. This helps us to figure out Cart Abandonment (cart dropout’s )and can correct ourselves. In the current market, especially in the e-commerce industry, they trigger visitor specific discounts and close the sales. Only those e-commerce companies that have deep pockets are able to accomplish this feat. Medium & Small business are still struggling to close the sales of abandoned carts. Re-marketing is not the solution and it may extend the sales cycles.
Focus on meaningful visitor engagement: Apart from the immediate discounts on every cart abandonment, visitors need a deeper education on comparing the products, new product launches, upcoming product launches, bundle product savings etc., All this can happen , if we know the visitors history of events on the site and run a custom campaign for cart dropouts, product info, upcoming products etc., This will be more meaningful of engaging the visitors/customers. Without knowing, all the e-commerce businesses can run on the event driven actionable analytics.
Definitely, e-commerce business will require private data analytics which can give the business a full control over the data. Among the existing private data analytics Solutions, CustomerEngagePro offers one of the cost-effective private data analytics solution to improve conversions.