How to get the most value out of your ecommerce data
Ecommerce data is one of the most valuable assets a company owns. But only if used effectively. It can be used to understand customers and to predict their behaviour. To then implement this knowledge in relevant marketing campaigns that just work.
But how can you get the most out of your ecommerce data? In this blog, we’ll provide you with tips that you can implement right away. Let’s dive in.
Why is ecommerce data important?
Without proper data, your business decisions will be based upon what you or your employees believe to be best for your customer. But that doesn’t mean your customer’s needs and actions are in line with your beliefs.
That is where data comes in. It removes biases and emotions from key decisions. It shows what truly works. Not based on beliefs, but through actually testing different options and implementing what has been proven to work best.
But to base key decisions on solid data, you first need to collect and analyse it. Although this sounds simple, the incredible amount of customer data coming from various channels makes it hard to do this manually and to create a single customer view. A Customer Data Platform (CDP) simplifies this process.
The CDP as a tool to get the most value from your data
The customer data platform was invented to address the challenge of managing customer data in a fragmented landscape. However, it has evolved into an essential tool to effectively store and analyze customer data. To then convert it into highly relevant content. But how does a CDP work?
Unify data on one platform
You probably know the hassle of managing multiple data and content channels. A website, CRM, an Instagram channel, E-mail, TikTok perhaps? As the years go by, more channels are introduced. All with their own ways of data collection and analysis.
Which makes it hard to get a true overview off all data. Preferably, even an overview per individual customer. Because each of your customers is a unique person with their own individual preferences and behavioural traits.
A CDP solves this problem. By integrating all different channels into one software platform, all your data is automatically analyzed and segmented. Out of these segments, a CDP creates a predictive 360-degree customer profile. A profile that contains all that there is to know about each individual customer, which allows you to target them with highly relevant content.
Build relevant marketing campaigns
After individual customer profiles have been created, you can build marketing campaigns that target the exact traits, preferences, and demographics of your customer. Because the content you show is highly relevant to them, the chance of conversion greatly increases.
With the help of smart AI, the content is shown through your customer’s preferred channel and at the time that they are most active. Through constant learning, the relevance of the campaigns becomes more effective over time.
Deliver personalized content
A CDP allows you to show highly personalized content to your customers. Based on their unique demographics, traits and preferences, it will pick the content that suits their profile best.
For example, if your data shows a visitor on your website is sensitive to pricing, an AI-powered dynamic content block will automatically show a 10% discount message. Whereas a customer who always buys white Nikes will be shown the new white Nike models.
These dynamic, personalized content blocks can be easily integrated into your website and in your e-mails. Datatrics even allows you to do so through simple drag & drop features. No programming skills are required.
CDP’s let you analyze campaign results. To then improve them through making evidence-based changes. This helps you to continuously improve the customer journey, leading to higher conversion rates and revenues.
Datatrics’ CDP goes a step further by offering the optional Datatrics Analytical module. This module allows for in-depth analysis of data with great flexibility. It allows you to enter your own queries and filters, and follow them in real-time dynamic dashboards. By creating your own company-based dashboard full of value-adding real-time reports, you always know where you stand and what needs improving.
As we’ve shown, the best way to get the most value out of your ecommerce data is through implementing a CDP. It not only simplifies the collection of data, but it also enables you to create highly personalized campaigns and content.