{"id":6483,"date":"2023-02-07T12:21:04","date_gmt":"2023-02-07T12:21:04","guid":{"rendered":"https:\/\/ecombalance.com\/?p=6483"},"modified":"2023-03-29T19:36:46","modified_gmt":"2023-03-29T19:36:46","slug":"ecommerce-profits","status":"publish","type":"post","link":"https:\/\/ecombalance.com\/ecommerce-profits\/","title":{"rendered":"How to Master Your eCommerce Profits Using the Right Data"},"content":{"rendered":"

Growing your eCommerce profits needs informed business strategies and solid decision-making. And, \u2018right\u2019 data is the key to it.<\/span><\/p>\n

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Real data gives you real insights and quantitative metrics needed to run and drive your online store toward profitability.\u00a0<\/span><\/p>\n

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You can understand your shopper\u2019s buying behavior and shape it according to the latest market trends in order to uplift their shopping experience. You can track key performance eCommerce metrics and improve your store accordingly.<\/span><\/p>\n

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In addition, you can also tailor your marketing efforts to customer preferences and introduce new products. All based on real insights!<\/span><\/p>\n

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All of these serious efforts should bring you expected eCommerce profits like boosted sales, increased revenue, and countless happy shoppers.<\/span><\/p>\n

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This applies for Amazon sellers<\/a>, Shopify store owners<\/a>, WooCommerce stores<\/a>, Etsy sellers<\/a>, and any other eCommerce platform.<\/span><\/p>\n

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This is what (and much more) eCommerce data can do to your business. But how do you leverage real data to grow your eCommerce profits?\u00a0<\/span><\/p>\n

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Let\u2019s find out in this blog:<\/span><\/p>\n

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What do you mean by \u2018right\u2019 eCommerce data (how do you find it)?<\/b><\/h2>\n

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Here, right data refers to data that is real and relevant to your business. It should provide the real performance of your online store, show the outcomes of your efforts and demonstrate the true behavior of shoppers on your website.\u00a0<\/span><\/p>\n

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So, only real data can help you make informed business strategies to grow your eCommerce profits. Wrong or inadequate data means poor strategies and wrong results.<\/span><\/p>\n

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But how do you find this \u2018right\u2019 data?\u2019 The answer is \u2013 <\/span>eCommerce analytics<\/b>!<\/span><\/p>\n

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Now, what is eCommerce Analytics?<\/b><\/h2>\n

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eCommerce analytics is the process of discovering, gathering, and interpreting data from all sources relevant to your online store. It helps measure performance trends, user behavior in your store, and ROI (Return on Investment). It tells about visits, clicks, bounce rate, conversions, and other data points on your eCommerce store.<\/span><\/p>\n

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Using this data, you can make intelligent business decisions, which should result in increased sales and higher ROI.<\/span><\/p>\n

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eCommerce data analytics have become even more important than ever before. In physical stores, there is a limited number of retailers to compete with. But when it comes to online stores, the competition is huge.\u00a0<\/span><\/p>\n

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It\u2019s estimated that around <\/span>218.8 US shoppers will shop online<\/span><\/a> in 2023. Imagine the competition!!!<\/span><\/p>\n

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Data analytics help you make improvements in order to build and grow your eCommerce profits. For example, you can monitor cart abandonment patterns in a product line. Accordingly, you can make changes to reduce the cart abandonment rate for that particular collection in your store.<\/span><\/p>\n

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Types of eCommerce Data<\/b><\/h3>\n

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There are several different types of eCommerce data to inform your marketing strategy and gain an advantage. The most popular types are:<\/span><\/p>\n

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Audience: <\/b>This type of eCommerce data gives in-depth insights into the demographics of your audience, such as their age, gender, income, etc. It also includes devices they use to access your store \u2013 mobile phone or desktop, Android or iOS.\u00a0<\/span><\/p>\n

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This helps you determine how your website is being accessed so that you can target your marketing and advertising efforts accordingly.<\/span><\/p>\n

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Acquisition<\/b>: This data shows how people find you online. Acquisition data helps you learn about your store’s most profitable online marketing channels. You can also identify channels that are not working and are a waste of your time and efforts.<\/span><\/p>\n

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Customer Behavior<\/b>: Once people land on your website, how do they behave? Do they buy anything? What page does the majority of visitors click on first? How many visitors leave your website without exploring it? Which products drive the most interest and sales? How long do people spend in your store?<\/span><\/p>\n

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Answers to these questions help track customers’ journeys on your site. You can use these insights to discover weaknesses in your store that can be improved in order to boost engagement and conversion rates.<\/span><\/p>\n

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Conversion<\/b>: When and how do your store visitors turn into your customers? This is one of the most important insights you need to track eCommerce profits. You need to answer the following questions:<\/span><\/p>\n

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