Predictive Analytics are your ticket to higher revenues
In case you haven’t spent much time with web analytics, I’ll start by giving you this definition of predictive analytics (PA), courtesy of Wikipedia:
‘Predictive analytics is an area of statistics that deals with extracting information from data and using it to predict trends and behavior patterns.’
Whereas with descriptive statistics you learn what data can and can’t describe your customers’ behavior, with predictive analytics you learn what to do next — that is, use data about past actions to make predictions about future actions.
Obviously, if you can discover and anticipate what your customers — and earlier-sales-stage prospects — really want from your brand, you’ll hold the ‘golden ticket’ to higher revenues and customer loyalty. As a result, you’ll become a rockstar analyst on your team.
This graphic below shows how three well-known brands use PA to serve up more customer-centered experiences.
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Chart of the Week: 81% of e-commerce marketers say the acquisition of new customers is one of their biggest goals, despite having higher costs than customer retention
E-commerce is a growing market, which is being reflected in its marketing budgets. In fact, 65% of e-commerce marketers have said that their marketing budget has increased this year compared to 2018 compared to just 10% who said it has decreased.
The rise in budgets is likely tied to the increase in expectations for marketers in the e-commerce sector, with heavy competition meaning that new tools, techniques and technologies are being utilized to drive shoppers to stores. This is shown by the fact that 81% of respondents said that acquisition marketing was the largest e-commerce marketing investment priority in 2018.
According to a new report from Commerce Next and Oracle, bringing new…
When you use technology in your procurement process, it saves you a lot of time, which could improve e-commerce stores' performance
The procurement process is not simple and straightforward. It’s complicated. The manual procurement process is very labour-intensive, time-consuming, and involves a lot of paperwork.
On the other hand, when you use technology in your procurement process, it saves you a lot of time. It makes the whole process much simpler and hassle-free. These are just a few of many advantages of leveraging technology in the procurement process
Before talking about the key advantages of using technology in your procurement process, let’s quickly look at the most common issues in the procurement process.
Major issues with a procurement process
Companies face problems in their procurement processes because of an ineffective process. It also leads to the occurrence of human errors in the process.
The following are some of the most significant procurement issues that can affect…
Setting up and running a profitable e-commerce store takes much more than determination and goodwill, as 8 out of 10 e-commerce stores fail
With the advent of drop shipping, every wantrepreneur out there set out to create their own e-commerce store and become a millionaire overnight. In reality, setting up and running a profitable e-commerce store takes much more than determination and goodwill. According to research, eight out of ten e-commerce stores fail.
There are plenty of reasons for this, and today, we’ve compiled some of the most common of them. Here’s why your e-commerce store is falling behind and what you can do to fix the issue.
You don’t have a niche
Who is your main target audience? If your answer is “everyone”, it may be a reason why your revenue is nothing to brag about. Unless you run Amazon, everyone is definitely not your target…
Starting up in the e-commerce sector is a challenge because of market saturation, which is why many savvy business people opt to buy an already established e-commerce store
The exponential growth of the e-commerce sector cannot be argued with. The Office of National Statistics reported that the proportion of adults aged 65 and over who shop online trebled since 2018, rising 48% in 2018, a 32% increase on 2008. While the percentage among all adults who have bought goods or services online was 78% in 2018, and this is a figure set to grow further.
In less than a decade some of the largest e-commerce brands such as Amazon, eBay and Alibaba have grown to a colossal size and there is always scope for new brands to make their mark. Retail has changed for good due to the truly global nature of e-commerce. There are zero barriers or…
Personalization stats for 2018 and 2019 show that brands can stay competitive only through a personalized approach to every customer
Today more than ever before, customers are critical of the experiences they get. They want brands to treat them as personalities both online and offline. They no longer accept average offerings and consider customer service as a part of the product they purchase. The Salesforce State of Marketing research showed that in 2018 84% of customers required a personalized approach.
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Behind the vague concept of personalization stand efforts of multiple departments and considerable investments. So how do you approach personalization the right way? How much to invest and in…
Retailers in the UK are still using online merchandising techniques from the last century to try and compete and, in the process, making their jobs and survival much harder
Here’s the problem: UK retailers are under massive competitive and economic pressure. Stores are closing and thousands of jobs are under threat. Online behemoths like Amazon, powered by innovative service delivery and technologies, are steamrolling all in their path.
Yet retailers in the UK are still using online merchandising techniques from the last century to try and compete and, in the process, making their jobs and survival much harder.
Find out how AI-powered applications can deliver solutions to the business challenges and opportunities in online merchandising with our report 'Making the case for AI in online merchandising', written with Apptus.
The product exposure challenge
Let me explain. Product display and merchandising should ensure that the right product is in the…
91% of people between the ages of 18 and 34 trust online reviews as much as personal recommendations
When employed correctly, user-generated content (UGC) provides a win-win situation for businesses and consumers alike. The more content real customers create, the less content marketers are responsible for planning. Additionally, UGC is highly trusted by consumers because it comes from people who aren’t associated with the business.
Roughly 91% of people between the ages of 18 and 34 trust online reviews as much as personal recommendations. Considering that we’re currently in the midst of a "consumer trust crisis," according to the 2018 Edelman Trust Barometer, gaining customers’ faith with UGC is more important than ever.
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Global sports sponsorship grows as eyes turn to women's games, Instagram tests shoppable content feature for influencers, American and Aussie most-trusted brands are recognized, Google Keyword Planner updates and a turbulent week for Google shareholders
This week, we take a look at how the global sports sponsorship industry is forecast to grow significantly, with female sports taking a more central, and long overdue, role in this growth.
There's also important news regarding Instagram's shoppable content feature, which is being tested for use by influencers for the very first time.
Australian and American brands are also under the microscope as the most-trusted brands are recognized by consumers.
Last but not least, we'll take a look at two pieces of Google-related news. We've got information regarding updates to the Keyword Planner, then there's the small matter of Google's market value sliding by $80bn.
Women's games contributing to global sports sponsorship growth
Many would argue that it has taken…
It's time for e-commerce marketers to start taking Pinterest seriously
Pinterest is about far more than collecting aspirational pictures of perfectly decorated rooms, stylized desserts, and faraway locales. With the introduction of buyable pins last year, the platform’s more than 100 million active users now also flock to the site to shop.
Compared to other social networks, Pinterest users spend an average of 50 percent more. Many brands are already taking advantage: By the end of 2015, there were more than 60 million buyable pins. In 2016, buyable pins became available on mobile platforms, increasing shoppers’ ability to purchase anywhere at any time.
While other social networks struggle to find ways to convince users to make purchases, Pinterest’s visual user interface makes it an ideal showcase for products of all kinds. Research by Shopify found 93 percent of Pinterest users utilize the site to plan purchases, almost like a vision board.
A Pinterest Home Run
Businesses of all…
