e-Commerce Ascension Series: Data-Driven Decisions (VII)
Making sure your next move is a good one is always an anxiety-ridden process, especially for a CEO of an e-Commerce platform. That’s why we suggest consulting the metrics of your website before making such a decision. But how do you collect and interpret the metric of your e-Commerce when there are so many interconnected variables fluctuating? You can start by implementing a data-collecting methodology that makes sure you don’t need a statistics degree to understand what is going on on your website.
First, you should aim to have a data reports analysis team, in-house or outsourced. Transforming data into insight is no easy task, but thanks to the progress in the AI field, you can now opt for an automated solution. There are many solutions available on the market, and in such a harsh industry as e-Commerce, you need all the advantages you can get. These solutions take all data from your website and crunch the numbers and output indices for what you want to track, such as sales rate, cart abandonment rate, bounce rate, etc. Most importantly, they are configurable, so you get what you want to know. Moreover, they can differentiate correlation from causation, meaning you don’t have to think twice about why certain items sell better in specific periods. Let the AI figure it out for you.
After deciding on the solution, you should define how to re-analyze the reports. Solutions are powerful algorithms, but the human element is a crucial differentiator for successful decisions. We can call this process of blending AI-generated insight with human wisdom an “educated gut decision”.
Furthermore, reports if their insight isn’t converted into actions. That’s why their final objective is to yield goal-oriented conclusions. Harness the power of data, transform it into your unfair advantage, and kick-start your ascension in the e-Commerce industry.
If you enjoyed this article about Data-Driven Decisions for a website, all the other steps of the e-Commerce Ascension™ become way more accessible. The template is not just a powerful tool to increase your e-Commerce performance. It’s a mindset that allows people like you and me to gaze through the lens of consumer behavior and successfully apply the insight gathered.