Ecommerce is becoming a very crowded space. Competing businesses can sell their products all over the planet, and getting a good piece of the marketplace is harder and harder to accomplish.
Most ecommerce entrepreneurs have mastered content marketing. They understand the concepts of building relationships with customers, of keeping each content marketing platform engaging and up-to-date. They build their email lists and retain users with creative campaigns. They are even moving into geo-location and personalization with their content outreach. And still, they are not able to increase sales performance for all of their efforts.
The Answer Lies in Ecommerce Analytics and Data Science
When e-commerce companies are asked about how they are using analytics and data, there seems to be a disconnect. More than a half of Fortune 500 companies are actually using big data to analyze their websites for traffic, user experience and behavior, in order to gather the information to alter user behavior. But small and mid-sized e-commerce businesses have not taken the full advantage of the data science and big data analytics that is out there. There are two reasons for this:
- They may use Google data analytics and generate plenty of reports that show areas of weakness, but they are not sure how to effectively correct those weaknesses.
- They may believe that they have to hire a data scientist like the “big boys” do, who can not only collect and analyze, but who can then collaborate with marketing staffs to develop complex and expensive strategies. Such strategies will address challenges (traffic patterns, bounce spots and rates, etc.), and, as well, analyze specific customer behaviors and how those behaviors can be targeted to increase sales in the future. It’s pretty amazing stuff, actually, and much of it is accomplished through data science machine learning, allowing machines to use algorithms and math to solve specific problems better than humans can.
The truth is this: An ecommerce business of any size can take advantage of data science for business and use it to ramp up its customer base (and thus profits). For small and mid-sized businesses, this does not mean adding expensive big data science experts. It means contracting out with a service that has the data scientists who can collect the data, organize and analyze it, develop models, and then collaborate with others on their teams to make recommendations to an ecommerce business, including ecommerce conversion rate.
Why Data Science?
