It is crucial for eCommerce entrepreneurs to collate and manage data effectively as it helps in generating insights and spotting trends. For example, if you knew the reason behind the increasing number of shopping cart abandonments, you would certainly be able to find out a solution and subsequently, increase sales. Similarly, having accurate, up-to-date and well-managed product catalog helps customers in making buying decisions. For this, product data must be cleansed, normalized, standardized, and enriched at regular intervals.
Let’s discuss how beneficial it would be for you to maintain an up-to-date product and customer-related data:
- Helps in making inventory-related decisions – By keeping a tab on popular products and goods not commonly sold, online merchants know which items to re-stock and how often. Data of the previous year can also help in making inventory-related decisions.
- Set the most effective product prices – Information regarding your shoppers’ previous purchases, demographics and location along with competitors’ pricing strategy can help you set the most competitive prices and boost sales. For example: Knowing your customers’ previous purchases, you can find out which visitors readily pay premium prices and for which products, and which visitors look for lower prices to buy a particular product.
- Promotional campaigns and sale schedule – Through data analytics, you can figure out the day of the week and time of the day when majority of your customers purchases products. Based on the report, you can schedule promotional campaigns and sale to ensure higher conversion rates.While you collate product and customer-related data on a regular basis, you must ensure that the records do not contain duplicate entries as redundant information can hamper the decision making process.
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