What eCommerce Analytics Teaches us About our Customers.
Netflix, Amazon, Ebay. Besides the fact that these companies wouldn’t exist without the internet, they do share another common trait that massively contributes to their positions as multi-billion dollar global companies: data. Much touted (and rightfully so) as the lifeblood of the modern organization, data has become the currency that sets businesses such as the aforementioned apart from the rest. And such is the case for e commerce business that want to make a mark for themselves in increasingly tough market spaces.
In this article we’ll take a look at how companies, from on-demand video streaming services to the world’s largest retailer are are using data-centred customer insights to increase their foothold in this new digital landscape. We’ll also look at how e commerce business owners can use these lessons to play the data game to their advantage.
Movies Made with you in mind
From personalised move recommendations to a hit series starring Kevin Spacey, Netflix is redefining show business in unprecedented ways. The online streaming service uses insights based on viewership trends to identify the type of films people gravitate towards. This not only informs the different genres of films Netflix procures, but also informs the programs it creates since the service has now extended itself to produce its own content.
Here’s how they do it…
Let’s take a show that’s currently running on the platform as an example. Netflix is able to query its vast subscriber database to ask questions such as, “What percentage of viewers disengaged at season two of the show?” This can be followed up by, “What was the point people disengaged at?” “Was it when the plot took a certain turn, or when a new character was introduced?” Or, “What other content did viewers gravitate towards who disengaged the show?”
These questions provide invaluable insights to what viewers prefer to watch, and what type of plot turns they would be more likely to appreciate in content and it’s these insights that informed the hit show, House of Cards and made it the success it’s become.So it’s no surprise that traditional TV channels are feeling the heat put on them by Netflix, Amazon Prime and HBO Now as personalization is becoming an expected movie twist for viewers across the globe.
The Amazon phenomenon and data’s role in its growth
With subscriber figures rivaling the population of the Russian Federation, Amazon is using insight from over 150 million people buying products and services on its platform. A large part of the online giant’s success is its long history with data experimentation: from back in the day when item similarity was all the rage to a far more complex machine learning algorithms that analyze customers’ preferences, dislikes, reviews and interactions with its global customer service support centers.
Amazon is meeting customers on their terms by collecting metrics around them at every engagement with the endgame to cement its role as the retailer of the future.
So what does all this data stuff mean to the eCommerce landscape?
E commerce concerns stand to gain a wealth of customer insights that can be monetized. Just like Amazon and Netflix are leveraging data to create more value-driven customer experiences, so can the average e commerce store use its information assets to outperform its peers. It’s almost undeniable that data will act as the major differentiator in a world that’s becoming increasingly digitized and e commerce owners who understand this are poised for success.
From how visitors interact with your website, to the marketing collateral they download to the products they buy and review, a small piece of data is always the remnant they leave behind in their engagements with your brand. And when collected, collated and analyzed, these small pieces of data become part of a larger piece of a complex puzzle that is your ideal customer.
Using these insights stand to inform the way you engage with leads, the marketing material you send to customers who haven’t bought from you in weeks or how to price your products more strategically.
Need data-driven insights? We’ve got you covered
At Keptify, we understand the value of the information your leads and customers leave behind as they interact with your e commerce store. But we don’t recommend hiring a data scientist to tell you who your ideal customers are. Our platform boasts its very own data analytics capabilities to inform you of your next move and how to get your leads to make that initial purchase and how you can engage customers to foster lasting, rewarding and profitable relationship.
Sign up for your free demo today to learn how we help e commerce concerns succeed with the power of data.
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