What are the benefits of using BI tools to build your eCommerce app?
There are many benefits of using BI tools to build your eCommerce app, but some of the most important include:
One of the biggest advantages of using a BI tool is the ability to make accurate predictions about what will happen in the future. With this information, you can make decisions that will help your business grow.
Improved customer service
With BI, you can track customer behavior and use the data to improve the overall customer experience. By understanding what your customers want and need, you can give them the best possible experience—which will keep them coming back for more.
Faster shipping times
When you have accurate data about your business, you can use it to optimize operations. This includes optimizing shipping times and delivery methods, which can lead to increased customer satisfaction.
Better strategic planning
BI tools allow you to track your business performance over time. This data can then be used to make better strategic decisions that will help improve your bottom line.
However, before you can begin to take advantage of these benefits, you need to know how to use BI tools to build your eCommerce app. The good news is, it’s not as difficult as you might think.
Every purchase that is made through an eCommerce store comes packed with valuable data: what was purchased, when it was purchased, how much it cost, where the customer is located, etc.
This data can be used in a number of ways to improve your business—but only if you know how to make sense of it all. This is where a BI tool comes in handy.
A BI tool will take all of that data and turn it into actionable insights that you can use to improve your eCommerce business.
For example, let’s say you own an online store that sells clothes.
You could use a BI tool to track customer behavior and purchase patterns over time. With this data, you could predict when certain items will go out of stock and plan accordingly.
You could also use the data to improve your shipping times. By understanding which items are being purchased and where your customers are located, you can optimize your delivery methods to get items to them faster.
Most BI tools work by integrating with your eCommerce platform and collecting data from your transactions. This data is then stored in a central repository, where it can be analyzed and used to generate insights.
There are a number of different BI platforms available on the market, each with its own unique features and capabilities. When choosing a BI platform for your eCommerce business, it’s important to consider your specific needs and requirements.
BI tools are built on increasingly intelligent machine learning that allows for greater accuracy in predictions. This technology is constantly evolving, which means that the capabilities of BI tools are also constantly expanding.
As machine learning technology continues to develop, we can expect to see even more powerful and sophisticated BI tools that offer greater insight and predictive power for businesses.
How to get started with data analytics
If you’re new to data analytics, don’t worry—it’s not as difficult as you might think. Here are a few tips to help you get started:
1. Get to know your data
The first step in data analytics is understanding what data you have and where it comes from. This involves getting familiar with the different sources of data that your business uses, such as sales reports, customer surveys, social media data, etc.
There are a number of different data analytics tools available, so it’s important to choose the right one for your needs. There are a few things to consider when choosing a data analytics tool, such as cost, ease of use, features, etc.
4. Start small
Once you’ve chosen a data analytics tool, it’s time to start using it. But don’t try to do too much at once. Start with a small project and gradually increase the scope as you become more comfortable with the tool.
5. Get help when you need it
Data analytics can be complex, so don’t hesitate to seek out help when you need it. There are a number of resources available, such as online forums, online courses, and even help from data analytics professionals.
Building an eCommerce app with BI
If you are interested in building a powerful eCommerce app that utilizes the best of business intelligence, it’s important to learn how to best use BI tools.
Here are some tips for building the best BI tool for your eCommerce company needs:
Tip 1: Understand your data
The first step is to understand what data you have and where it comes from. For eCommerce companies in particular, different data points can come from a variety of sources, such as:
Social media data
Web traffic data
Each of these data sources can be valuable in understanding your customers and improving your eCommerce business. If you aren’t already collecting this data for use, then you’ll need to set up a system to do so.
Tip 2: Identify your goals
The next step is to identify your goals for using BI in your eCommerce business. What do you hope to achieve?
Some common goals for eCommerce businesses include:
Improving customer retention rates
Improving customer satisfaction
Improving marketing ROI
Each of these goals will require different types of data and analysis. For example, if you want to improve customer retention rates, you’ll need to look at data on customer behavior and purchase history.
Tip 3: Build your eCommerce app to deliver the right reports
Once you know what data you need and what goals you want to achieve, it’s time to start building your BI app. Most BI tools offer a wide variety of reports that can be used to help with decision-making.
When building your eCommerce app, make sure to include the right reports that will help you achieve your goals. Here are a few examples:
Improve customer satisfaction: If you want to improve customer satisfaction, include a report that measures customer satisfaction levels. Consider using visualizations such as customer satisfaction scores over time, or comparisons of satisfaction levels across different product categories.
Increase sales: If you want to increase sales, include a report that measures key sales metrics such as conversion rates, average order value, and revenue. Use visualizations to track these metrics over time and identify trends.
Reduce cost: If you want to reduce costs, include a report that measures cost-per-acquisition (CPA) and cost-per-sale (CPS). Use visualizations to track these metrics and identify areas where you can reduce costs.
Tip 4: Ensure all stakeholders have access to the BI app
One of the benefits of using BI in your eCommerce company is that it can help improve communication and collaboration between different stakeholders.
As mentioned before, data analytics can be complex, so don’t hesitate to seek out help when you need it. There are a number of resources available, such as online forums, online courses, and even help from data analytics professionals.
Supercharge your eCommerce business with BI
Building an eCommerce app with BI can help you supercharge your business by giving you the data you need to make better decisions. By understanding your data, setting goals, and building the right reports, you can use BI to improve customer retention rates, increase sales, reduce costs, and more.
Check out some related resources:
Domo Named an Overall Leader in the 2022 Dresner Wisdom of Crowds® BI Market Study
Domo Named a Leader in Nucleus Research’s 2022 Analytics Technology Value Matrix
How Sony Interactive Entertainment creates an advantage by sharing data across its massive partner network
Try Domo for yourself. Completely free.
Domo transforms the way these companies manage business.