Blueleaf MD and ecommerce fanatic, Rob Smith, shares a simple tip on how to use the product performance data generated on your eCommerce website (2 minute video). If you enjoyed this video, why not subscribe to our YouTube channel?
We've also transcribed this video below, in case you're in a quiet environment so don't want to watch it!
I'm Rob Smith, MD of Blueleaf. In this Retail Roundup, I'm going to share a quick tip on using your product performance data.
As an eCommerce professional, when you're studying the analytics of your website, you have access to a lot of data on how well your website is performing, especially if you're using a tool like Google Analytics.
So you will know how well your products are doing. Now, I don't just mean in terms of sales. Lots of business decisions in retail are based on sales revenue alone. Historically, this has been a tried and tested measure to assess how well you're doing, but now we have a lot more data, the question is "how can we use that data to help all areas of the business?"
The short tip for today is that you can gather that product performance data together: how many people viewed the product, what was the conversion rate from the product to the basket and basket to checkout, which ones perform better at the different stages, times and days, which perform better if they're highlighted, do they sell better on the home page etc and share it all with other teams within the business.
All this product data could really help other areas of the business, such as merchandising and buyers, so you don't need to only share revenue figures. If you were to share all this data, as well as sales figures, the buying team could make smarter buying decisions eg if a product was a mid-level performer the buying team may reorder and sell it as a basic, but then when they see that in the majority it's not bought as a basic, it's bought as an add-on with X, Y and Z, that will change their perspective on why that product is performing and therefore, how many they should reorder and if they should be reordering at all.
In summary, the product performance data can help the whole business make better decisions. In eCommerce, you're the holder of this great data, can you help the rest of your business make even better decisions that will give you better products for your next season or launch?
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