Analytics and Chatbots for eCommerce

Overview

Amongst the various tools and technologies that the eCommerce companies rely on, Analytics remains to be on the top – for the simple reason that analytics allows the eCommerce plays to understand their customers, products, and buyer behavior on the website. Analytics empowers companies with discovery, interpretation, and communication of patterns in data for critical decision making.

Since the e-commerce industry is a highly competitive arena, and eComchain devised innovative methods to enhance user experience and stay ahead of competition. Nowadays, merchants are embracing chatbots to prosper in the e-commerce market.

Using a chatbot in a marketing campaign improves the way you interact with your customers. Chatbots are computer programs that help conduct conversations through text or voice interactions by mimicking human speech patterns. Customers may give a command or ask a question, following which the chatbot will respond or perform a corresponding action.

Impact of Analytics & Chatbots on Online Business

Tracking Trends
By assessing the customers’ browsing behavior across an online store, you can take certain actions that augment your income, profit, services, and growth. These activities include but are not limited to improving your inventory management, optimizing your prices, and enhancing your fulfillment processes.

Personalizing Suggestions
With Analytics in e-commerce, you can easily learn how to personalize experiences and recommendations for your customers. This provides you with the opportunity to build a better rapport with your audiences and retain your customer base.

Gaining Insights
Once you process large sets of data, you can get a clearer picture of what your customers are looking for or what they would like to see from your store. This lets you make improvements to obtain better conversions, enhance your lead-generation efforts, and augment the return on investment (ROI) from your marketing activities.

Improve User Experiences

eComchain understands that customers prefer the ease of use while browsing through eCommerce websites. Simple, uncluttered designs which use fewer words are preferred by the users. Simple navigation is the foundation of the site design. Glitches in the site’s user experience could result in loss of conversions and abandoned visitors. Using the right analytics tools, the eCommerce players can

Enhance Customer Engagement

Customers engage with an eCommerce site differently. Some come with a preset mind to purchase a particular product while others browse through the variety offered, before hitting the check-out button. Using analytics, companies can analyze the customer behavior. The eCommerce players can use this information to personalize the buying process and offer customer-specific products. Predictive analytics can be used to study the historical behavior of the customer and set up triggers to take appropriate actions at the right time and enhance the customer engagement.

Customize Offers

Using analytics, eCommerce players can study and evaluate the buying patterns of their customers and leverage this business intelligence to fine-tune their marketing strategy. Armed with the customer information, they can curate offers that suit their target audience. This can help tremendously in the up-sell or cross-sell of products. Companies also integrate analytics with their CRM and send very personalized and specific offers to the customers that trigger a buying need in the customer’s mind.

Maintain Efficient Supply Chain Management

Analytics plays a major role in streamlining the demand-supply chain. Based on parameters like demographics, geographies, festivals etc. analytics help eCommerce players in accurately predicting the demand for products. With this, the companies can effectively plan and manage their inventory to fulfill the customer demand on time and appropriately coordinate with the merchant network for an effective supply chain management.

Optimize Pricing Model

eCommerce analytics can help the e-tailers in understanding the customers’ buying power and interests at various price points. It also helps in studying the prices offered by competition vis-à-vis the overall market condition. Leveraging such analytics, companies can optimize their pricing model to attract customers and expand their user base and increase the profit margins.

Improve Customer Care Service

Customers today have numerous options to buy what they desire. Even a single unpleasant experience for them can trigger a negative mind for the company and they might never come back. For companies to sustain, they must ensure an effective customer care service is in place. Analytics can help companies with intelligent data on complaints, chat requests, on-call support services to make their service desk more competent and user-friendly.

Minimize Risk of Frauds

eCommerce companies are at a greater risk of frauds – their website being the only the medium of interaction throughout the customer buying process. Analytics can help these companies detect any unusual user behavior and take corrective measures to prevent frauds.

Bot metrics

This refers to some additional parameters used to gauge the performance of the chatbot. It includes various aspects such as user retention rate, measurement of user satisfaction, fallback rate, and goal completion time, to name a few.

Chatbots are the latest trend to help e-commerce businesses gain a competitive edge. They help promote your brand, engage both new and existing customers, and gather useful information and insights for future analytics.

Summary

Clearly, analytics is transforming the way eCommerce industry operates. Detailed eCommerce analytics data is crucial to help you make better business decisions, save time and money in wasted resources, focus your efforts on things which matter, and make smarter marketing decisions. Chatbots help your e-commerce business enhance user experience and retain customers. Chatbots may be used to help buyers complete their purchase, to provide product recommendations, to send mass messages, and to predict opportunities for potential successful sales in the future. You may use a variety of user metrics, message metrics, and bot metrics to determine the effectiveness of your chatbot, which is the first touchpoint between your merchant business and your prospective buyer.