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E-Commerce

The internet brings along altogether new ways to do businesses. With the advent of secure payment gateways, browsing speeds and availability of techno gadgets in the markets, the process of online buying has become simpler over the years. Even now, the change in customer landscape, their buying habits, and trust over communities to rely over each other's feedback is changing at a fast pace and that has brought newer ways to make one's presence felt – both truly and with ease.

Even today we observe marketers believing on riding their company's web analytics regime for all their analytics needs. The famous 'Conversion Funnel' is all they pump their energies and monies, and surely that is indeed one standard area of Data Analytics being practised by all the ecommerce companies, that is, albeit an important one, but really not everything. Very few web companies focus equally on realizing the full potential of each stages of the customer conversion process. And as the industry become competitive each passing day, the ability to re-capture the attention of the best customers at the most optimal of the costs becomes the rule of the game.

White Capers brings together a gamut of services, both traditional and new-age, to make sure that customer's presence is not overlooked and that once she is convinced about your company's capabilities to satisfy her present needs, the customer is pursued well to convert the intent into a purchase.

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Revenue Maximization: The most successful of the e-commerce businesses understand the importance of assigning adequate resources and using optimized tools to target and acquire ‘profitable' customers. A rightly engineered analytics tool/engine plays mines & structures keyword (visitor) data into a database to calculate and analyse Key Performance Indicators (KPIs). These indicators are then used as the basic elements required in drawing and testing performance hypotheses.

Google analytics is able to present a simpler version of the best performers (keywords) that are bringing the change. However, best results come when a detailed analysis is built over the available data using the insights that drive the business per se. The pivotal role that an analytics tool can play is to analyse the keywords at all aspects – traffic, retention, and overall ROI. The impact each of the top keywords makes on the business can thus be very effectively measured using the E Commerce analytics engine which results into segmenting the keywords at both granular and global levels of the business. This results into designing an ultra-effective campaign that meets the objective of conversions and retentions.

Data Analytics is also a key driver to customize landing pages when it comes to bringing the targeted customer to the website. The traditional way to handle customers was to lure them into the website and use the one-for-all template to win business. Today, many companies are beating this philosophy by taking that extra step to showcase very customized on the landing page itself and then 'force' her to indulge into immediate buying by promotions, free shipping, discounts at the cart window, etc. However, this is not that straight forward as the customers' profiles and their needs keep evolving with time. Data Analytics comes to rescue businesses measuring the effectiveness of landing page designs, various calls to action, and explore elements that make the most impact. Statistical hypothesis testing is done to identify key components of design – pages with high bounce rates, placements and styles of promo ads, time on site, the median page depth, etc.

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Inventory Management: Handling inventory stock is no lesser goal in an ecommerce business especially when innovative products are upgraded to the shelf every quarter. With the whole electronic and fashion industry turning entrepreneurial & competitive, the market is splurged with dozens of product variations that are built to cater specific customer segments. Market leaders and other brands struggle to bring their product lines at the very edge of the customer demands and this further creates a push to launching newer and cheaper products to the customers.

While large companies use the optimization of scale & statistical prowess to manage their own inventories, the ecommerce companies either have to depend on their own expectations of a demand cycle. As many of the ecommerce businesses manage their own inventories, very few are actually able to optimally utilize their pre-ordered products before the new products are added for a delivery. And this becomes a huge cost issue only leading to selling older stock at throw away prices.

Fortunately, Data Analytics have evolved to a level where technology can be integrated with statistics to create inventory management systems that are able to predict demands at a very well deserved success rate. The advanced algorithms of regression and correlation create predictions of products demands based on available parameters like no. of customers, mean age of customers, expected events, traffic data, and purchase data. As the process involves shipping the products from warehouses to centres of delivery, these management systems are also able to track available inventory on a real-time basis.

Customer Service & Strategic Planning: As industry matures, healthy competition sets into the market and customer gets to choose between available brands for a purchase. This results into customers trying out multiple vendors and switching brands whenever desired. Churn management is a big area in E Commerce Data Analytics where the propensities of customers opting out the service are predicted. This results into a strategic effort by the company to take effective measures to interact and retain the disinterested customers.

Valuable information into the customers' behaviour and preferences are hidden in the customers' usage data. Most of the data is in the form of click rates, navigation histories, and chat & call records. Using the techniques available in Big Data Analytics, trends are discovered into customers' behaviours that result into actionable insights that the company can leverage using it's support functions.

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