Imagine figuring out well in advance what your target audience is likely to buy and at what price point should you be selling your product so as to maximise your profits. Analytics is believed to be the magic wand in business operations. It helps the businesses in spotting gaps and problems, assists you in knowing what is working, and lets you make better decisions rapidly.
Benefits Of Analytics
- Assists In Forming A Robust Supply Chain
Customers these days shop online for two reasons- better prices and convenience. This is the reason why the supply chain has to be robust. It is your duty as an analyst that your products are being advertised on your site available in adequate quantities in the inventory. Online analytics certification programs can turn out to be of huge help in mastering these skills. As an analyst, you must learn to strike a balance between demand and supply.
- Evaluate Information To Detect Fraud
Analytics plays an essential role in the detection of fraud. Since analytics algorithms can detect patterns on the basis of customer behaviour, it warns you when an abnormal transaction is detected. As an analyst, you must send a notification to the customer asking about who is trying to conduct a specific transaction and wait for their approval before processing the transaction.
- Anticipate What Is In The Store For You
Analytics for e-commerce merchants assists them in determining future trends on the basis of several factors including the size of transactions, category of products, the season and so on.
- Determine Inventory For The Next Season
E-commerce analytics is immensely helpful in determining which products you are required to continue stocking and which are required to be reconsidered for sale in the next season.
- Measure The Market
Analytics takes good care of the marketing strategy by measuring ad clicks, channel data and promotion effectiveness, and engagement time of the visitors on your website. By calculating these metrics, you can establish your return on investment and fine-tune your marketing strategy for the upcoming future.
- Personalize The Customers’ Experiences
Analytics helps the sellers study the behaviour of the users and establish how the site should be designed based on the preference of the customers, the product landing page to engage the customer, and convert them into shopping or purchasing.
- Helps In Knowing Your Customers
Sellers need to understand the customers, their demographics, and their behaviour. All such analysis is helpful in establishing the product strategy and any reformation needed to meet the business revenue goals. Such analysis can also assist you in determining what promotions to launch so as to maximise conversions of visitors who are going through your website.
The use of analytics to drive e-commerce businesses is on the rise across the industries. It is the best time to grab the opportunity of pursuing online analytics certification programs which will help you in honing or mastering the requisite skills. One such course is business analytics online program from IIM Kozhikode. Offered by a premier B School like IIM Kozhikode, business analytics online program will help you advance your career in the domain.