Is your eCommerce data siloed? Do you need a big picture view of operational data for increased productivity? Do you have to run multiple reports, on various platforms to get a holistic view of your business operations? Do you have to export data, just to re-import it into Google Sheets or Excel to reconcile?

If so, you’re in luck. Today, there are solutions to these challenges which eliminate the need to develop costly, in-house tools traditionally only available to large corporations.

First, let’s talk about all the data you might be underutilizing. Everyday, as a small business, you use social media to interact with your client or customer base. You might use Instagram shopping to help drive sales or use email marketing to spread the word of upcoming sales or to retarget audiences. You have a website and/or an online store to sell your products; important data is coming in via your website host and Google analytics. Every puzzle piece of your data is important and understanding it in-depth helps you drive sales and increase your profit margins!

The average business has access to 25% of their data, meaning 75% is inaccessible or hidden. What could you do with better access to your data? Not knowing the best way to read, analyze, and utilize the hidden data could be costing you! So let’s discuss the value of accessing this data, how you can, and how it can benefit your business. Data in silos (inaccessible data) or otherwise hidden, can easily be retrieved and centralized with data integration.

The Benefits of Data Integration for Small Business:

Data Integration is the process of combining data from several different sources in a unified view.
Data Integration consist of the following steps:
Data is extracted from files, databases and API endpoints and centralized in a data warehouse.
Data is cleansed and modeled to meet the analytics needs of various business units.
Data is used to power products or generate business intelligence.

The Benefits of Cloud Data Warehousing for Small Business:

Very beneficial to a small business has been the rise of cloud based data warehousing. As we touched on above, siloed data can be exceedingly difficult to report on. The solution is storing all data in one place where it is accessible to become a single source of truth. This allows the data to be safely stored in one location, reported on, and utilized at unlimited scale without loss of query performance.

Explore your hidden e-commerce data

The average business has access to 25% of their data, meaning 75% is inaccessible or hidden. What could you do with better access to your data? Not knowing the best way to read, analyze, and utilize the hidden data could be costing you! So let’s discuss the value of accessing this data, how you can, and how it can benefit your business. Data in silos (inaccessible data) or otherwise hidden, can easily be retrieved and centralized with data integration.

Benefits of Improved data for business function:

  • Sales Analytics
  • Customized Promotions or Offers
  • Inventory Management
  • Predictive Analytics
  • Forecasting & Market Trends
  • Retargeting/Reengaging Customers

Sales Analytics for Customized Approach to Marketing and Driving Sales

There is a lot of power in your data. Sale-related data is the most valuable asset you have. Having a clear picture of the analytics from all of your sales funnels, through all sales channels, and any marketing efforts is extremely important for the success and growth of your business. Instead of spending time out of your busy week to dig through the disjointed analytics reports from social media, website(s), and email marketing, having it all in one place streamlines your time spent reviewing this key information! Imagine knowing from just one report when and where to send promotion and offers, who is your
most valuable client group, how to reach them and predict future sales and inventory needs. Sounds like a dream come true, right?

Data for Inventory Management

Inventory or stock are the goods and materials that a business holds for the goal of resale and is the core of any commerce-based business. Predicting supply and demand unique to your business can be tricky. What trends will help you sell your product? What fluctuations in season, holidays, or shelf life impact your sales? Getting great data on all of your inventory can also tell you where to cut costs – thus, freeing up space for items that are performing really well with your clientele.

Data Forecasting and Market Trends using Predictive Analytics

Predictive analytics based on past data makes all the difference in future sales. Being able to spot the fluctuations in your business through your data means that you can adjust the budgeting, inventory, and staffing according to when it is needed – which saves you time and money. In case of unexpected problems to do with weather, environment, or other uncontrollable factors, data forecasting can help you adjust your sales strategy effectively. Market Trends are used in almost every area of business today. Accurate analysis of consumer trends can pinpoint your development process in the creation of relevant products in tune with the market helping ensure success and sales. Using past sales data and determining future trends and growth can help establish that you have the right inventory to the right scale, to increase sales.

Retargeting and Reengaging Customers

It is a lot more cost effective to retain clientele than it is to source new customers. On average, it costs five times more to attract new clients than to retain existing ones. The probability of selling to an existing customer is 60-70% versus 5-20% of selling to a new lead. Using your data to streamline the process and reengaging with current clientele is immeasurably powerful. Getting a system in place that gives you all the data analytics from all channels helps you make informed, business-minded decisions. It helps you create perfect strategies with lasting effects where you can retarget and keep customer loyalty and increase your revenue.

In Conclusion

Data Solutions can make all the difference in the functionality of how your data works for you. Think of this as a big circle – the more you understand your data, the better your data architecture is set up, the more you can visualize your data and how it can work for you.

Talk to us today about making your data the best it can be!

Igor

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