Growth Hacking and analytics is no longer a new concept in this digital and eCommerce era. Yet, people might still think that it is a job to find a great idea to bring huge success overnight. There isn't any fast track. Tactics are of course important but no growth happens overnight. What a growth hacker needs to think about is the process that can be tested, measured, and scaled - especially data is easily accessible and invaluable nowadays.
Coca-Cola decided to get rid of the chief marketing officer role and replace it with a chief growth officer earlier this year. It is a sign of a transformation at the brand as it moves from being a classic beverage company to a tech company.
In general, growth hackers of eCommerce stores need to optimize new customer acquisition cost and increase loyalty and activation, while tightly managing the channel marketing expenses. These growth hacking processes are far beyond the traditional digital marketing. Thus, digital innovation is necessary to define and spot out the most important areas of your project that directly affect the growth.
For an eCommerce site, those areas could be:
- Customer Acquisition – customers come to your site via different channels such as social media, search engines, ads, referral, etc.
- Customer Engagement – people browsing your products and campaigns and adding products to the shopping cart
- Customer Activation – people registering and checking out the shopping cart
- Customer Retention – people coming back and buying something again
You may set a goal for the defined scope which has a significant impact on growth and progress of the project. With analytics and data, you can measure actions, track customers' behaviors, optimize the user experience, replicate the past success, and predict the future more easily and effectively.
To achieve the stable and long-term growth, practice and experimentation are indispensable. You get to set your objectives, run an experiment, use some analytic tools for measurement and indexing, and proceed to new objectives no matter about traffic and visit; sales and retention; shares within the digital community.
Which eCommerce-oriented data and analytics can help digital innovation?
Engineers and eCommerce specialists of the TMO Group think that it is a right time to re-define a complete and useful set of attributes for clients in order to help their eCommerce business grow in the era of digital innovation. Clients could have more attributes and data to perform analysis precisely and growth hack the business promptly. We proudly present some featured data of the ShopNow analytics that can be captured tailor-made for an eCommerce site.
ACQUISITION
Fully Managed Data Pipeline
Capture every incoming user into your eCommerce site across devices (mobile, PC and WeChat) and the social channels that they know your site. Evaluate the sales by channels to the conversion. You could find the effectiveness of each channel in:
i) ability to bring traffic and new customers
II) quality and purchasing power of customers
III) cost-effectiveness
IV) utilization rate of each device
Analytics showing the status of different channels and conversions
So that you are able to pick the most suitable channel for promotion and investment of the site. Also, the eCommerce sales by marketing channel are reported (for all channels including search, websites, campaigns, social), and useful metrics for each channel: total revenue, average conversion rate, average cart revenue, number of purchased products, revenue per visit, and more.
Optimize the User Experience
Collect and analyze data from all the customer journey to identify areas where users get stuck. Check the bounce rate or inactive session to improve contents which are not popular. Experimental campaign or UI re-arrangement to improver conversion and test the result.
Target the Right Customers
Identify the characteristics of your high-value customers and potential buyers with the data of average spending, visit/engagement on the certain highly profitable product category, the frequency of store visits, etc.. A delivery of loyalty-reinforcing promotions or a limited-time offering while they are shopping. This can increase the loyalty and the lifetime value.
Analytics showing the status of all customers and their spending details
Keep up with dynamic shopper behavior
While facing customers with a low visit or inactive for a long time, we may try to increase the engagement and drive the repeat purchases. Sort out inactive customers in the system, utilize the push notifications, A/B testing, SMS / email to help bring customers back at the right time.
PRODUCT
Shopping Cart
The shopping cart is the most important section of every merchant. It means a 'pending' income! Every time a user changes the item in his/her shopping cart including adding, updating or deleting can be tracked. The latest cart subtotal, as well as products left in the cart, can be shown.
Real-time analysis of the Shopping Cart and product conversion.
Tracing cart updates will let you know how much revenue was left in your visitors’ carts for each day/week, as well as generating reports and alerts on which products are most often left in the cart and which product categories are most often left abandoned in carts. Here are some frequent reasons for shopping cart abandonment:
· high shipping charge
· lack of payment means
· complicated/unclear checkout process
· slow site loading
· 'wandering' visitor or price comparing behavior from users
Best Products & Best Categories
ShopNow displays the list of 'Top Products' sold, ordered by any of the product metrics: Revenue, Quantity purchased, Unique Purchases, Average price, Average quantity, Visits or Conversion rate. You can get the top products reports by Product SKU, by Product Name or by Category. You can see the historical performance of a particular product or a Product category. On the historical graph, you can plot any of the key eCommerce metrics: Product revenue, Quantity, Unique Purchases, Visits, Average Price, Average Quantity, Product conversion rate.
Best-sellers and product details
By identifying the best and worst performed product, you may derive and adjust the according strategy. More discount may go to the poor-performing product while the best product can allow more exposure on the front page of the store to ignite customers' interest.
About ShopNow Cloud
ShopNow is here for you when you want to conduct eCommerce in China. It offers a direct & fast time-to-market eCommerce solution, empowering you with an innovative mobile UX and design. ShopNow focuses on the whole device landscape including WeChat store. By implementing ShopNow, your eCommerce business will deliver the latest and greatest shopping services to your customers, resulting in a pleasant shopping experience.
