Why eCommerce Stores Are Utilizing Data-driven Strategies for Growth

With the current advent of technological science, eCommerce has shown a propagated growth in the extraction of data for management of customers online. There was a time when digital marketers struggled with the process of acquiring information from their customers for the growth of their businesses. Acquiring and managing customer data for the development of buyer-related personas became a necessity rather than an oblivious luxury worth struggling for. 

The Advent of Data Management in eCommerce

Data management, today, is now imposing its necessity on eCommerce mainly because it allows digital marketers to derive actionable insights from online consumers at a rate faster than conventional means. With the help of collection of data via chatbots into your company’s CRM software or with the assessment of data collected via online platforms; your business can prolifically skyrocket its ROI and revenue, and ultimately, its growth amidst competition. 

With an immense pool of data comes the responsibility of hiring an abled crew of staff and resources that can manage, orient, and analyze the data into compartments for further assessment. Data management, however, is a costly endeavor – businesses have to implement the growth approaches for their brands after assessing huge chunks of data acquired from eCommerce that is not only scattered, but also non-linear and far from being uniform. 

By managing data collection wisely, your inbound marketing teams can then proceed to incorporate relevant analytics into their marketing campaigns for reaching a larger target audience. Data management, however, is a crucial and tedious process. It involves a thorough software upgrade relevant to the learning, knowledge, and practices of your in-house or remote analytics, development, and software coding teams. 

It wasn’t until the late 90s that eCommerce stores began churning big numbers for the growth of their brand, and relatively, their online consumerism and demands for business. 1996 was the year when the technology behind the highly popular ‘hit counter’ helped web developers analyze the number of consumers visiting their website online. A year into the trend, eCommerce started to make waves in the industry, giving birth to several data-driven marketing strategies such as e-mail marketing that helped online merchants garner a look into the preferences of their online consumers.

Soon, with the help of cloud based CRM database software and social listening tools such as Google Analytics, collecting and managing data became easily accessible for businesses. Moreover, data management helped brands unleash a stream of business opportunities through eCommerce such as expansion of inventory and elaboration of brand vision, all of which would have been impossible without the collection of data in the first place. If you’d like to improve how your business converts data into ROI, you can look into multi touch attribution software.

In order to discuss how and why eCommerce stores are utilizing data-driven strategies, we’ve discussed three different types of marketing strategies which will further advocate the necessity of data management for significant business growth. 

Personalization via Email Marketing

According to Marketing Insider Group, approximately 78% of online consumers, who rely on online eCommerce stores for making their purchases, preferred shopping from brands that offered personalized product recommendations. According to Digital Doughnut, approximately 63% of digital marketers increased and spent over 20% of their marketing budget on acquiring and establishing data-driven strategies in eCommerce.

The data collected via optimization of cookies on your website, or by the collection of contact details for lead generation through e-mail marketing can help you offer personalized solutions to your huge consumer interface. Moreover, action-triggered e-mails, according to Experian, can help generate 8x more click-through rates to the landing pages of your website, therefore, promoting a significant growth in ROI and brand revenue. 

Attaching a personal video or a video containing content relevant to the marketed product or service in e-mails has shown a 200 – 300% increase in lead generation solely from skyrocketed click-through rates. Personalize your e-mails with a content upgrade strategy such as e-mail premium-only blog posts, tutorials, Ebooks, or any other type of content that is exclusive for the targeted consumer audience to your leads for retargeting purposes. 

For instance, if your e-mailing list sends out emails to around 100 contacts in your database, then this data can help you analyze the number of leads that actually return and respond to your content by clicking through the details. If 5 leads return and read your blog posts or watch your videos, then this data will help you personalize their emails with their product recommendations for conversions into customers. 

If you’re planning on sending personalized e-mails to 5 of your promising leads, then make sure you use data-driven strategies to analyze their frequency on your website. Make use of your website cookies by analyzing which landing pages they prefer the most, and what exactly is keeping them from shopping on them in the first place. Send them a personalized survey and ask them the reason for abandoning their carts after landing on those specific landing pages. 

Ask your consumers to send you a 40 – 60 second screen-recorded video of the troubles faced while scrolling through the landing pages of your website. Convince them that their videos will help you improve your website’s personalization standards by a mile.

Website Personalization

According to a consensus published by www.cmo.com, approximately 67% of digital marketers believe that website speed is one of the main driving factors of consumers towards and away from their website. In addition to focusing on your website speed for the promotion of optimum customer journey, most eCommerce stores are now churning big numbers of B2B and B2C leads by focusing on the type content and products they require, respectively.

In order to manage data for B2B leads, try focusing on the type of content that drives them towards your website. Enable them to provide you details of their consumer journey, and exactly how you or they can improve their website’s performance and content with suggestions.

In order to manage data for B2C leads, try focusing on the type of products or services that your consumers prefer seeing in their e-mail lists as recommendations or as promotions. Try re-targeting them with personalized ads and promotional offers so that they can realize that their data is not only important for your business, but also appreciated.

Content Marketing

Content that has a lot of buzz on the internet is a surefire way of acquiring engagement from your visitors for the consequent development into leads and customers. However, in order to create content that is relevant to your brand, and to the interests and preferences of your consumers, you have to collect and analyze consumer-based data on the internet. 

By assessing the demands of consumerism on the internet, you can then create content that has the utmost relevance, popularity, and criteria for boosting engagement on your platform. You can enter the most relevant phrases on Google’s search engine, derive LSI keywords in demand, and seek to write content that revolves around the topics as a whole. 

With Google becoming more vigilant every day, it is hard to assess which keywords can help you scale growth towards your landing pages. Therefore, it is advisable to write content that focuses on enriched resources from the internet, and organizes information into broad parameters and categories for further discussion.

The Final Verdict

Data driven strategies are therefore, helping eCommerce stores to enhance their lead generation and conversion rates by enabling them to divert their focus on the habits and purchase intent of consumers. Moreover, high conversion rates are directly proportional to great promotional offers and relevant re-targeting ads. For instance, if your offer is already robust, then it might sell millions, already. 

However, if you aren’t promoting it towards a relevant target market, then perhaps, you wouldn’t be able to bag a hundred sales, no matter how evidently operational and effective your marketing strategy had been. Use relevant data for the development of personalized marketing strategies, so that your brand benefits and so do your consumers in return.