Data is a hot topic. It’s our most powerful resource which gives us valuable information for decision making. To understand from large volumes of complex data we use various data analytics processes to bring the valuable information to light. Still, if you do not have an in-depth knowledge in data science, the raw details may remain obscure. That’s where data visualization comes into play. In this blog we will get to know how Data Analytics Dashboards are used to leverage E-commerce Business.
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Data Analytics Dashboard design
Dashboards have been continuously evolving, to create an impressive dashboard design, it’s essential to be aware of the latest UX design trends. Analytics dashboard design must be simple, the user should be able to understand all the important information in a quick look.
Populating dashboards with more widgets and use of unnecessary calculations makes it complex which could fail to convey useful information.
Data Analytics Dashboard platform
Data analytics dashboard platform hosts all live visual objects such as bar charts, line charts, etc. By uploading our raw data to the analytics dashboard platform populates the dashboard with all kinds of visual representations based on our needs, helps us to easily visualize our data and makes it easily accessible for us to monitor the changes in our data and helps us in making decisions, keeping us up to date with information needed by us and helps us sharing the visualizations easily within organizations.
Data Analytics in Ecommerce industry
Data analytics in the ecommerce industry gathers all the information from your online store and gives us more valuable insights such as customer purchase behaviour, sales trend, sales prediction, supply chain management etc. which helps us to make decisions that will improve online sales.
Let us see the important metrics that helps in E-commerce business growth
Revenue
Revenue analysis helps us monitor how sales are performing in comparison to previous years and revenue by geography helps us to Identify locations generating more sales and less sales which helps us to take actions for improving the sales performance.
Retention
If customers purchase from your store once it doesn’t guarantee they will again. That’s why we need retention or cohort analysis.
Cohort analysis helps us to study the purchase habits of customers over a period of time.
By focusing on the historical data helps to identify patterns or changes in customer purchase behavior throughout the customer journey.
Customer Segmentation
Customer segmentation helps to identify which customers are going to invest time and money on your products and services for a long period of time and which are not. Segmenting high value customers and low value customers helps us to start marketing campaigns for customers of a particular class which helps in increasing the revenue of the store.
Data Analytics and reporting
Analytics is the process of analysing the data and giving valuable insights from that for decision making whereas reporting is the process of gathering all the organised data in charts and tables and presenting in an online dashboard which covers how different areas of business are performing.
Conclusion
Thus Data Analytics dashboard plays an important role in eCommerce, will bring all your key data into one place and keep your whole team on the same page while giving you a quick overview of your business. This means you can ensure you’re hitting targets and identifying new opportunities.
