For a business numbers decide between good days and bad days and sometimes even utter madness. Being an online businessperson, you will be observing your weekly, monthly and yearly sales figures very closely and adjusting your strategies accordingly. This is part of the assignment in running an eCommerce store. And obviously you are expected to be alert about how well you are doing.
But with new stores and new competition popping up everywhere, and that too every day, you need to up your game and do more to keep up. The life source of the eCommerce field lies in consumer attention and when competition increases, your struggle to attract customers increases quite significantly.
To stay on top of the game you need to have an informed upper hand over the field. You need to know where you are doing well and where your company is wavering. This is where eCommerce analytics comes into play.
In the realm of online stores, this means that you need to understand visitor behavior and monitor how customers engage with your store and its various features. eCommerce analytics allows for strategic decision making based off of solid data, which in turn helps increase conversion rates effectively. You are going to observe the effects of your strategies and learn and adapt your business according to this data.
That’s precisely why, as a product recommendation engine for online stores, we built out handy and detailed analytics into WISER. These analytics will be your most dependable friend when it comes to developing a sharp and effective product recommendation strategy.
Don’t have the product recommendations app for Shopify yet? Install WISER today.
What are retail analytics for recommendations?
Retail analytics for product recommendation allows you to track the performance of your widgets, including how store visitors react to these widgets and how many sales happen through their influence. This allows you to observe and then optimize the product recommendation widgets based on the data you are provided with – including things like where they are placed in the buyer’s online shopping journey.
Your Shopify product recommendation analytics include data about:
- Sales that come from product recommendations
- The number of clicks on product recommendations from store visitors
- Overall conversion rate
- Products that are added to the cart by visitors
These numbers and data will help you with how you personalize an online shopper’s journey on your storefront; based on the customer lifecycle stage they are at. Learn more about personalization and product recommendations here.
Why should you care about analytics & how does it benefit you?
The question of caring about your analytics finally boils down to another question; do you want to sell better?
And a hungry businessperson with the right amount of passion will say yes to that.
Solid eCommerce analytics should be the basis for every product recommendation strategy that you will pursue to tailor a buyer’s journey.
Using the hard data you can optimize your store’s widgets. Apply clever A/B Testing on your site for different customers and use analytics to back up your game plan. There are a lot of ways by which retail analytics in product recommendations can benefit you.
Monitor performance from each widget
We all know that every individual customer has their own preferences and choices. And owing to this, each widget in your store will work for you differently, in terms of bringing sales, boosting engagement, or promoting cross-selling opportunities.
When dealing with a very complex number of customer types, it is only logical to use the widgets and understand your customer base, and consequently, tweak your strategies for maximum impact.
Each of the widgets is built with particular customer psychology in mind and so each widget appeals to different customer segments differently.
By measuring and monitoring the retail analytics of your Shopify product recommendation widgets, you will be able to learn and understand which of your strategies work better in compelling visitors to purchase from your store. Every visitor is a potential customer and understanding their interest areas when it comes to your product recommendation widgets is like a golden rule if you want to sell more.
Identify top performing products
There will definitely be some evergreen products in your collection that are most likely to boost your sales. And there will be star products that are loved by customers from multiple segments, age groups and professions.
Identify which products perform well among your product recommendation widgets. Recognize the customer types that prefer these best-selling products and use this info to recommend more products of similar kinds to these customers. There is something right about the product that is loved by your customers so utilize this in your recommendations to increase your sales.
By looking into your product recommendation analytics, you can find data about the products that get clicked on the most as well as the product that gets bought more often. You will even receive numerical data about the units sold and the revenue generated from sales. With the numerical information about a product’s performance, you will be getting concrete figures to plan good conversion driving tactics like cross-selling and upselling.
Install the WISER product recommendations app today.
Analyze sales per page
WISER gives you data about the sales made from product recommendation widgets, on each page. Your recommendations sell differently with different widgets and so each page will provide you with different results.
You will be having a wider perspective on customer tastes and by identifying the right product recommendation strategy you can optimize your page and convert mere visitors into customers.
See which page works well and what strategy influences visitors into making purchases. Analyze how recommendations are engaged with, on each page; your home page, shopping cart, thank you page or the check-out section! Each of these pages have different appeal towards the buyers so an insight into what ticks a visitors box is a handy information.
Every page that comes through a purchase funnel has a potential to sell so identify where product recommendations drive more conversion.
Install the WISER product recommendations app today.
Monitor sales made per recommendation widget
By now you might have different strategies for each different page and it is easy to lose track of all the widgets. You might have used each widget with varied customers in mind and optimized your pages for the best results. But keeping track of it is just as important.
WISER lets you track your recommendation widget’s performance and engagement with powerful analytics. This allows you to familiarize with the fancies and interests of different customer types.
Having noted that every widget is made with different customer psychology in focus, each widget in your pages will perform very differently, with each individual customer reacting to it differently. With a view over the performance that each widget brings in, it’s easier to recognize what type of visitors get attracted towards them and ultimately make a purchase. By monitoring your widget performances you can recognize those widgets that consistently perform well among multiple customer segments. Use these super-performers to promote upselling and cross-selling, all the while positively impacting your conversion rates.
Identify recommendation based sales
WISER’s powerful retail analytics not only gives you data on the performances of widgets but also lists down in a detailed manner, the sales that come directly from your product recommendations. This gives you an exact value of how well your product recommendations are working for you.
That’s how Amazon was able to attribute 33% of the sales they make online to product recommendations displayed on their storefront.
Also read: Conversion hacks to get more sales from your product recommendations
Benefits of product recommendation eCommerce analytics
Summing up, these are the benefits you will definitely appreciate from having powerful analytics, like what WISER provides you with:
- Learn and understand the likings, interests and preferences of your store visitors better.
- Provides good data for A/B Testing and recognizing the right tactics for your Shopify store product recommendations.
- Create data backed strategies for smart upselling and cross-selling while you increase sales and conversion rates.
How to get started with product recommendation eCommerce analytics
By now you have to be convinced about the power of analytics in successfully running an online business. Wanna know where to start? Here you go!
- Visit Shopify App Store. Find the WISER App. Install right away.
- Use WISER app to set up product recommendation widgets on your Shopify store.
- You are all set! Now sit back and monitor the analytics of your product recommendation widgets and make clever adjustments that drive more sales and conversions.
Is eCommerce analytics really that important?
The answer to this bases itself on how badly you want to stay on top of the competition that keeps increasing endlessly and challenges your business in every way. Consumer needs are increasing by the hour and keep on changing with the trends and the chaotic climate in the market. And with changing needs there is a very high stake in the battle for customer attention. With such complex customer types you will have to be more clinical with your approach.
This means that even if you are displaying product recommendations on your store pages, there is a high chance that the strategy you applied there would not work for some or the other segment of visitors.
You will have to constantly be on your toes and keep track of what and how customers react when it comes to buying from product recommendations. Your strategy should not remain a consistent one time thing but your sales and conversions should consistently go up. For this you need to adapt and evolve around customer needs.
And here, eCommerce analytics on product recommendations will come in to guide the way and help you develop the right strategy that will focus on turning every visitor in your store into loyal customers.
Ready to tap into the power of eCommerce analytics to fuel your product recommendations strategy and sales?
