Being “data-driven” is a huge buzzword in the business world these days. Everybody is talking about how artificial intelligence will be revolutionizing the way things are done, and Big Data is allowing companies to make accurate predictions and smarter decisions.
Being data-driven has some stellar measurable benefits as well. According to a study from McKinsey & Company, businesses that have successfully integrated data into their strategies are 19 times more likely to turn a profit. They are also 23 times more likely to attract a higher number of customers than organizations that do not have data as a top priority.
Of course, data is equally, if not more important for online businesses. Since e-commerce businesses have no “personal” interaction with customers, it is essential that every decision and strategy is backed up with strong datasets.
So, how can online businesses ensure that they are highly data-driven?
Be Smarter with the Research Process
Audience analytics is an on-going process for e-commerce businesses; one that is never truly complete. Whether you have yet to launch your store or you’ve been operating for years, knowing your customer’s preferences, needs, and desires will always be a top priority. Analyzing your audience is one of the secrets to a successful online …