E-commerce data insights that push you to rethink about business-related attributes are more valuable than something that simply answers a question. Such insights can be considered as a treasured source of all the work that goes into collecting and analyzing the data as these lead you to data-driven success.
Here are some of the ways that will help you examine how actionable your data insights are:
Align the insights with your business goals
When insights align with your key business goals, they are more likely to drive action on your online store. If you are unable to figure out how to use a particular business metric, then it might be possible that you are looking at an unnecessary key point. Insights that are garnered using Key Performance Indicators (KPIs) along with other vital metrics lead to better conversions as they are directly related to the crucial elements in your business that you need to control and focus on.
Determine the relevancy of the insights
Insights are highly subjective as they can provide a strong business revelation at a given instance of time and prove to be completely unnecessary at another. The relevancy of insights depends on the time, setting, and the business goal that needs to be achieved. For instance, if the insights are not generated timely, then they might become useless for the stakeholders after a given period of time. In case, these do not reach to the right set of decision makers; then they might not be able to act on them to develop strategies.
Collect specific, detailed and actionable insights
Insights need to be specific so that they can be acted upon instantly. At times, the insights that are drawn from high-level business metrics and KPIs can highlight interesting events in the business but lack details that can be used to take immediate action or decision.
For instance, let’s take these scenarios,
- You might predict that overall revenue in this month would go up to 30% and consider it as an achievement without realizing that there might be a massive fraudulent order that might mess up the revenue numbers in the future.
- It might also be possible that greater conversions during this month were possible due to a product functionality which might not exist in the near future.
If insights cannot provide an explanation for such gaps, then they are certainly not actionable. You might require a deeper perspective on such scenarios before you can act on them.
Separate new data patterns from the familiar ones
E-commerce stores collect a lot of data every single day out of which only a few of the insights prove to be of supreme importance. A particular data pattern that you might have discovered for the very first time might not seem to be compelling the tenth time as you might get familiar with the behaviour. Verifying an unexpected finding can shed light on the key business areas which can help in garnering better conversions.
Provide correct interpretation of the insights
It is necessary to understand the importance of these insights and how they can help your business in the long run. You must also be able to communicate the insights effectively so that they can be correctly interpreted by the teams who can further make growth strategies.
Keeping these points in mind, you can determine whether the insights that you garner from your e-commerce store analytics are actionable or not. By garnering specific and detailed insights from the data, you can yield exceptional returns for your e-commerce business.
Get started with ShopIQ today to apply real-time analytics on your e-commerce data!