In 2017, online sales accounted for 10.2 % of all retail sales worldwide. This figure is likely to reach 17.5 % by 2021. A report from Statista reveals that in 2017, retail e-commerce sales worldwide amounted to 2.3 trillion USD and the revenues are projected to grow to 4.88 trillion USD in 2021.
This rapid growth is evident by the rise of several online retail stores and retail platforms, committed to making e-commerce easier, more affordable and accessible for various types of businesses.
In the first section of this article, we will look at how the popular e-commerce marketplace platform Shopify is beneficial for online businesses. The latter section of the article will evaluate how Shopify’s strategic integration with IQLECT will enhance the performance of e-commerce businesses.
Shopify as the best platform for e-commerce businesses
If you’re in the camp of entrepreneurs who are looking to branch out into the e-commerce space, we recommend using Shopify to power your store.
There is plenty of shopping cart solutions available to choose in the market, but Shopify has some added advantages for business owners. Here are a few reasons to choose Shopify for your online store-
1. It’s affordable. Keeping the operational costs low without compromising on quality is the number one rule for any businesses especially start-ups. Shopify is a clear winner when it comes to providing the best of the features in competitive pricing. For a relatively low monthly cost, you get everything you need to power a fast and reliable e-commerce store.
2. Web hosting is included in the plan. Hosting an online store can be a headache for new business owners as it takes a lot of time, technical expertise and money to do it efficiently. Shopify provides the solution for this pain point. It maintains the server and takes care of all the hosting issues for your online store so that you can focus on your business instead of struggling for web hosting options.
3. It has plenty of themes to choose from. Easy user interface and great looks of your online store play an important role in making e-commerce business successful. Shopify provides great themes to choose for your online store. It’s very easy to customize the themes as per your business. Shopify themes can be developed on top of the platform to enhance user experience.
4. Shopify is highly secure. New online stores have a lot to focus on business operations, raising money and getting new customers. They don’t have enough time and resources to spend on the security of the store. Shopify has inbuilt features to take care of all kind of security needed for e-commerce business. It provides hacker protection, security upgrades and handles all security compliances. Some of the biggest brands like Tesla motors, Nescafe and The New York Times trust on Shopify.
5. It has all the necessary marketing tools. If you want to keep the operating cost down and market your business fast then you must choose Shopify. It is built for faster marketing.
The basic package of Shopify includes SEO features and e-commerce analytics solution to help you spread the word faster and know how users are interacting on your store. It also provides some important marketing tools like custom gift cards, social media integration, discount codes, email marketing, and coupon engine.
Shopify app store has lots of advanced marketing apps to choose from. You will find almost all kind of marketing and analytics solution on the Shopify app store.
6. Shopify has a great customer support. For any new business hiring dedicated developers is a costly matter. Shopify provides a great customer support via email, phone and chat to overcome even complex issues on your store. You don’t need coding knowledge to set up your business on the Shopify platform.
Shopify has many such great features which help start-ups as well as SMBs to start selling online without any difficulty.
How Shopify’s strategic integration with IQLECT will enhance the performance of stores?
IQLECT has developed an app for Shopify stores which offers predictive e-commerce analytics in real-time. The app will provide actionable insights in real-time so that businesses can take actions on time and boost their sales. How IQLECT is going to help enhance the performance of Shopify Stores? Let us discuss in details –
Amalgamation of clickstream and advanced e-commerce analytics
IQLECT is offering a complete package of analytics for Shopify stores which includes clickstream and e-commerce both. You don’t need to pay for 2 different analytics solutions – one for web analytics and other for advanced e-commerce analytics.
IQLECT app is offering enterprise-grade clickstream data analysis in real-time. It also takes care of advanced e-commerce analytics including checkout, cart, payment etc. By using IQLECT you’ll have data and reports to know all about user behavior on your store along with high-quality e-commerce transaction data.
ML and AI integrated analytics solution
E-commerce businesses can tap the potential of future-aligned analytics with IQLECT’s ML and AI integrated platform. Machine learning capabilities of the app allow businesses to make critical data-driven decisions quickly.
IQLECT provides ready to use data models along with options to deploy custom models as well. Businesses can use predictive models to identify patterns and trends in data.
Optimizing pricing, forecasting demands and creating personalized stores will be super easy with IQLECT’s ML and AI-powered analytics solution. It will help in boosting business efficiency and improve sales over time.
Get comprehensive advanced dashboards, reports, and notifications to improve business performance
IQLECT app for Shopify provides detailed reports on complete user journey on the store. It has easy to use and data-rich dashboards and provides notifications/alerts on all important events happening on the store.
You will get a detailed and insightful report on total sales, average order value, most viewed and purchased products, shopping cart abandonment etc in real-time. Performing shopping cart analysis and evaluating canceled order is super easy with IQLECT.
You can access real-time reports with sub-second latency to identify and take action to rectify cart abandonment issues. It will help you to identify the root cause of checkout failures and give you enough time to take actions to reduce these events.
It also provides a complete funnel of user journey in real-time. You can perform customer retention analysis on the customers visiting your store.
Analyzing large data volume in real-time
IQLECT is a powerful platform, which can analyze several data streams simultaneously. Our flexible licensing model allows businesses to handle data ranging from few GB to several TB. Our in-house NoSQL, BangDB is capable of doing streaming analytics on large sets of data to provide actionable insights in real-time.
Our app is an enterprise-grade e-commerce analytics solution but at the same time, it’s super competitive at pricing front.
No Sampling of data
Data sampling is a statistical analysis technique used to analyze a subset of data to identify patterns and trends in the larger dataset being examined. For example, if you wanted to estimate the number of vehicles on a 100 KM stretch of road assuming the distribution of vehicles are uniform then you can simply count vehicles in 1KM and multiply by 100 to know the number of vehicles on the entire stretch of road. This process is called data sampling. Data sampling may result in far less accurate reports specially when applied on smaller set of data or non-uniform data.
Most of the free analytics tools use data sampling in order to provide timely reports. Google Analytics is also using the sampling of data unless you are using GA 360 which is overly priced.
We at IQLECT never use data sampling for reports and we don’t need to use it as we are providing real-time analytics.
IQLECT collects a lot of detailed information from your Shopify store which helps your business make an informed decision. Our analytics solution will help you know the entire user journey on the store so that you can make some personalized recommendation to them. It will also help you in detecting payment fraud with the help of pattern recognition and anomaly detection. E-commerce business is all about putting the right products in front of the right audience at the right time and we at IQLECT are committed to helping you with that.
Contact us today to know more about the Shopify advanced e-commerce app. Please let us know your thoughts in the comments.