The traditional tools used until now are no longer enough. They cannot extract the valuable knowledge that hides the large volume of data available today to optimize processes and tasks. This directly influences employees’ day-to-day work and, above all, customer satisfaction.

Advanced Analytics as a Lifeline For The Retail Sector

In the current retail industry, offering the best experience to customers has become the key objective to improve sales and a challenge for retailers. So much so that the success of their businesses depends directly on achieving this goal. This is where the role of data becomes relevant. Data hides valuable knowledge, which can help us make better decisions that directly impact business results. But what data is necessary, and how to extract value from it?

Thanks to advanced analytics and historical data, it is possible to accurately predict the volume of visits that the store will have, forecast sales volume, or optimize operations such as replenishment or customer service. The application of advanced analytics can help us improve the customer experience in all its dimensions, working on each of the main pillars of the retail sector: the store, the product, the employees, and the customer.

The Store

The store is one of the most valuable assets of physical retailers since, together with the employees facing the public, they are the point of differentiation from online retail. Attractiveness to customers seems like an obvious requirement for retailers, but sometimes this is not enough for consumers. They want to find what they are looking for quickly, although they are not close to acquiring other items of interest to them. And how can retailers take advantage of this?

Thanks to data such as the history of visits and customers’ movements within the store, heat maps can be generated that indicate the most visible areas of the establishment. With this information, advanced analytics can create an optimal configuration of the products in the store. For example, on which shelf to place each product and in what way, which products to put next to others to improve cross-selling or their distance or proximity concerning the boxes; always looking to maximize the conversion of each visit.

The Employees

On the way to achieving the best “customer experience,” as we have already explained in other articles, the most valuable asset that the retailer has is the employee. And the employees, together with “the store,” are the other key point of differentiation with e-commerce.

The employee is the visible face of the company in front of the consumer and is the one who, thanks to customer service, can offer a memorable experience to customers. Not to mention that they are the only ones who can convince them to purchase at the key moment of consumer decision. That is why it is essential that store employees’ management and their training are focused on achieving high customer satisfaction.

Emphasize the importance of having an optimal sizing of store personnel. Customers do not like having to wait longer than necessary or not being served due to the lack of employees in the establishment. Properly sizing the store at all times is not easy. Still, if we do it correctly, we can have the indicated number of workers both during peak hours and when there is less influx of customers, optimizing resources and maximizing sales.

But it is not only essential to have the correct number of workers overtime and to plan for the right employees at all times. For example, suppose you want to maximize the number of visits that end in conversion and thus maximize your results. In that case, it is crucial to plan the employees with the highest performance in the peak hours of visits, leaving the rest in less productive hours in sales.

Personnel management solutions that only automate the process of scheduling workers do not consider a prediction of visits by type of client or employee profile, among other variables. In addition to not generating shifts looking to improve the conversion rate and customer satisfaction.

Only those that use advanced analytics and artificial intelligence achieve the main objective: having the right employee in the right place at the right time. Well, they are capable of predicting the volume of visits to each store to adjust the schedules and tasks of each employee with the real needs of the store and its potential and seeking to improve the conversion rate without neglecting employee satisfaction and salary cost.

The Product

Ensuring a good supply of products so as not to lose sales and avoid having surpluses is crucial for saving costs and optimizing results. Often the tools used by retailers do not achieve the main objective, which is to ensure that the right product is present in the right store at the right time. The negative result is excess stock in some stores, stock out in others, and large amounts of surplus at the end of the season. This translates into costs, lost sales opportunities, low profitability, and dissatisfied customers for not finding what they wanted.

To correctly manage inventories and product replenishment, a solution is needed that applies advanced analytics and artificial intelligence to the replenishment process, such as NEXTEL, optimally distributing items between stores to avoid stockouts and maximizing sales and the ratio Of conversation. In addition, these tools automatically review and update the actual stock levels at the point of sale and in the warehouse in real-time, which allows, in the event of low stock of a product in the warehouse, to prioritize its deployment in stores with a greater probability of sale.

The Client

Who better than customers to give us the key to their satisfaction? Knowing what customers want and how they want it will allow retailers to offer it to them in the most optimal and individualized way. Personalization has become one of the main ways to attract customers and offer them the best possible experience. To achieve this goal, it is necessary to know their tastes and preferences through the data they generate during the multiple iterations in the different channels, including the social networks themselves.

Having a repository in which customer interactions and experiences are consolidated in the various channels allows us to have a 360-degree vision that will make it possible to provide exemplary service or products to the customer when they reach us through any point of contact. Thanks to advanced analytics, it is possible to discover trends, consumption patterns, and other insights related to our clients, which encourages the creation of new products and services and guides us towards more effective and efficient operations.

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According to a report by Nasdaq, given the increasing number of online transactions every year, it’s anticipated that by 2040, 95% of purchases will be made through e-commerce, and all industries will have to adapt to this change eventually. Given the digital market’s high profitability rate, engaging in the online retail industry gives you the opportunity to earn high-profit margins. However, it’s only possible if you will be able to stand out among your competitors. To do this, business owners seek the help of e-commerce software which will be tackled in this article. If you want to know more details on how to step up your ecommerce website’s game, continue reading on.

What is an Ecommerce Software?

Ecommerce is characterised as the purchasing and selling of products or services on the internet. Ecommerce software allows the smooth flow of these transactions by enabling your website to efficiently manage its inventories, process payments and invoices, keep a record of customer’s databases, and many more. In short, e-commerce software is what makes online transactions possible and easily accessible. That being said, how your website will perform depends on the e-commerce software that you will use.
Remember that a business’s most important asset is the customers. Therefore, providing excellent customer service and a remarkable purchasing experience will increase the chances of your business prospering. E-commerce software contributes much in terms of customer service, which is why it is essential to choose the software that will best suit your business’ and customers’ needs.

Top Ecommerce Softwares

Before moving on to this step, make sure that you have a clear understanding of your business objectives. The type of e-commerce software that you will choose should depend on the needs of your business. Once you’ve finalised your objectives, you can now select below which type of e-commerce software will be best utilised for your website.

1. Shopify

According to the statistics by Built With, in terms of e-commerce usage distribution, Shopify tops the list with 14.84%, followed by WooCommerce with 13% and Wix with 6%.

Shopify is not only the most well-known but also considered to be the best e-commerce software among other software. This software is web-based, meaning that it doesn’t require upgrading or maintenance, which allows you to run your business anywhere. For this reason, many business owners choose this software over others. In addition to that, Shopify also offers various template designs, includes third-party app stores, and integrates marketing tools into the website, which eradicates issues on eCommerce fraud, performance, or speed.

Shopify offers a 14-day free trial, but after that, you will have to purchase its services. This e-commerce software offers three plans. The first one costs $29/month and allows two users on distinct channels. The second one costs $29/month but allows up to five users and with hardware peripheral support included. The final plan is more pricey than the first two plans, amounting to $299/month but allows as many as fifteen users and with advanced tools, builders, and other features included.

2. Wix

Wix is also one of the most well-known tools for site-building. Given its easy-to-use features, many business owners are enticed to use it for their websites. However, in contrast to other e-commerce software whose primary focus is on selling products, the Wix software is more utilised as a web builder. This is why the most common users of this software are bloggers or content creators with occasional product endorsements on the side.

Their plans also cost lower than that of Shopify. Their plans range from $23 to $49 only per month, which means that you’ll be able to run your website without spending a fortune.

3. BigCommerce

BigCommerce is the most popular cloud software used by Toyota, Fujitsu, and many more companies to market their products. Many business owners continue to use this software because it has shown remarkable results in terms of increasing a business’ profitability. BigCommerce provides 24/7 live chat support, strong search options, and unlimited storage for your files. This software also lets you link your website to various social media software such as Facebook, Instagram, Google, etc., which will allow the generation of more leads.

In terms of costs, BigCommerce charges almost the same prices as that of Shopify. Their most popular plan costs $79.95, while the other plans cost $29.95 and a whopping $299.95 for their Pro Plan.

4. Ecwid, Inc.

This software allows you to manage various channels, such as your website and social media channels, all at the same time. This is why businesses that utilise social media platforms in marketing their products or start their business in social media consider Ecwid as their best pick. You can easily build up your website through this software for zero costs. However, if you want to access its premium features, you will have to pay for its plans. Their most affordable plan only costs $12.50/month, while the most expensive plan costs up to $99/month. Compared to other software, Ecwid can be a little harder to navigate because it requires manual coding. But with its compatibility and impressive features, the effort is worth it.

5. Volusion

Volusion provides a starting point for people who are still establishing their online business. This software created its own site builder for users to build their own website on. They also provide enticing page designs, smooth checkout processes, email marketing, SEO functionalities, and marketing strategies.

However, along with the great functions it performs are the costs you must pay first before you gain access to them. Their basic plan starts at $29/month, with their premium plan costing up to $299/month.

Conclusion

We hope this article was able to inform you of the essence of e-commerce software. Representation is an essential factor, especially in online businesses. It’s important to make your website as presentable, engaging, and enticing as possible to appeal to the customers. Given the intense competition in the digital market, standing out is a real challenge. However, with the help of e-commerce software, gaining an edge over your competitors is possible. This is why you should invest in good e-commerce software because it has the ability to dictate whether your online business will take off or not.

Also Read: Digital Tools To Manage Your E-commerce

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