3 Ways to Use Ecommerce Data to Increase Sales
In the world of ecommerce, data is often the biggest difference between best-selling brands and everyone else. Even established brands can slip down in the rankings when scrappy underdogs leverage data intelligently.
It’s not simply a matter of having data, and not just any data will do. You must have the right data and use it in the correct ways if you want to get ahead.
Here are three ways you can use your ecommerce data to increase sales.
1. Promote your highest-converting retail partners
When it comes to sending your website visitors to a retailer, you want to send people to the sites with the best conversion rates. With the right tools, you can compare conversion rates on each retailer’s site, so you can focus on promoting the partners with the best chance of closing the sale.
A good where to buy (WTB) solution should give you access to conversion data from your product pages on retailers’ sites, as well as the ability to select and prioritize the sellers listed on your website.
2. Upsell popular add-ons
Collecting in-cart data from retailers gives you all kinds of opportunities to glean advanced insights, including what else people frequently buy with your products. If your customers tend to buy a stud finder along with your best-selling drill, it’s probably an item you will want to use for remarketing purposes, such as retargeted ads or an email drip campaign. You might also consider bundling items that are frequently purchased together.
3. Only highlight sellers that have your product in stock
When you send a potential customer to a retailer that does not have your product in stock, a few things might happen. For instance, they could:
- Go back to your site and click on another retailer
- Search for your product name or category in Google, where they’ll also see competitors
- Stay on the retailer’s site and buy from one of your competitors
- Decide not to buy anything
That first option is not very convenient, and people are not going to do it unless they care more about your brand than they do about just getting something that solves their problem.
Number two puts more steps between your customers and the sale, and there are opportunities for competitors to slip in and steal the sale at every step.
The third choice is the most convenient way for people to leave with something that meets their needs, and it basically means you just handed a sale to a competitor, because this all started on your website.
But often, when consumers encounter friction on the path to purchase, they go with the fourth option: buy nothing.
In any case, it’s always a risky move to send your customers to a place where they are unable to buy your product. But without up-to-date stock data from your retail partners, you can’t possibly keep track of when you should or should not send customers their way.
A good WTB solution takes care of this for you, but a word of caution: some tools only pull this data at specific intervals or certain days of the week. That means you are only sometimes giving your customers reliable data—and you might be telling them your products are in stock at a retailer when they are not.
Imagine: someone arrives at your website and wants to buy your product – they need it now. So, they look at your where to buy widget and see your product is available at the local Walgreens. They then drive 15 minutes to the store only to learn that it has not been in stock for three days. Now your outdated data did not just lose a sale, it wasted a customer’s time and probably made them mad.
All that to say, there’s a lot to lose if your tools don’t keep your data up-to-date.
Better data leads to better decisions
Ecommerce is extremely competitive. Brands can sprout up seemingly overnight and knock out incumbents. Manufacturers fight tooth and nail for top results in product searches.
You need to make the best possible decisions about where to send your potential customers and what is shown to them. And to do that, you need advanced, accurate ecommerce data.