In this day and age, one of the most powerful business tools we can all use, no matter the type of organization we run, is data.
No longer is detailed information only available to the large corporations that can pay a lot of money for it. Now, even the smallest of ventures can access free and low-cost data to help plan, forecast, make decisions, create products or services, and much more.
Analyzing the extensive amount of details accessible these days might seem a little time-consuming or overwhelming, but if you’re not paying attention to such information, you won’t be able to compete as well as you’d like. There are many ways you can utilize data analytics to get ahead. Here are some tips for making the most of the details you can access in 2022 and beyond.
Effective Product Selection and Supply Chain Management
If you’re a retailer or wholesaler or otherwise trade a lot of inventory to do business, you’re going to want to find ways to improve how you select goods, so you end up with fewer items that sit in your warehouse and don’t get used. Data analytics can help you with this in numerous ways. For instance, software can run quick reports for you so you can keep a close eye on how much stock on hand you have of each item.
You can learn how many products you have in each category and when goods last sold. You’ll see how many you’ve sold of each good since you added it to your range and where there’s most demand for items during the year, too. These details will make it easier to see what to buy more of and when, and what not to bother stocking again or at least order in smaller batches in the future.
When it comes to your firm’s supply chain design, you want to ensure you’re dealing with the best possible companies who do what they say they will. Analytics can help you focus on the best suppliers by being set up to run against the key performance indicators (KPIs) you select regarding fulfillment.
For instance, have software take note of how often orders arrive on time or get held up, if customers ever complain about deliveries that go directly to them, and issues with damaged, missing, or incorrect stock. When firms regularly dip below the predetermined KPIs put in place, you know it’s time to chat with suppliers about the issues and potentially look for alternative companies to use.
Improved Customer Service
Analytics is incredibly beneficial for improving your venture’s customer service levels, too. If you can impress clients more often and more thoroughly with the level of service you provide, they’re going to be more likely to buy from you, do so more than once, and rave about your company to their contacts.
Use analytics programs to examine the types of questions you get asked most at different touchpoints (via your website, phone calls, emails, social media pages, etc.). Then, ensure you update your various marketing collateral to make the answers to these queries easy for people to find right away.
You can also use analytics software to understand when the busiest times of the day, week, and month are when it comes to customers asking for help, and ensure you have enough staff working at those times to respond to calls for assistance ASAP. Plus, utilize data points to get a clear idea of the customer service types people most appreciate. For instance, you may find that your client base puts in requests for help via your website contact form or live chat box the most, or by sending emails, getting in touch via social media, or picking up the phone, etc. Cater to such preferences, and you’ll boost client satisfaction.
Less Shopping Cart Abandonment
If you sell goods online, you likely get frustrated sometimes at the number of people who place items in their shopping cart but never finish the transaction. This shopping cart abandonment is common, but if you can reduce the rate at which it happens, even by a small percentage, you’ll make a positive impact on your firm’s bottom line.
Shoppers often click away before checking out because they’ve had a problem with the way your website works, a lack of information, or an issue with the payment types accepted. Prevent this by using data analytics to see exactly where people are in the cart when they click away and what they do next (such as checking out shipping or FAQ pages) to try to get the information they need to go ahead.
You might learn that something is causing problems in your site’s navigation processes, or you don’t have enough details about ordering, payment, or delivery. Analyze this data, then make improvements and keep testing and measuring until you see a drop in your site’s shopping cart abandonment rate.
Each way you take advantage of big data technology can aid your venture to grow and your profits to soar, so why not start today?
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