Now is probably the best time to open your very own online store, as the ecommerce world is booming exponentially and has shown a growth of 5 years in just one year, all thanks to the pandemic. People have now learned to trust online stores, shop from the comforts of their homes without doubting that they will be scammed. Although the competition out there is cut-throat and the chances of survival are only lit for those who have the most efficient and robust platform with new and innovative strategies to combat any hurdles. Having a BigCommerce developer on your team will make sure you are on top of all the latest trends, updates and insights of the ecommerce world.
The first and most crucial step towards starting your own online store is having a robust platform for which hands-down BigCommerce platform is the best. It’s one of the leading software platforms that allow you to create your online store within a few hours. BigCommerce is suitable for both startups as well as businesses looking for scalability and growth. Ecommerce experts recommend and use this platform as it has a user-friendly interface along with super advanced built-in features, plug-in options and integrations that are just beyond innovative. On top of it, BigCommerce is highly customizable with a growing number of impressive tools and features added each year. It is also a SaaS platform which means that once you have subscribed for it, all the ongoing services like technical support, security maintenance and assistance will be included in the package.
Along with that BigCommerce also provides its users a great deal of valuable insights of the business which allows them to perform, upgrade, strategize and reevaluate their plan in order to drive more conversions, sales and profits. Insights play a pivotal role in helping you understand the area you need to improve and the strategies that are bearing fruits. It shows you which products are not working, which ones are driving sales, which ones are most viewed, most abandoned, which channels bring the most number of customers and so on. In today’s article, we will dwell deeper into the BigCommerce insights and see how these insights sets BigCommerce apart from the crowd of platforms.
The ecommerce insights can be easily added to your plan of subscription by going to the Analytics then clicking on the insights and following the purchase plan. Ask your BigCommerce developer to add this feature to your plan in order to gain numerous benefits. Once it’s up and running, you’ll be able to gain valuable and beneficial understanding of pricing, category performance, product performance, customer trends and marketing leanings without having to scrutinize through a ton of data, make excel sheets or resorting to any cloud-based reporting solutions. There are four basic insights that are enough for you to understand, reassess and regroup your strategies. Let’s cover them one by one.
1. Product Insights
The product insights will be really beneficial for planning and strategizing about which products to be advertised more, which ones should be produced more and which ones need to be endorsed more. These product reports will be weekly so that you can get a better idea about the day-day performance and trends.
Products need to be Improved– These products had the least number of conversions among your most visited products so they need to be improved by tweaking the description or image. BigCommerce insights provide you with crucial data that lets you stay at the top of all these changing trends.
Rock start Products– These products are your most visited products with the best conversion rate. Make sure to use them in your advertisements, home page and package them with products that need improvement. With insights reports coming in on weekly bases, you can do that with efficacy and boost the sales of your rock star products.
Promising Products– These products are visited less but still thrived by having a good conversion rate. The product that has views less than 20 are automatically removed from the report so wouldn’t show up. Use these insights and try to decipher why these have low traffic rate and use clever marketing strategies to increase the traffic thus the conversion rate.
Not-Selling Products– these products were a no-sell in the past whole week which means the merchants need to work on the description, image, pricing or maybe even see if it’s relevant anymore or not. Ecommerce experts believe those insights are the best way to plan robust strategies that are conducive to the business.
Hot and Cold Products– products will be considered hot selling when they have the biggest revenue growth from last week and they will be considered cold when they have the biggest revenue drop from the last week. Make comparisons and search for possible reasons for both. Over here, once again BigCommerce insights will have a pivotal role to play, so make sure you have them on hand.
Products Abandoned– the products that fall in this category have been the most common in abandoned carts. Refer to insights for finding those products that end up in abandoned carts and look for possible reasons for that, maybe it’s the pricing, some hidden costs or shipping.
Discounted Products– These products were discounted, check if the most popular discounted product will perform even without a discount. You can also bundle them up with other related full-priced products without putting on a discount to see the performance by checking on the insights at the end of the week. BigCommerce developers use insights all the time to help merchants make the best plans and policies for their businesses.
Bundled Products– With your top-selling or most popular product tether a related product in order to increase the average value of each order these can be done by doing an upsell when the main product is put in cart. Refer to the insights and check which products can be attached together to gain maximum profit and happy customers.
Just like product insights give a peak inside your product performances, customer insights give valuable information about the customers coming to your website. These include new, old, loyal, happy, unhappy and angry customers. The customer insights are on a monthly basis so that a more comprehensible and solid trend is evaluated.
Best Customers– these customers buy from your website often and also spend the most amount of money. You want to make sure that these customers keep coming back so offer reward programs like Smile rewards, offer coupon codes to them, engage with them via email campaigns and also try to give the incentive to write a review for you.
Customers in Peril– all the customers who have purchased from your site anywhere in the last 30-365 days are of high value to your business. Use these valued insights to connect with them again through incentive comeback emails, offering them the products at a discounted price that they last purchased and also use these insights to see any trends from the previous orders and figure out the user’s experience with the product.
Rate of Repeat Purchase– this is the percentage of customers who made a repeat purchase at your website and how much gap there was in between each purchase. Standardize your current rate of repeat purchase and work on from there. Plan campaigns, strategies and promotions according to this rate of repeat purchase.
Best Performing Products for Repeat Purchase– once you know your best performing products you need to know which customers were purchasing these products because in all likelihood, they will make a repeat purchase. These insights will help you identify these customers, make you well aware of their value so that you can include them in your future email campaigns, marketing strategies and win-back promotions.
Eyeing but not Purchasing– this is the only customer insight that will appear on the weekly bases along with the products insights. This is because this type of clientele needs immediate attention. The customers falling into this category have been viewing a product multiple times but the purchase didn’t happen. Use the insights and plan a way to entice the client to make the purchase by offering a special discount via email. Also see why this product has been viewed multiple times but the conversion rate is low and come up with a retargeting campaign.
Customer Purchasing on Full Price– you don’t want to take the clients that buy your products at full price for granted. How can you know about them, well ecommerce insights to the rescue! Segregate these clients for special discounts, loyalty programs and incentive emails.
Marketing insights are just as valuable to the business as the product and customer insights are. This will give you a good idea about how well your marketing strategies are working and which channel of marketing is giving you the best results.
Summing it all up!
All these insights hold invaluable positions for any business willing to make a mark on the world of ecommerce. Make sure your subscription plan includes this feature of BigCommerce as it will help you strategize, evaluate, customize and redirect in order to gain the best results.