BI for ecommerce:-
Business Intelligence is an absolute necessity for achieving better business outcomes in e-commerce.
Business intelligence is basically the data or information about the customers or fellow competitors that is useful for analyzing the market and making significant decisions in an organization. To outperform competitors it is critical to earn loyal customers on long term basis for generating higher ROI (Return on Investment). The business intelligence system software decides when to reorder stock at the right time.
Functions of Business intelligence tools for ecommerce:
In making best Marketing plans:-
Business Intelligence allows you to decide best marketing strategy possible to be performed for achieving maximum return on investments.
For Effective Navigation:-
Business Intelligence uses navigation elements which are most used by the users. It also gives the report whether the customers are reaching their desired page on the e-commerce portal upon using the search box or not.
For better SEO success:-
Business Intelligence identifies the best key phrases that are sending the best traffic strategies which leads to the greatest SEO success.
Advertising on social media:-
Business intelligence gives insights about the best social sites that drive the desired traffic. It gives information if at all you need to put more efforts on social media platforms and also remarks whether you are able to generate the desired return on investment from social media or not.
For making Pay Per Click Strategy ammendments:-
Business Intelligence is useful in detecting whether your Pay Per Click optimization efforts are giving you the desired outcomes or not.
For Sales and profitability analysis:-
Business Intelligence solutions facilitates you to analyze the product sales keeping in mind about the current trends and product demands prevailing in the market for fetching the maximum profits possible.
For Store operational analysis:-
Business Intelligence tools provide reports regarding the e-store operations performance across the different geographical boundaries.
In Customer analysis:-
Business intelligence tools are used to find the target customers depending on their interests and geographical locations (Segmentation).
In Product Development:-
The data provided by the Business intelligence is used to develop the product in a better way sans any errors possible.
In Inventory management:-
Business Intelligence tools are used to optimize inventory levels, replenish stocks and track inventory movement. Business Intelligence tools are also useful in monitoring sales lost due to insufficient inventory level of the products on the online store and ready inventory for future demands.