Analytics Defination for Retail

What is analytics as defined for a Retail web team?

The first part of analytics is to develop a unification plan to ensure that a customer has a continuous and seamless journey with the company. The customer should be at the focus of everything that we do – marketing offers should be tailored for each individual customer based upon their preferences and configuration.

So firstly we need to have a unification plan for each customer and this should be reviewed and updated regularly to ensure that it is working. This can be achieved by asking customers or by watching their behaviour while on your web site.

The next step is to develop a data plan. This has been covered in section 2. Work out what data you have available and then how you will report on it. Always measure against your objectives and KPIs.

The final step is to define your analytics plan inclusive of:

• Ensure that your KPIs are linked to your goals as defined in section 1.
• Established the various measures and the interval for measurement
• Determine whether you will do real time analytics and optimisation, making micro adjustments ‘on-the-go’.
• Analytics is then the study of the measures that have been selected. The purpose is to understand just what is happening to your measures and why.

Analytics is simply understanding cause and effect!

An example could be Adelaide UBD sales:

Phase 1 – The raw data

Phase 2 – KPIs (conversion rate)

Phase 3 – Measures
1. Conversion by new release/older version
2. Number of customers who also bought another product
3. Conversion by promotional offer such as free shipping

Phase 4 – Analytics
1. Effect on the landing page to conversion
2. Impact of product placement (merchandising) on the page
3. Impact of customer demographic and segmentation on the rate

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