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Staying ahead of the competition in the hyper competitive e-commerce market means winning the customer experience battle, and making sure you do what it takes to get shoppers coming back to your site. To get to the top – and to stay there, you have to optimize the digital touchpoints your customers experience, and understand the full customer journey.
Across disciplines, having the best insights has been consistently identified as the difference between winning and losing, and is being increasingly understood as a “must-have” for any business. In Michael Lewis’ ground-breaking “Moneyball”, he showed how the Oakland A’s used such insights to drive their unprecedented success.
Understanding And Taking Action
Take a well known e-tailer, for example. Their Digital Insights team is responsible for understanding what needs to be done to keep customers coming back to their e-shop. How do they measure their progress, and continually optimize? A key metric for the team is getting the 4th repeated purchase on their site, which is a widely accepted predictor for a customer fully adopting that channel.
To be competitive, you have to know what that customer journey looks like; what the loyalty patterns are, and the key metrics that govern them. Start by looking at what competitor sites your customers come from, and where they visit afterwards. You will of course need insights into your own platform and customers, but more than this, you need insights into your competition’s key KPI’s, and to learn how to win on user experience and loyalty.
Market Beyond lets you do exactly that.
Gain Invaluable Insights Into Your E-commerce Shoppers
Digital Insights teams are using Market Beyond Customer Insights to get actionable intelligence to boost their market share – including accessing parts of the market many teams might not even have known existed. This is achieved in a number of ways:
Understanding and leveraging Customer Switching and Loyalty contributing factors; for example, what happens with customers that are not buying on your site? Some customers (or potential customers) may have visited your site just once, but you have no idea what happened next with them. Where did they go, and what did they buy? What are the key factors that will predict a repeated buy? What’s more attractive about your competitor’s offer, that could be drawing customers away?
Revealing the Comparison Shopping Ratio between you and your top competitors; this is an excellent method to measure your level of competitiveness. Comparison shoppers comprise over 20% of transactions on some e-shops. This is a really big deal – by understanding this, and measuring your win and lose rate, you can realize how competitive your site and offerings are. Market Beyond enables successful teams to access this, even down to SKU level. This allows teams to gain a deep understanding of how their offers stack up against competitors, and where they can gain business back. Not just in general, but in a meaningful, actionable way, including specific products and competitor sites.
Gaining Shopping Cart Intelligence, and ascertaining what products are bought together; whether it’s what people are buying in the same shopping sessions, over sessions, over time, or repeated buying patterns on your direct competition’s site. Make sure you can benchmark your operations and provide the best products and promotions.
Taking full advantage of Shopper Segmentation; this can be achieved down to specific demographic groups, to work out the strategy to win hidden market opportunities. Winning teams can find out which shoppers are loyal to their site, which have an affinity for other sites, which are those that look for the best deal, and other meaningful metrics.
In Touch, In Tune, Insights
Join other successful teams in accessing Market Beyond’s digital insights – to truly understand customer journeys, keep track of the various digital touchpoints your customers experience, and, like Lewis’ Oakland A’s, always be one step ahead of the rest.