The global ecommerce market is expected to be worth £4.79 trillion in 2024. As eCommerce continues to evolve rapidly, data is now a vital asset for businesses looking to expand and excel. A successful eCommerce strategy lies in a deep understanding of customer behaviour, sales patterns, and market dynamics, all powered by data. Whether you're just starting out or have been in the game for years, leveraging data can drive remarkable growth for your business. In fact, Gartner predicts that 65% of B2B businesses will be making data-driven decisions by 2026.
But let's see how exactly does data power growth in eCommerce, and what businesses should focus on?
1. Customer Behaviour Data: Unlocking Personalisation
Understanding your customers' journey is the most important aspect of running an eCommerce business. By tracking user interactions, you can effectively optimise your marketing campaigns. For instance, using tools like Shopify Plus’s built-in analytics allows you to track customer behaviour, personalise the customer experience, increasing engagement and driving conversions. In fact, research shows that 80% of customers are more likely to buy from a brand that provides personalised experiences.
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2. Sales Data: Optimising Inventory and Pricing
In today's rapidly evolving market, dynamic pricing has become vital making effective inventory management crucial. Utilising sales data is essential for optimising inventory management and dynamic pricing strategies. For brands like Piglet in Bed, we’ve seen firsthand how integrating custom inventory management solutions with Shopify’s data can help avoid overstocking and under stocking, which can cost businesses millions. Research conducted in 2023 indicates that businesses that use data to manage inventory see a 30% boost in efficiency.
3. Marketing Data: Driving Smarter Campaigns
Data analytics plays a crucial role in refining marketing strategies for eCommerce businesses. eCommerce brands that leverage customer data to fine-tune their marketing campaigns see higher ROI. Tracking and analysis of key performance indicators (KPIs) allows businesses to shift strategies in real-time. A study by McKinsey & Company revealed Data-driven marketing increases ROI by up to 20%.
4. On-Site Experience: Enhancing Conversions with GA4 and Hotjar
eCommerce website analysis tools help you understand your visitors’ experience. At WIRO, we use tools like Google Analytics 4 and Hotjar to get in depth insights of user behaviour and identify areas for optimisation. GA4 allows you to define specific goals and track how well your site achieves them by setting up conversion tracking. It also helps us to track user flow, engagement rates, and key conversion events. Meanwhile, heat mapping tools such as Hotjar provides a broader perspective by displaying your consumers’ online activities by allowing us to see where users click and scroll. It also has features such as user session recordings, A/B testing, on sites surveys and more.
By combining this data, we can form a hypotheses on what brought visitors to our website, why aren’t they clicking the CTA , what might be holding them back from converting and recommend actionable changes.
Conclusion
Data is the engine behind modern eCommerce growth, powering everything from personalised customer experiences to smarter inventory and marketing strategies. WIRO has consistently helped brands turn raw data into actionable strategies that deliver measurable results.
Ready to unlock the full potential of data for your eCommerce business?
