Growing your business over the last few years has been a surreal experience for many. Who could have imagined foot traffic dropping to zero? A global focus on ecommerce served customers from a safe distance and allowed people to reach new markets, but it has also created several challenges.
To grow your business while meeting changing needs, you need a plan. If you want to know where you’re going next, you must know where you’ve been and where you currently stand in this new retail world.
While ecommerce expansion helped sales and social-contact concerns under COVID-19, it also drastically impacted global logistics. Panicked online Christmas shopping before the season had even begun, for example, placed unimaginable stress on our global supply chain. Planning for such key moments, even predicting when such things could happen, protects your company and sets it up for success.
Combined data can manage change
When combined with other data sources, your ecommerce data has predictive power to help you rise to unexpected global challenges:
- Shifted market trends. Today’s trends move fast. Sales data shows what customers want right now. So if you combine this knowledge with industry data sources, you can prepare your inventory accordingly.
- Increased production demands. By incorporating public data into planning, such as raw material availability and cost, you can factor such things into schedules and prices instead of absorbing the cost.
- Impacted supply chains. Costs and wait times have gone up. To manage bottlenecks, you can combine external logistics and things like emergency weather forecasts with production and ecommerce data to create a foolproof plan.
Eclipse Makes Ecommerce Data a Growth Opportunity
Analytic Labs’ Eclipse platform is designed to quickly help clients improve their analytics by bringing multiple data streams together. Using targeted queries, tailored reports, and powerful analytic visualizations, Eclipse helps you discover new opportunities by combining your ecommerce data with other sources such as:
- Your operational data.
- Any public (financial, logistics, government, etc.) data.
- Third-party data from Eclipse partners.
Applied data intelligence guides action
Planning ahead for a busy season? Factor in extreme weather data cycles to choose shipping routes that avoid flooded highways or forest fires so deliveries are on schedule.
Comparing in-store revenue to ecommerce for expansion plans? Add government weather and traffic data to your sales reports to better understand customer platform choice.
Should you increase inventory? Combine work-from-home data, trend reports, and shortages to understand your sales cycles so you can invest in needs, not fads.
To get ahead of customer demand and stand out from your competition, you keep your finger on the pulse and adapt to volatile markets. But instead of reacting to changing conditions by following industry expectations and government reports, lead with your ecommerce data to guide action.
There is no better time than now to combine your ecommerce data with other rich sources to propel your company to success. Finding efficiencies, anticipating change, and responding faster than your competition will be the difference between staying with the pack and leading it.