There is no shortage of data when it comes to the eCommerce industry. The issue that can arise when seeking to drive revenue is more closely related to the gathering of data and, of course, a shortage of insights and knowledge about what actions a company should take as a result of drawing those insights. Companies that fail to prioritize effective responses to data collected may be left behind as their competitors find ways to appropriately invest in new customer acquisitions, brand loyalty campaigns, and online marketing and advertising that align with their insights.
The role of leadership in data analytics has never been more important. Whether executives hold the title of CIO or CDO, both should be responsible for leading action based on data insights. Large companies have continued to back investment in data analytics. Forbes reports that “51% of C-suite executives at large enterprises in both North America and Europe say analytics will only continue to grow in importance for maintaining and growing market share over the next two years.” Whether it be providing a personalized shopping experience or having dynamic pricing, companies have to pay attention to their eCommerce strategy as it relates to analytics and weigh the potential ROI.
Levi Strauss recently created a new position to directly handle these very issues. The new Chief Strategy and Artificial Intelligence Officer, Katia Walsh, is tasked with helping Levi Strauss translate data analytics into a strategy that drives business value and advantages. This investment by Levi’s signals the importance of big data and its appropriate interpretation in 2019.
Companies both large and small have started developing systems and processes to maximize the value from the data they’re collecting. But human analysis can’t keep up with the amount collected. Machines, using the power of automated analysis, can help sift through the noise to guide key decisions for online marketing, advertising, or loyalty campaigns. Key performance indicators such as revenue, ROAS, and purchase frequency are analyzed 24/7 and solutions like Metricstory offer prescriptions for action.
The combination of leadership in data analysis and utilization of automated programs is a vital duo in eCommerce. In a highly competitive online market, the brands that make out on top will know where to invest to most effectively draw in new and returning customers. There are more places than ever for a company to invest online - whether that be in online marketing, brand ambassador partnerships, advertising, or web/ app development. The best way to ensure the highest possible ROI is through maximizing your understanding of your data.