Examining data more closely can help outsmart the competition, especially in the eCommerce space. Although this involves substantial work, the effort is worthwhile when it yields valuable insights—or boosts the bottom line. Many businesses have already amassed a wealth of data, including transactional, customer, internal, and competitive data, but struggle to make it actionable.
First, determine a specific question or end goal to make the most of your data mining endeavors. The way you use your data can help differentiate your business from others. This is especially true in today’s competitive landscape, where retailers are moving towards an omni-channel experience, and the line between physical and digital is increasingly blurred. Major players in online retail, such as Amazon and Walmart, are already using such analytics to their advantage—and so can you.
Many online retail businesses are at least aware of the advantages of having data, and they may also rise to the level of basic usage. It is more challenging for businesses to invest in data and analytics as a matter of necessity, until they can actually see the gains made.
To that end, this eBook will show that much can be done with the power of data, especially within the realm of competitive intelligence.
To discover the top ways to make the data you collect actionable and get measurable results for your business, download the eBook now!