Marketers are beginning to understand that searches these days go way beyond most users’ traditional understanding of keyword searches.
The advent of people-tracking technology allows companies to know where their customers are, what they have shown an affinity for in the past, what other customers like them have done, what type of inventory is available, and more. Approaching the customer is worth it.
The most successful retailers, who have managed to excel with e-commerce platforms, are constantly sharing and working together on the data that drives better customer experience.
The evaluation of the success of predictive marketing tools goes back to what always matters in retail: Did you sell more? Did you spend less to sell it? Did you do more volume in sales?
Key B2B capabilities
Product ID search: Present the right products to the right customers at the right time with engaging details that drive conversion. Consolidate and publish all data catalogs and products for consumption through the digital commerce platform.
Segment based & 1:1 personalized search: A digital experience that customers want can be achieved by focusing on streamlining transactions, checkout, and segmented pricing, etc. Elevate the whole B2B customer journey by looking for a platform that includes these capabilities:
Executing Personalization: for Increasing sales through product recommendations, showing relevant content based on customer interest and previous behavior, and displaying search results according to customers’ previous search history.
Bring content to commerce: to offer consistent business experiences at any point of contact, companies are turning to platforms that can link commerce and content systems.
The ability to create marketing landing pages that integrate knowledge bases and enriched product pages with videos and guides without having to integrate disparate systems together.
Support multilingual catalogs for a global commerce site.
Language is not just a means of communication, but it has deep implications over people’s sense of belonging to a culture, which relates to their self-consciousness and pride.
People (customers, stakeholders) tend to feel more secure and well-treated when they can run businesses in their own native dialect.
Intelligent analysis and marketing tools:
retail marketing analysis solutions implement advanced analysis methodologies and BI tools to help retailers better understand business functions.
These solutions incorporate pre-built data analysis models that facilitate store-level and department level traffic queue and pattern analysis, profit and loss budgeting, cannibalization analysis, market basket analysis, category affinity analysis, and storefront layout optimization.
The following are some of the must-have features in a retail analytics tool:
Active and customized competitor monitoring
It is all-important to have command over the source of your data.
As a fundamental base for your intelligence, having the ability to control who and what you are monitoring in the marketplace is of the utmost importance.
Any data set must comprise of your competitors and other retailers that fit the product catalog and style that you are offering through your online or offline store.
The propensity to drill down into data
Every worthwhile strategy stems from taking a holistic view of the market landscape while still being able to drill down to granular detail.
Having the ability to track data at all market stages enables stakeholders to make critical decisions at exactly the right point in time.
Knowing where the products are and which ones are sold (or not) allows the retailer to make informed decisions and act quickly.
Having access to detailed product information is one of the main requirements of B2B buyers for an e-commerce site.
Since B2B buyers buy items for pragmatic reasons, merchants must provide additional information to ensure that the buyer knows what they are buying.
Product descriptions, videos, certifications, marketing sheets: all this information can help you clearly show all the benefits of your products and address the different problems of several decision-makers in a preventive manner.
Evaluate the content of your product against the competition
Analyzing the way in which your competitors describe your products can reveal gaps in the content of your own product.
What is the level of detail of the product? What content formats are they using? How do customers discover their products online (i.e. organic search, paid search, social networks, affiliated sites, etc.)?
Competitive analysis can provide answers to these questions, helping you substantiate your catalog content strategy.
Onsite (website) recommendations and cross-sell suggestions
As shoppers visit an online store, searching and selecting items for purchase, the recommendation engine shows items that may be of interest based on browsing history and trends in the analysis platform.
The mechanism can implement several strategies, including product packages and discounts to maximize the effectiveness of cross-selling and selling products.
Tracking Data to Transform Into Insights
To execute customization strategies effectively, you must be equipped to track and collect data and transform it into information that can be leveraged to drive those strategies.
Digital platforms can track and take advantage of a large amount of data; otherwise, it is not possible through traditional commerce.
A powerful digital solution is capable of offering data reporting tools that not only track performance metrics but also provide real-time analysis of traffic patterns, customer perception, and page performance to reveal what customers are doing and what is effective on your website.
When data are united in one location, those insights can be used to power personalization efforts, discover new business opportunities and identify bottlenecks.
When selecting a retail analytics tool, it is very important to ensure that the above features are included, as well as a highly customizable and easy-to-use interface.
Leveraging the analysis of real-time data is a critical part of building intelligent retail sales and marketing strategy, merchandising mix, and supply chain optimization.
The interpretations, recommendations, and automation that are derived from that analysis are invaluable and will ultimately have the biggest impact on your bottom line.