Effective data analysis is the foundation needed to identify business trends and patterns and create a successful marketing strategy. E-commerce data analysis tools provide ample opportunities to promote your online store.
In 2019, the global retail e-commerce market was worth $3.53 trillion and is expected to reach $6.54 trillion in 2022. E-commerce is on the rise, and to maximize results and stay competitive, it is important to have the right tools to analyze your business and where it is growing.
But with so many tools to choose from, it can be difficult to understand all the features and figure out which tool is best for you.
Whether you’re using eCommerce data analytics tools for the first time or upgrading your current software, our list will help you decide which program is best for your team.
Example of parsing an online store using the iDatica extension
How Can Ecommerce Data Analytics Tools Help Your Business?
These days, companies have access to a huge amount of different data. It’s easy to get bogged down in all of this information, so focusing on analyzing key metrics will help you stay on track.
Before we look at each tool, it’s a good idea to have an idea of what specific key performance indicators (KPIs) you want to optimize. While these may be different for every online business, here are a few KPIs to get you started.
- Revenue per visitor (RPV) is the specific database by industry average amount of revenue generated by one visitor to a website.
- Average conversion rate is the percentage of visitors who made a purchase on the site relative to the total number of visitors
- Average Order Value (AOV) is the first step to ensuring good hospital care is staff training the average amount a customer spends when placing an order on a website.
Reviewing these eCommerce KPIs regularly should help you:
- Increase website conversion
- Determine the exact budget size
- Develop an effective pricing strategy
By using software designed specifically for e-commerce, you will have access to the right metrics and be able to optimize the above KPIs, as well as taiwan data understand the specifics of your business and improve the shopping experience for your online store visitors.
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7 Best Tools for Data Analysis in E-Commerce
Ecommerce data analytics tools can help you take your business to the next level. Here, we share a list of the best services to help you analyze and optimize your online store in 2022.
Optimizely
If you’re looking to create a more personalized and authentic experience, Optimizely’s dedicated features can be a great place to start. The platform focuses on using A/B testing to create authentic experiences and ultimately increase conversion rates.
Use Optimizely to:
- Collect useful customer data and use it to optimize your website
- Test a simplified checkout process to reduce the likelihood of cart abandonment
- Try chatbots for faster customer service.
Price: Price depends on the size of the business, the length of the subscription, and whether it is a full or web-only version. Optimizely does not display prices on its website, so businesses need to contact them directly.
Best for: E-commerce business owners who want to try new methods of optimizing their website.
Crazy Egg
Crazy Egg is a handy e-commerce data analytics tool that allows users to easily process not only data but also build dashboards. The program encourages you to consider each visitor as a potential customer, which helps improve the shopping experience.
Main features of Crazy Egg:
- Heat maps show which parts of your site attract visitors’ attention and which are ignored.
- Scroll Map – Helps you understand if your call to action buttons are in the right place.
- Site Recording – Shows the user experience from the moment a potential customer lands on a page until they leave. You can see each visitor’s journey through the site.
- A/B testing – visualizes any possible changes on the site.
Price: Starting at $24 per month for an annual subscription
Best for: Companies that want to track and analyze the movement of visitors on their site to improve conversion rates.
- Analysis of the best-selling products as well as the products that bring in the least profit.
- Track sales from multiple retail platforms. For example, if you sell on both Amazon and your own website, you can get all your sales data in one place.
- Advanced customer analytics, which will allow you to work specifically with the target segment of customers and analyze their purchases.
- Analyze your website’s marketing performance using data from Google Ads, Facebook Ads and Instagram Ads.
Price: Starting at $79 per month with an annual contract
Best for: Small to medium-sized eCommerce brands looking for a comprehensive eCommerce data analytics tool.
Google Analytics
If you’re new to the world of data analysis, Google Analytics’ free tool can be a great place to start.
Google Enhanced Ecommerce provides merchants with actionable metrics that allow them to track traffic at every stage of the funnel.
- Identify your site’s weak points, such as checkout return points or shopping cart abandonment reasons.
- Find out which devices your traffic comes from and view their conversion rates
- Explore sales performance metrics specific to your product and calculate your customer lifetime value (CLV).
- Find out which pages visitors spend the most time on and which pages have the highest bounce rates.