Four trends in ecommerce analytics to watch in 2022 and beyond
As we look forward to what 2022 has in store for the ecommerce industry, we’ve been considering some of the growing industry trends and how companies can use business analytics to measure and take advantage of them.
That’s because, with the release of our Patchworks BI tool, we’re hoping to help our clients and partners prepare for the future. Here’s four of the top ecommerce trends to watch out for, and how to make the most of them using analytics.
Sales originating from social media channels
Over half of the entire world’s population is on social media. For ecommerce companies, that offers a unique benefit in-person stores don’t get; when someone sees an ad online, they can click through and buy it more easily than if they had to make a trip to the highstreet.
By monitoring business analytics, you can see how many visitors and customers were diverted to your website from social media. If those numbers are low, perhaps you’re using the wrong social media platform or you’re not putting enough thought into your strategy.
This is particularly important to watch when you consider the future of social media marketing. The phenomenon of social commerce - where storefronts are integrated directly onto social media channels - means people can scroll through their feed, see an item, and buy it without even leaving the app. It’s becoming more and more popular, so it might be worth keeping an eye on those social stats.
Gift card tracking
With the growing popularity of online shopping caused by the pandemic, the way we buy presents for our close friends and family has changed, too. Digital gift cards are expected to see a market growth of 23% by 2025 - over double the growth physical ones will see during the same period.
For ecommerce companies, measuring analytics related to gift cards can be highly advantageous - especially as the industry grows over the next few years.
Keeping an eye on statistics related to gift cards can provide some valuable insights, for example the time of year they’re most popular, and whether certain items being out of stock has an effect on their sale.
It’s also worth noting that a poorly integrated digital gift card system can cause duplicated profits. A sale might be recorded when a gift card is bought, then again when it’s redeemed - which can give you a massively skewered view of your revenue.
The popularity of augmented reality
We’ve all been there. We’ve all found an item we like online, only for it to arrive and not be what you expected. Maybe it’s the wrong size, or maybe the seller has misled you and it’s different from the pictures.
But a solution has been gaining traction over the last couple of years. Augmented reality (AR) allows you to view a product through your device in the real world, with all the correct proportions. That means you don’t need to worry about accidentally buying a doll’s house wardrobe instead of the real thing.
66% of people say they’re interested in using AR for shopping, so it’s a trend worth keeping an eye on. You could measure the popularity of it on your website by trialing it for a month; keep an eye on your business analytics and see how often it’s used, and whether it’s leading to more conversions. If your customers are using it a lot, it might be a profitable feature to have to encourage people to checkout in confidence.
How and why customers are returning items
The boom in ecommerce caused by more people staying at home and the high street being shut is somewhat a double edged sword. 20% of items bought online are returned, compared to just 9% bought in a physical store. That’s a significant percentage which, if the industry wants to continue with its momentum, needs to be addressed.
Business analytics and monitoring KPIs is a great way of doing this. You can track customer journeys and commonly returned items to figure out whether there’s a pattern to why items are being sent back.
If you’re looking for a reliable BI tool to measure your business’ performance, look no further than Patchworks BI.
With an easy-to-use dashboard and concise data presentation, it’s perfect for keeping track of all areas of your business. Contact us through our website to find out more from our dedicated team.