10 Data Science Tips for E-Commerce Brands
It’s become imperative to nurture customer relationships, provide personalised experiences and create rich insights into their behavior patterns if brands want to win over their hearts (and wallets). Data science can help! In this article, we share 10 data science tips for E-commerce brands to create winning customer journeys that can be leveraged by budding entrepreneurs and start-ups alike. So what are you waiting for. Let’s dive in!
Data Science Tips for E-Commerce Brands
1) Nurture your e-commerce customer relationships with predictive modeling
E-commerce customer relationships are essential to success in today’s digital world. Data science can help you nurture these relationships and build winning customer journeys. predictive modelling is a powerful data science tool that can help you understand your customers better and create tailored experiences that meet their needs. However, predictive modelling is just one of many data science tools available to e-commerce brands.
There are other data science tips for E-Commerce Brands like attribution modelling, which helps retailers attribute revenue to specific campaigns or product features; A/B testing, which enables companies to test different layouts or features on websites or mobile apps; and churn prediction models which forecast the likelihood of customers leaving an organisation based on past behavior.
2) Tap into the psychology of urgency to drive engagement
Urgency is a powerful psychological trigger that can prompt people to take action. In the context of e-commerce, urgency can be used to encourage customers to buy a product before it goes out of stock, or to take advantage of a limited-time sale. Using phrases like Only XX left in stock and Limited time offer are proven strategies to increase conversions.
For example, if an e-commerce retailer has only 20 products remaining from their inventory on their website, they should use language like Offer ends soon! Act now! Or Last few remaining! to promote these items at the top of their page.
3) Don’t be afraid to ask – behavioral personalization at scale
Too often, data science teams are afraid to ask their ecommerce customers what they really want. But behavioral personalization at scale is key to creating winning customer journeys. Here are 5 tips to help you get started
I) Find your early adopters – they’ll be a great source of inspiration and insight. They’re typically high value customers who have bought multiple times from your site and have given you feedback on the product or service. They also provide valuable input on products or services that are in beta and haven’t been released yet.
II) Get ready to be social – it will allow your company to grow exponentially with this new tool.
III) Don’t forget about mobile! It’s just as important as desktop when it comes to designing an experience tailored to the consumer.
IV) Put yourself in your customer’s shoes by trying to think like them – find out how they would describe your brand, what problems they may have encountered during the buying process, and more.
V) Consider your competitors – it’s a good idea to know what they’re doing and how you can build off of their successes. This will make your product more compelling.
4) Keep people coming back by personalizing their online experience
In a world where customers have more choices than ever before, it’s important to create an online experience that is tailored to their individual needs. By using data science to analyze customer behavior, e-commerce brands can create a personalized experience that will keep people coming back for more. Here are some Data Science tips for E-Commerce Brands tips to get started
I) Make the website mobile-friendly: Mobile Internet usage surpassed desktop in 2010 and continues to grow. If your site isn’t mobile-friendly, you’re leaving money on the table and missing out on potential sales. Check out this helpful blog post from Demandware for 5 ways to improve your mobile strategy,
Don’t forget about Google search – make sure the content of your site is optimized for Google crawlers by including images, alt tags, title tags and meta descriptions.
II) It’s also important to consider social media when constructing your SEO plan. Share links on Facebook, Twitter and LinkedIn regularly and be sure to include keywords in posts.
III) Use data analysis to understand which products are selling well: It may seem like common sense but understanding which products sell well is key to making better marketing decisions. With some simple statistics analysis, you’ll know what products need marketing attention or should be discontinued altogether.
5) Get the most out of your marketing dollar
E-commerce brands need to be strategic when it comes to their marketing in order to get the most out of their budget. Here are 10 data science tips for E-Commerce brands that can help you create winning customer journeys:
I) Know your customer inside and out. Use data to create customer profiles and segment your audience so you can tailor your messaging.
II) Use data to understand what journey stages customers are dropping off at and focus your efforts on improving those areas.
III) Optimize your website with A/B testing to improve conversion rates.
IV) Deliver personalized content and offers to win back lapsed customers.
V) Identify opportunities for cross-selling, upselling, and finding new product ideas by looking at which products go together best.
VI) Track everything – from shopping cart abandonment to lifetime value – so you know where you’re making money and where you’re losing it.
VII) Integrate real-time data insights into every part of your business process, including SEO, site personalization, pricing, social media advertising campaigns, email marketing programs, etc.
6) Use email as a last resort
In today’s e-commerce landscape, customers are bombarded with too many emails. In fact, the average person receives 121 emails per day. So, when emailing your customers, it’s important to make sure that your message is clear and concise. Otherwise, you run the risk of your email getting lost in the shuffle.
Your customers will also be more likely to read your email if it’s less promotional and more informative or educational. For example, send a weekly recap of what new items have been added to the site or an offer on one specific item they might be interested in.
7) Be careful with personal information sharing online
In the e-commerce world, data is everything. You need to be very careful with the personal information you share online, as it can be used against you in a number of ways. Here are some do’s and dont’s to help you keep your data safe and secure while still reaching new heights on your digital channels:
I) Be strategic with what and how much you share on social media platforms.
II) Use pseudonyms or nicknames instead of real names when posting publicly.
III) Turn off location services on all mobile devices.
IV) Keep your passwords complicated and change them often.
V) Make sure all devices have up-to-date antivirus software installed.
VI) Install antivirus software on all computers at home that are connected to the internet, even if they’re not connected wirelessly.
8) Know your competition – are they doing it better?
Knowing your competition is critical in any industry, but it’s especially important in e-commerce. With so many brands and products available online, customers have more choices than ever before. If you want to win their business, you need to understand what your competition is doing and how they’re doing it. What are their advertising campaigns?
What social media channels do they use? What content do they publish on their website Which keywords are they targeting? What products are they featuring? And finally, which customer segments do they target? Armed with this information, you can assess where your strengths lie and which opportunities exist to improve your marketing strategy.
For example, if a competitor appears to be doing well targeting mothers of young children who live near major metropolitan areas, then you may want to focus on that demographic with offers geared towards them (e.g., access to pediatricians).
9) How do you like me now? Personalize your marketing emails
In order to create winning customer journeys, e-commerce brands need to personalize their marketing emails. By using data science, e-commerce brands can segment their customers and create targeted email campaigns that are more likely to resonate with each individual customer. In order to segment your customers, you need to first collect data about them. This data can include information like purchase history, website browsing behavior, and email engagement. Once you have this data, you can use it to create customer profiles.
Within these customer profiles, you can develop highly targeted email campaigns that are more likely to resonate with each individual customer. Here are a few ways that you can do so using data science tips smartly :
Segment your customers by purchase history and website browsing behavior – If you have data about which products customers have previously purchased or browsed on your website, you can segment them based on their purchase history and create a target email list that is relevant to their interests. Then, when creating personalized emails, send offers tailored to each of these segments.
10) Tell a story about your products through visual storytelling
E-commerce brands have a lot of data at their disposal. But, data alone doesn’t tell the whole story. You need to use that data to create a visual story that will resonate with your customers. Consider using photos and videos, and make sure you’re using dynamic product shots (like 360° views) to showcase the product. Use customer data to provide more tailored experiences.
Develop customer loyalty programs: Loyalty programs are always a good idea because they can help retailers strengthen customer relationships over time by providing rewards in exchange for long-term participation in the program.
As a data scientist, you have the opportunity to help e-commerce brands create winning customer journeys. By following the data science tips for E-Commerce brands above, you can set your brand up for success. Remember to keep your customer’s needs in mind at all times, and always test and iterate to ensure you’re providing the best possible experience. With data on your side, you can create customer journeys that lead to conversions and loyalty.