Top 4 Tips for Using Product Analytics to Drive Sales
Ecommerce stores spend a great deal of time gathering customer data and analyzing buyer behavior. In the quest for new and repeat customers, online stores should not lose sight of the importance of product data and analytics.
Product analytics transforms data into insights that store owners can use to optimize product performance and profit margins. Analyzing product data also enables ecommerce stores to make predictions about buying trends and inventory.
The following strategies can help you better analyze your product data for improved performance and a healthier bottom line.
1. Gain Insights About Hot Products
Most online retailers have a good idea of which products are their overall best sellers. For insights you can act upon more rapidly, take the next step and create a ‘Hot Products’ list. This will enable you to focus solely on products that have the highest percentage of sales growth for any given period-over-period.
Products that make the list should include highest number sold as well as merchandise with the highest gross profit and sales margins.
How to benefit from insights about your Hot Products:
- Increase exposure of hot products by showcasing them in your campaigns and on your website
- Improve cross sell opportunities by offering your hot products in bundles
- Better scale future purchasing decisions
2. Develop Actionable Reports
By measuring product analytics, you can develop reports that enable you make better product, sales and marketing decisions.
For example, a weekly report on ‘Top Products Bundled’ can be used to determine which bundled products should be featured together on a prominent space on your website.
With Glew, you can also review your top performing products and export the “Customers who have purchased” table on top performing products. With that list, you can send an email campaign featuring products that are “often bundled with this product.”
3. Utilize Product Segments
Use segmentation for key product identifiers such as Most Profitable Products, Most Refunded Products or Nearly Out of Stock Products.
Glew’s Product Analytics feature provides insight into product segments, such as most profitable products or best bundles. Users can also drill down to Individual Product Pages to learn more about what’s helping or hurting store performance.
With Glew, you can analyze and understand product categories all the way down to individual products in order to optimize sales and growth opportunities. Gain granular level insight into more than 20 categories, including:
- High Gross Margin Products
- High Volume
- Most Profitable Products
- Hot Products
- Top Products From Paid Search
- Most Reordered Products
- Top Products Bundled
- Most Refunded
- Most Abandoned Products
- Nearly Out of Stock
4. Cross Sell Top Bundled Products with Targeted Campaigns
Starting with Tip #1, review your hot products. Using Glew, you can then gain insight into which products are most often bundled with your top sellers.
On an individual product level view, you can see merchandise most often bundled with each product as well as who purchased the individual product. Take the “Customers Who Purchased” list and use it for a campaign to cross-sell popular bundled products. Just like that, you have a targeted campaign for buyers with a high likelihood of buying related products.
Product Analytics Made Easy with Glew
Glew makes measuring product analytics easier for ecommerce stores of all sizes. Save time and money with fast and easy access to your most important product metrics. From inventory management and product segmentation to category reporting, our app transforms your product sales data from difficult to analyze silos into revenue generating opportunities.
By providing flexible views of your merchandise, Glew can uncover the revenue hiding in your data. Making small adjustments across your store can dramatically benefit your bottom-line.