Understanding Behavior & KPIs (29 Articles)
Key Performance Indicators (KPIs) are measurable values that demonstrate business performance and indicate where to focus business efforts. Thus, tracking the right KPIs can help you make informed business decisions towards desired goals.
For an established e-commerce business, the goals intend to maximize profits and increase brand affinity. Certainly, this requires a critical analysis of how customers engage with your store and also how well your products sell. Learning about their behavior help to strategically allocate resources for higher returns. Hence, enalito reports accurately on all necessary behaviors to understand customers and the product’s performance in real-time.
Find the key behaviors listed below.
Segments (46 Articles)
Sub-sets of your store’s customers that share common attributes and behaves in a similar way.
Segments let you classify the store’s most important, at-risk, breadwinners and even lost customers to understand the value they bring to the business. Analyzing segments guide you in taking corrective measures in-time. For example, segmenting on the basis of purchase habits, you can identify the store’s Loyal Customers at risk of defection. To win them back, you might strategize personalized marketing efforts such as campaigns offering loyalty discounts.
Moreover, segments help you allocate marketing spend towards the right set of customers instead of campaigning to all that results in scanty returns.
Enalito provides pre-built segments custom to your business and also lets you create your own segments important for your business.
Clusters (51 Articles)
Every retail business looks at the customer as the central figure of their business. Factually, it is true because without a customer any business is impossible to perform. But apart from the customer, the product is another entity without which a business can’t even exist. A product is something due to which a customer associates with a business. If there’s no product to sell, there won’t be a business to invite customers to. However, the existence of a product isn’t enough for a successful business. The business owner must have the complete knowledge of the products so as to market and sell them properly.
Retail comprises of two important entities: Customers and Products. Although, both of these are equally important to keep the retail business running, yet the major emphasis is always put on customers instead of products. In fact, the products are the primary items whose selling as per their true potential generates maximum revenue and increases profits. There is no business without products and that’s why products deserve much more respect and attention.
Businesses are always concerned about how to attract and bring customers to their store, but the true power of products is often neglected; which are capable enough to tempt customers on their own. Products are not analyzed to the extent customers are because they are taken as mere things. It is a false belief that it is only customer that drives product purchases; it is equally true that products also have the power to drive customers.
Products have their own personality and every product has the ability to draw attention and get purchased for the worth it holds. It’s just the analysis of its true demand and presentation to appropriate customers; which makes the retail business flow.
So what should be done to know products so well to yield the best from them? What measures should be adopted to know the secret of selling every product? What should be done to empty shelf and fill it with other sell-able products? Well, there’s a solution for it: Know your products and they’ll work for you in return.
Just like customers, products also have behavioral aspects. Behavioral aspects give a particular personality to each product and through their analysis– better knowledge and insights about products can be gained. Through which, product-centric campaigns can be initiated to attract customers and make them buy what attracts them.
The analysis of products’ behavior serves the insights into products that help to market them properly with a targeted approach. Imagine a business has no idea what its products are like and what is the response of customers for them, so how will it provide them to those who are really interested in them? There are already too many online stores selling similar products to attract all the customers, so it is really crucial to not lose any customers and attract as many to offer and sell what they want.
It’s obvious that it is not easy to know every product and offer them exactly to the ideal prospects. But there is a solution for this and it is called: Product Clustering. It is identical to customer segmentation and can be simply understood as the categorization of products based on similarity. Let’s get ahead and know what exactly product clustering is and how it can help retailers in knowing and increasing the sales of their products..
1D/2D Trend & Business View (4 Articles)
Enalito serves with the best analytical solutions for retail eCommerce businesses. Based on the adamant & intuitive technologies like Artificial Intelligence and Machine Learning, Enalito provides in-depth insights into business performance and growth. To deliver excellence in customer segmentation and product clustering, Enalito uses RFM methodology and various performance KPIs to figure out the best customers and products for a store and suggests measures that are surely capable of taking your business, revenue and profits to unmatched heights.
Apart from analyzing the customer and product data and turning them into effective customer segments and product clusters, Enalito provides campaigning solutions that truly uplift business growth. The tool gives access to acknowledge each and every detail of actionable insights related to business. One of the prime features of Enalito for understanding and evaluating business growth is the Business View.
Enalito’s Default Business View takes six KPIs into consideration and uses the value data of any given segment or cluster for acknowledging trends to present an aggregated business score. The business view is presented in a 1D graph. The business score shows the positive or negative standing of the store. This score relies upon the trends over time and analyzes their changes to portray the real picture of the business.
Additionally, Enalito can show any number of trends based on a single KPI or necessary pairing of them. In the ‘Trend’ section of Enalito, a retailer can create as many trends to know the specific direction and growth of the business. These trends are represented in 1D (based on single KPI) & 2D graphs (two KPIs); primarily representing the trends for RF, RM, and FM customer segments and product clusters. These stats of a segment or cluster are based upon RFM scores of the particular segment or cluster.
Let’s get ahead and learn how Enalito analyzes and presents 1D Trend & 2D Trend and the Business view for the segments (clusters) based on Six KPIs.
First, let’s understand What is Trend?