Back to resources

How Business Intelligence Can Improve eCommerce Business

What Is Business Intelligence and Why Do You Need It?

Business intelligence software reportBusiness Intelligence (BI) software is software that collects, analyzes, and presents business information and big data. The software, if implemented correctly, saves you time and energy while giving you important information about your business and customers. BI software is able to take all of your raw data, make sense of it, and show you the information that counts. Business intelligence helps companies make more informed and better decisions about marketing, sales, and numerous other areas of their business.

Business Intelligence Leads to Sales

According to a study done by Nucleus Research, $10.66 was made for every dollar that a company spent on business Intelligence. That’s am ROI of over 1,000%. The information gained from business intelligence can help your company reduce costs and implement more efficient processes. BI may lead to higher sales and more satisfied repeat customers. Using business intelligence software instead of having to manually input and analyze data also saves your company valuable time and resources. 

BI Improves Decision Making

Business Intelligence and Decision MakingAccording to a survey done by Helical IT, decisions made by using data, instead of intuition, make the chances of success 79% greater. The key purpose of business intelligence is to help your company make smarter decisions quickly. Data from the past and present about pricing and competition analyzed by business Intelligence software can help you make the right decisions about how to competitively price your products. BI software is able to evaluate your data and create custom reports to help you make more informed decisions. 

Marketing and Business Intelligence

Business intelligence helps your marketing team assess the effectiveness of your marketing efforts. BI lets you see what products are selling and to whom. This information helps you decide which products are best to promote to particular markets. Business intelligence can also show you what marketing campaigns and advertisements worked the best, allowing you to focus time and resources towards marketing campaigns that boost sales. BI software can uncover your customers’ behaviors and buying habits, enabling you to use that information to your advantage. 

Business Intelligence and Customer Retention

Customer retentionCustomer retention is one of the top concerns for B2B businesses. According to Bain and Company, gaining a new customer is six to seven times more expensive than retaining a current customer. Business intelligence software can give you insight into why some of your customers are leaving and others continue to buy from your company. Information such as late shipments, returns and customer complaints can be collected and analyzed using BI software, helping your business to improve customer satisfaction and retention. 

Clarity Can Help

The Clarity eCommerce platform has extensive business intelligence software built in. Our platform compiles all of the consumer information that your eCommerce website collects and makes it available through your eCommerce dashboard. To find out more about business intelligence and how Clarity eCommerce™ can help you collect valuable information about your business and your customers, click for a quote today!

FAQs

 

Business intelligence refers to the software or tools that collect, analyze, and report business data. Business intelligence software helps you make informed decisions about marketing, sales, and numerous other areas of their business to drive competitive advantages.

 

Having business intelligence software on your eCommerce platform lets you keep track of user behavior analytics, which are helpful for knowing what your customers are doing and what they need. With this information, you can optimize your eCommerce platform to get more conversions, traffic, leads, and sales.

 

A business intelligence analyst takes the data from your analytics tools and provides reports for valuable insights. These reports and insights are then used to make better business decisions—based on data, not hunches. There are human business analysts as well as automated or AI-generated analytics reporting tools; both can work well depending on what your needs are.

 

The five stages of business intelligence are: (1) Data Sourcing, (2) Data Analysis, (3) Monitoring, (4) Forecasting & Decision Making, (5) Reporting & Adjusting.

Still have questions? Chat with Jeremy on the bottom right corner of your screen #NotARobot

Related Posts

Author
 
Autumn Spriggle is a Content Writer at Clarity Ventures with experience in research and content design. She stays up to date with the latest trends in the eCommerce and software development industries so she can write content to help people like you realize the full potential for their business.
image description

Find out more

Click here to review options to gather more info.
From resource guides to complimentary expert review... we're here to help!

Request a Quote
 
Please feel free to send any associated files to us at:
[email protected]
 
Privacy Statement | Terms of Use
Click anywhere outside this form to close.
Request a Demo
 
Please feel free to send any associated files to us at:
[email protected]
 
Privacy Statement | Terms of Use
Click anywhere outside this form to close.
Ask an Expert
 
Please feel free to send any associated files to us at:
[email protected]
 
Privacy Statement | Terms of Use
Click anywhere outside this form to close.
Newsletter
 
Please feel free to send any associated files to us at:
[email protected]
 
Privacy Statement | Terms of Use
Click anywhere outside this form to close.