How Big Data Solutions Can Decrease Shopping Cart Abandonment
What are Big Data Solutions?
Knowing how to leverage big data to drive conversion optimization and decrease shopping cart abandonment is an essential skill in the ecommerce market. Big data solutions, like Jirafe analyze every step of the buyer journey so merchants can better segment their customer views and optimize merchandising to improve conversion rate.
According to Amit Shah, CEO at Jirafe, retailers only have a few seconds to gain the attention of online shoppers.
Once a customer visits a retailer’s site an estimated:
- 57 percent of customers will click on a product
- Only 1 to 5 percent of shoppers will add the product
- Half of those shoppers will abandon the shopping cart
“That should tell you something about how difficult it is just to get a customer to convert,” Shah said.
“Ecommerce is a highly competitive marketplace. Big brands are competing with each other, they’re competing with Amazon and they’re competing with smaller brands for market share.”
“Helping those brands to be more agile and optimize their merchandising not only helps them grow revenue but it helps them understand their customers better and be more competitive.”
Why Should Retailers Use Big Data Solutions?
Head and shoulders above the rest is one way to describe Jirafe, the enterprise-grade commerce intelligence solution company leading big name brands like Joe Fresh, Nasty Gal and GE.
“We help people visualize their ecommerce website performance. We take big data and we present to our merchants in a very simplified way.”
“Even with Google Analytics or [programs] that most merchants use to track their site’s performance, you still have to spent time creating reports, setting those reports up and even then only a few people on the team are really well versed in those types of analytics tools,” Shah said.
“That data isn’t always easy to understand or interpret and most of the time that data shows customer action in terms of page views and it doesn’t tie it back to revenue.”
How Can Big Data Solutions Decrease Shopping Cart Abandonment?
“All people have to do is open Jirafe and look at the dashboard – our insights are easy to understand.”
Want to know what your best selling products are? Jirafe offers an insight called: Best Products. Want to see which shoppers viewed but abandoned your cart? They have an insight for that too.
“It’s really simple. Any question a merchant may have, they can go in the dashboard and it’s laid out for them. There’s no analysis needed, they don’t have to spend a lot of time trying to slice and dice the data. It’s there, so they [retailers] can make decisions on the fly.”
Why Should Retailers Leverage Big Data Solutions?
“The first is – we’ve created this product that’s incredibly easy to use. Our insights in particular, help merchants grow revenue. In fact, most of our merchants that sign on with us see a 15 to 20 percent improvement in revenue in the first 90 days,” Shah said.
“The flip side of that is our success is measured by the types of merchants that are signed onto our platform. It’s the fact that we’ve built this great tool and now we’re attracting these amazing customers pretty much every day.”
What Prediction Do You Have for Big Data Solutions?
“One of the biggest challenges that we still see is how merchants and companies in general manage big data. They invest tons and tons of money into all different kinds of solutions and at the end of the day the ones dealing with complex solutions come back to us because our platform is simple and easy to use,” Shah said.
“I think our prediction as a company is that we are starting to see a shift. People don’t want data scientists they want more user friendly data. They want tools that take in the data scientist understanding but allows the average business user to interpret that data very easily and go ahead and use it do their job.”
For more on how to leverage big data solutions – check out the infographic provided by Jirafe below:
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