The importance of E-Commerce in today’s business landscape cannot be understated.
From SME to MNC alike, most companies have taken to E-Commerce in one way or another. While your business may still be somewhat small and growing, chances are you may have already positioned your business towards the direction of E-Commerce and quite rightfully so.
According to a study conducted by GlobalData, Malaysia’s E-Commerce market is expected to grow by RM51.6 billion with a compound annual growth rate (CAGR) of 14.3% between now and 2024.
As such, it certainly isn’t a surprise that every business owner is looking to incorporate E-Commerce into their business model. So, what can you do to ensure that your business remains competitive? The answer - Business Intelligence (BI)
What is Business Intelligence in E-Commerce?
Business Intelligence is a digital service that allows you to make better business decisions. It collects and analyzes data into actionable information that can help you make better business decisions.
For example, you receive reports stating that you are losing customers and sales are down. The right BI solution can help uncover underlying problems through gathered data and in turn, open the door to a solution as well.
How can Business Intelligence empower your E-Commerce business?
Make more accurate business decisions
Boost revenue gain
Bolster efficiency
Get the competitive edge
1. Make more accurate business decisions
Business Intelligence ensures that E-Commerce business owners are able to make the right decisions backed by statistical facts rather than uncalculated guesses.
2. Boost revenue gain
Implementing Business Intelligence into your E-Commerce business provides you with unparalleled access to various sales trends which are consolidated based on your customer’s reactions to promotions, online shopping behaviour and other patterns and trends.
All this information can bolster your revenue gain by helping you curate a strategy that can maximise revenue.
3. Bolster efficiency
As Business Intelligence gathers and analyzes all sorts of data regarding your E-Commerce business, you’ll be able to uncover any and all issues that are hindering productivity to resolve them promptly.
4. Get the competitive edge
Understanding the types of strategies being used in today’s E-Commerce landscape is absolutely crucial. By utilizing BI in your E-Commerce business, you’ll be presented with all the necessary data on the strategies that work – and those that don't.
Request a demo today to explore how Business Intelligence can work for your E-Commerce needs.