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There are several benefits of BI adoption by an eCommerce business. Let's explore the most impactful of them.
Source: https://zoolatech.com/blog/business-intelligence-for-ecommerce-retail-adopt-it-or-die-off/
You may have the best business instincts in the world, but chances are you are not your target audience. However well you may have studied your User Personas profiles, your assumptions about how things work or should work will interfere with your business decisions. When you employ as powerful a tool as BI in the process, you start considering making decisions that are carved in stone. You have facts to back up every step you take.
There are many good sportsmen around, but there are only a handful of champs out there. BI enables an online shop manager to spot peaks and successes quite early on and invest in further strengthening of such a positive influence factor.
Most mistakes are reparable when addressed in a timely way. In many cases, a crisis is turned into an opportunity. When savvy eCommerce store owners find errors, not only do they rush to fix them, but they also rush to surpass their competitors in this regard, creating a USP.
With BI you can go as top-level or as granular with analytics as business requires you to. Seasonality and promotional planning are best planned on a yearly data review, while sudden drops in demand for a bestseller may be revealed by a close inspection only.
The omni-angle view of the business is great for all departments, as they see their contribution to the company's successes and failures.
You need historical comparisons to see progression or deviation. Having a uniform setup of reports gets the team on the same page quickly. When looking at the same set of visual graphs, managers effortlessly start seeing peaks and valleys that otherwise could have gone unnoticed. Handover and onboarding are easier when the entire team knows what they are looking for and at.
Some trends are seen only when related to a parallel set of data in the same report. Dependencies are possible between the staffing levels of customer service and a decreased average billing, for example. So you might have to combine purely HR data with sales figures for instance. BI can help spot those correlations in one report.
