Ecommerce platforms are witnessing a massive surge in customers due to the pandemic. Industry experts predict this trend will continue even when the world returns to normalcy. With online shopping booming, brands must optimize their online presence using digital shelf analytics to effectively convert customers. Neilsen states a 95% increase in customers choosing click-and-collect options and a 39% hike in people choosing home delivery options after it has become unsafe to visit retail stores.
Irrespective of what you offer your buyers, you can’t forget that buyers have several platforms to choose from, making your competition more challenging than usual. How will you sustain such competition? What aspects should you keep watching to play a winning game? What should you do to retain significant profits?
While every brand tries to pose itself as the best, buyers go by the first rankings and impressions. Undoubtedly, the higher you rank on Google, Amazon, or any marketplace, the better your chances of beating your competitors.
How can you get a competitive advantage over other players on intelligent product pricing, multi-channel data consistency, product content optimization, product visibility, and positive brand reputation? This is where monitoring your Digital Shelf with a robust and agile digital shelf analytics platform comes in.
What are the benefits of monitoring digital shelves with analytics?
Measuring and optimizing key metrics is crucial for online success. This is where digital shelf analytics can significantly impact your business profitability. Digital shelf analytics provides granular data and insights into how your products perform across online shelves – such as marketplaces, retailer websites, and digital campaigns.
Powerful analytics allow you to track and monitor critical metrics like product discoverability, content quality, pricing, promotions, stock availability, and brand reputation. With real-time tracking of these crucial ecommerce metrics in one centralized platform, digital shelf analytics allows you to identify issues quickly and take corrective actions to boost sales and conversion rates. The rich insights will enable you to fine-tune your digital shelf strategy for success.
What is a Digital Shelf?
Your products or brand’s key Digital Shelf (channel) is the search results page. For instance, if your buyers are looking for sneakers, they would see it on a product page on a retailer site other than yours, on a marketplace like Amazon, on their mobile apps, or the brand’s website.
All of these make your Digital Shelf, and you must optimize each to enable better visibility for the customers to find the product. Before buying from your online store, people look for reviews, ratings, and descriptions. It sounds like a lot of work to optimize each of these selling points, but if your buyers can’t find you online, you don’t make sales.
Compare product pricing
Comparing product prices across all marketplaces is a major advantage that online shopping gives its customers. And when it comes to competitively pricing your products as per the market demand or the change in trends, pricing intelligence helps you make more profits. 80% of adults prioritize price as an essential factor.
However, monitoring even hundreds of products across very few platforms is tedious. Digital Shelf analytics like DigiSense360 help you know how your competitors price their products, alert you when a product is sold for less than the Minimum Advertised Price (MAP), and help identify unauthorized sellers.
Ensure multi-channel data consistency
73% of buyers look for a detailed and accurate product description. However, while working with huge volumes of data, gathering information from multiple sources and distributing them accurately according to different channel guidelines will be tough and could result in incorrect product information.
However, a digital shelf analytics platform reduces your workload of gathering product content from various silos and stores it in a unified repository. It accurately distributes content to multiple portfolios and enhances content to suit varied channel guidelines.
Optimize your product content
While buyers search for products, accurate and personalized content is the key factor influencing conversion. Rich product content helps sales and tells customers why they should trust and choose your brand repeatedly. Boring or inaccurate content is a major threat to conversion and could negatively impact your brand reputation. Unsurprisingly, 85% of consumers prefer to buy products with detailed and correct information.
Yet, managing product data accuracy across all platforms for millions of products could seem like a never-ending task. For this reason, choosing a digital shelf analytics platform that enhances your portfolio with real-time conversion optimization by monitoring your product content with personalized key performance indicators is wise.
Increase product visibility
Your digital shelf is entirely different and more powerful than your physical or retail store. Your online visibility matters the most here, and you get less than 10 seconds to catch the buyer’s attention. Hence, ranking your products on top for search-specific keywords is crucial. According to research, more than half of the people click the search results displayed on the first page.
Digital shelf analytics software enhances product content with keywords-infused titles to boost product search performance, visibility on the first page, and click-through rate across various channels.
Ensure a positive brand reputation
What people comment and review about your brand on the internet could make or break your brand reputation. It is important to note that over 60% of buyers consider positive and negative reviews before buying. People respond positively when a brand is easily reachable to their needs. Monitoring reviews helps you fix glitches instantly and create new opportunities to interact with your buyers.
Drive your sales and profit with Digital Shelf Analytics.
Digital Shelf Analytics software has become essential in the ecommerce race for tracking, reporting, helping your brand gain a good search appearance, and achieving conversions. There are a lot of Digital shelf analytics tools in the market, but finding the one that would suit your requirements makes sense to scale your ecommerce sales. DigiSense360, a digital shelf analytics platform from Xtract.io, offers AI-based insights, easy integrations with ecommerce applications, and customizable dashboards based on your business requirements. Give it a try, and let me know what you think in the comments.
