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Store analytics that act as your eyes and ears in gauging customer response.

Marketing

Learn how to effectively promote your store and increase sales.

Store analytics is essential for accurate decision-making and strategic planning.

It is essential that you analyze your store’s situation accurately so you can make the right decisions.
However, not being able to physically check your customers' responses when selling online can make it difficult to analyze customer data.
Cafe24 provides analytic tools that act as your eyes and ears in gauging customer responses, helping you to make better decisions.

01The importance of analyzing your store

Analyzing your store may seem like a complicated and difficult task.
In fact, many businesses won't even bother with analytic tools because of their complexity.
However, in order to make improvements to your store, attract more customers, and achieve higher sales, you must precisely understand the overall flow of your store to make the correct decisions.

Many ecommerce businesses fail due to bad decisions made by using insufficient data.
Store analytics provide you with a measure of your store’s data, helping you to make important decisions on your online store.
By making the right decisions, you can avoid wasting limited resources due to poorly thought-out strategies.
Refer to the guide below to begin your store analytics.

02Sales analytics

Sales analytics provides important information to help assess the stability of your store operations.
It also acts as an indicator for when you should prepare for a new sales strategy, or when to modify it.
Keep in mind that the success or failure of a store is not wholly determined by total sales,and that you should analyze your store’s data in detail.

Cafe24 provides various metrics for sales analytics.

Metrics for sales analytics
1) Daily/Weekly sales
  • Compare daily or weekly sales to find trends and correlations in your sales.
2) Monthly sales
  • Consistent sales suggest that your store operations are stable.
  • If sales are stable, you can increase your product stock in the short term (daily or weekly) to maintain stability and attempt for growth.
3) Total sales (Profits)
  • Selling an expensive product or many products per order can be done to raise sales.
  • Check regularly to see if your profits are increasing.

To view sales analytics, go to [Orders > Analytics > Sales] on the admin page.

Go to guidelines on sales analytics
03Product analytics

Use product analytics to identify products that have an affect on your store’s total sales.
Sort your products into ‘core’ products that help raise sales, and ‘non-core’ products that have little effect on your sales.
Refer to this information when building your sales strategy.

Cafe24 provides various metrics for product analytics.

Metrics for product analytics
1) Most sold products/product categories
  • Check which products sell best, and which product categories are viewed most.
  • Promote your bestsellers as core products, or implement incentives to raise sales.
  • Refer to the product/product category ranks when adding a new product to a popular product category, or reinforcing an existing product.
2) Most canceled/returned products
  • Analyze reasons for frequently canceled or returned products, and improve on them or cease sales completely.
3) Most added to cart/wishlist
  • Check which items are most often placed into customer carts and wishlists.
  • Monitoring customer interests for certain products in advance can help you manage your inventory more effectively.

To view product analytics, go to [Orders > Analytics > Products] on the admin page.

Go to guidelines on product analytics
04Customer analytics

One factor you should take into account when deciding on the direction of your store operations is customer analytics.
Check if your customer data corresponds with the original targets set in your business plan.
In addition, you can also use customer analytics to identify which of your target audiences, on which day of the week, and at what time, you should focus on in your store.

Metrics for customer analytics
1) Daily/Hourly analysis
  • Identify the time and day of the week when the majority of customers make purchases from your store, and implement limited-time offers during that period to drive more sales.
2) Analysis by customer level
  • Refer to the purchase frequency data by customer level to determine which target audience you should focus on to stabilize sales
    Identify the customer level group that uses your store the most, and focus on repeatedly promoting your store to this group to turn them into fans.

To view customer analytics, go to [Orders > Analytics > Customers] on the admin page.

Go to guidelines on customer analytics
05Sales strategy

Plan your sales strategy using results drawn from the ecommerce analytics tool.
Planning a sales strategy requires you to map out a scenario to achieve your sales goals through the promotion of the core product at your store.

Step 1. Deciding on your core product and product concept

Based on the results of your product and customer analytics, decide on a core product that will be actively promoted on your store.
Once you have decided on a core product or product category, you need to select a concept to communicate your product to customers.
The product concept needs to reflect the image that your customers have of that product, including its marketing position.
Be aware, that a product cannot have multiple concepts.
Expand on your product’s biggest strength and use it as your concept.

Tips
  • Offering a free gift for non-core product purchases can help boost sales.
Step 2. Planning your promotional strategy

Using the results of your customer analytics, select a time period that allows you to promote your core product most effectively.
You can also implement various promotional offers that focus on your product during this time.
In addition, you can sell bundle packages which include your core product, offer discounts, or provide incentives for purchasing related items.

Tips
  • Use check-in events to repeatedly expose your products to customers
  • Provide discount coupons to regular and repeat customers.

Refer to Cafe24's various features to plan your promotional strategy.

Promotions
Step 3. Setting realistic sales goals

You can predict the average sales growth using results from your sales analytics.
This in turn can be used to set attainable sales goals.
If you set your goals too high, it may be difficult to build a viable sales strategy because there is no basis for setting your sales targets.
Moreover, you will be wasting unnecessary budget, human resources, and time on unrealistic goals.
You may even end up repeating the same mistake again because you will be unable to find the source of the failure.

To conclude, a good sales strategy should include a variety of promotional events to encourage customers to experience the value of your brand through predictable customer behavior.In turn, this experience will lead to actual purchases.




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