It may be true that knowledge is power. But in the world of e-commerce, knowledge is profit.
Can you easily access the knowledge you need to maximize both profitability and customer retention? Do you have a clear vision of both your business data and your customer data? A 360-degree view of both types of data is essential to online retailer success. HotWax Commerce, our Apache OFBiz-based digital commerce platform, makes it easy to see your business and your customers from all angles.
Having a 360-degree view of your business means being able to access information from all stages of the sales process: from customer purchasing habits all the way through the order and fulfillment process. OFBiz offers access to all these processes, including accounting, warehousing, BI reports, analytics and more.
OFBiz also delivers a 360-degree view of customer data. Flexible data management functions empower you to identify and track customer attitudes and opinions about your brand and your products, including:
- Historical Information that tells the history about the customer. Historical information helps you to understand what customers have purchased, why they purchased it, and what sort of experience they had during the purchase process.
- Real-time Information that reflects who your customers are, what they want, and why they care about your business.
- Predictive Information that guides you regarding future trends and helps you identify opportunities to build relationships with your customers.
A 360-degree view of customer data is not just about building data models. It is also about extracting the best data and using it to benefit customers. Data is useful only when well-analyzed and thoroughly understood, and OFBiz helps you achieve both these goals.
Understand Your Customers
OFBiz helps you gather information about your customers including their affinities, their influencers, their preferred buying patterns, which offers are most interesting to them,what times of day are peak times for customer engagement with the product or brand, and how often customers are likely to make a repeat purchase. This data analysis provides a true 360-degree view, delivers the right information at the right time and helps you identify opportunities to cross-sell and up-sell.
Identify Top Customers
According to the 2014 RJ Metrics Ecommerce Benchmark report – the top 1% of customers, spend 30 times as much as the average customer. Who are your 1% ? Do they receive more attention than less engaged customers? How can you use your customer data to move more customers into the “top customer” category?
What about the average spent per order? Is it possible that your best customers not only spend more often, but also spend more per order? Not only is it possible, but according to RJ Metrics, top customers spend 5 times more per order than the average customer.
Apache OFBiz answers all these questions and creates opportunities for online retailers to segment their customer base more effectively. To make the right offers at the right time. To capture up-sell and cross-sell opportunities. Based on customer data over time you can determine if acquiring new customers at a low cost is more profitable than nurturing and cultivating existing customers to become repeat customers.
Source: RJ Metrics 2014 E-commerce Benchmark Report
Increase Sales and Improve Customer Retention Rates
Rahul Lokhande is Senior Business Analyst at HotWax Systems. He is also a Social Marketer with expertise on SaaS, Big Data Analytic and Open Source technologies. His current focus is on providing e-commerce SaaS and ERP solutions to retail and manufacturing enterprises with HotWax Commerce. He assists the HotWax Systems team in various areas such as Product Management, Business Analysis, Social Media Campaigns and Strategies. He is a geek turned avid reader and a writer.