The fact that we have five senses is fantastic, right? Armed intruders might be observed, trains might be heard approaching, running gas might be scented, rotten milk might be eaten, and burning coal might be felt underfoot. Which sense is intended to prevent us from suffering a neck injury when climbing milk box stacks? In any case, as your senses fail you, life gets harder. You begin to bang your head against walls, stray into busy streets, hug skunks, dance nastily in cactus patches, and continue to climb milk crate stacks. It turns out that without digital shelf analytics, many businesses are helpless.
Digital shelf analytics is the ongoing process of assessing e-commerce data from the digital shelf.Although the digital shelf covers the entire online purchasing process, its analytics are narrowly focused on product page performance indicators.
Every e-commerce company must monitor, measure, and react to these KPIs in order to succeed, yet many lack the necessary infrastructure or tools to do so. While it is possible to manually collect some digital shelf analytics in the world of e-commerce, manual efforts are futile due to the amount of data and the rate at which it changes.
E-commerce companies need to be adaptable if they want to rule the digital shelf. To keep your digital assets up to date and maintain a strong shelf presence, you must be aware of what your customers encounter when they perform online research on your product category.Digital shelf analytics isn’t just a passive process of monitoring and measuring important data; you monitor and measure these metrics in order to take action, or you risk being completely unaware of what’s happening on the digital shelf.
In this blog, we’ll examine the following subjects:
Why are analytics for digital shelves so crucial?
What should analytics for digital shelves monitor?
How to use and implement digital shelf analytics
Digital Shelf Analytics’s Importance
E-commerce already overstretches your business, forcing you to make tough decisions about where to invest your time, money, and talent. What good are investments in digital shelf analytics, then? Since without it, your stuff may fall to the bottom of the shelf.
For a variety of reasons, leading e-commerce companies are investing in digital shelf analytics.
Investigate Your Online Performance
At its most basic, digital shelf analytics helps you assess how your digital assets represent your brand and where you are in relation to your rivals. Every e-commerce site has its own ecosystem, where brands and sellers compete to be the best option in their niche based on the site’s product categorization, customers’ browsing habits, and the preferences of the store’s search engine.
Digital shelf data show you how well your brand is performing. It’s similar to driving without a speedometer or fuel gauge in that if you don’t keep track of them, you could crash at any time and lose vital information. For information about what’s happening in the digital realm, you can’t only look at sales.You need to understand which search engines are dominating the market, how your product pages vary from site to site, where your distribution network has to be improved, and how much traffic you’re delivering to each seller.
Look for opportunities that your rivals aren’t aware of.
Analytics for digital shelves involves more than just adding together data elements. These details are used by clever e-commerce companies to gain a competitive edge. Pretend you can keep track of when a competitor’s product is out of stock. After their goods is no longer available through a merchant, you have the perfect chance to profit from their branded search by stepping up your advertising. When customers look for a competitor by name and find that it is sold out, your brand can show up as the best alternative.
Let’s imagine a particular brand has just gotten a lot of unfavourable reviews. That can be an indication of a bigger problem that needs to be looked at.It’s crucial to emphasise how your brand or product prevents this from happening if their most recent negative reviews all mention the same issues with the experience or the product. Here is where using digital shelf analytics could give you a competitive edge.
Increase the Exposure of Your Business
The fact that digital shelf analytics helps people find your products and strengthens your online presence is one of its most important benefits. You now have the knowledge necessary to determine the search engine trends and how to modify your product pages to reflect these patterns. You can see which websites are having problems and find changes that might be preventing people from finding you.
Up the Conversion Rates
Conversion rates are among the most significant KPIs to monitor. They demonstrate how effectively a certain asset transforms prospects into customers. When it comes to e-commerce, it’s important to monitor how changes to a product page effect conversion rates as well as how those rates vary amongst sellers.
Conversion rates when selling goods through a store or marketplace are affected by more than simply your text, images, and other content. The vendor might also have an impact on the customer’s experience. It doesn’t necessarily mean your brand isn’t convincing if your product pages are the same everywhere you sell but your conversion rates aren’t.By directing more visitors to your most successful partners, you have the opportunity to increase your overall conversion rates.
The only way to get this information is through digital shelf analytics tools that track the traffic you send to stores and the transactions that result because retailers and marketplaces do not provide it.
Boost Your Brand’s Credibility
Let’s say you’re submitting applications to five different companies for the same employment. In each application, you make a brief introduction and talk about your abilities and limitations. Although they are all technically accurate representations of who you are, each one makes a different impression, and one of them is most likely to be more effective than the others.
It is crucial to maintain and enhance the integrity of your brand because of this. Make sure that consumers always see the greatest representation of your products and the same picture of your brand wherever they see it.
Consistencies between product pages could reduce conversion rates and misrepresent your products (especially if there are outdated assets). These discrepancies could cause someone who is specifically looking for your product to suspect that some product sites aren’t legitimate.
You can monitor each seller’s content compliance with the use of digital shelf analytics, which enables you to spot concerns with the integrity of your brand before they get out of hand.
Be a market influencer for your product category.
When your brand is the first one consumers notice when researching your product category, you have considerable control over the qualities and qualities they value most, impacting how they perceive your competitors and how they perceive their goals. If you succeed for a while, other companies will definitely try to emulate you. Other companies in your region will be forced to play catch-up for the rest of their lives if you don’t keep learning and shifting your digital shelf position.
What metrics are monitored by Digital Shelf Analytics?
Technology-wise, digital shelf analytics may monitor and examine nearly any factor pertaining to the online shopping experience.However, you should focus on information that can be analysed and used to support your stance. The following are the most crucial metrics for e-commerce companies:
- Respect for the information (titles, descriptions, and imagery)
- The percentage of search outcomes
- Ratings and Reviews
- The number of sellers per market
- Rate of conversion Stock status
- Traffic
- Rate of traffic-related cart abandonment
Viewing these data points in real-time or over a predetermined period of time may be more beneficial depending on the measure you’re looking at. You should be able to efficiently study each indicator with the aid of a top-tier digital shelf analytics solution.
Real-Time Data
Rapid responses are necessary to take advantage of the advantages that some digital shelf measurements offer. Assume that Target.com is sold out of a very popular competitor’s product. If enough people look for this competition at Target during your window, which could be hours or days, you could steal sales every minute! If your tools only retrieve data sometimes during the day, you are losing out.
Differentiation over Time
You may be able to identify trends by focusing on specific date periods and examining metrics across time rather than simply examining aggregate real-time data.A few one-star reviews won’t have much of an influence on your overall rating if your product has thousands of reviews, for example, but if your average rating during the past few weeks or months appears much lower than your overall average, it could be a clue that you need to look into an issue.
Similar metrics exist for other measures, such search share. Not only do you want to know where you stand right now, but you also want to know if you or your rivals are moving up the ladder or falling behind.
How Should Digital Shelf Analytics Be “Done”?
Most businesses are not ready for digital shelf analytics. They lack the means, the time, or the expertise to gather the information they require and transform it into valuable knowledge. You’ll need specialised tools to examine some of the data. Even manually collected data is difficult to organise and keep up to date, including ratings, stock status, content compliance, and your position in search results.
Digital shelf analytics are beneficial for e-commerce enterprises if they:
- Automated data collection is necessary.
- The method should have the employees’ full commitment.
- Optimizing digital touch points is necessary.
- Plan out your digital library.
Automated data collection is necessar
The volume of data that marketers may gather is helpful and alarming at the same time. With thousands of SKUs and hundreds of merchants, real-time data collection might be challenging. There will be errors in the procedure even if you dedicate an entire department to it. The Brand Monitoring service from Logicwis can collect data in real-time for your entire catalogue from tens of thousands of online stores and more than twenty online marketplaces.
Everything Brand Monitor gathers can be analysed in a dashboard that is easily accessible, making it simple to turn data into insights.
Assessing content compliance is enjoyable.Each product page is given a compliance score by Brand Monitor after it assesses each one’s adherence to your specifications and any online discrepancies.
You can get a bird’s eye view of how well your items are doing in important product-related searches for each store using Brand Monitor’s Share of Search dashboard, which also shows you the proportion of organic and paid search results that your products appear in.
You can get a bird’s eye view of how well your items are doing in important product-related searches for each store using Brand Monitor’s Share of Search dashboard, which also shows you the proportion of organic and paid search results that your products appear in.
Employees should be committed to the Process
You don’t wait for an annual physical or a severe health problem to develop before you treat your own health seriously if you respect it. Every day, you pay attention to your body’s messages concerning the foods you eat and the activities you engage in.In a similar vein, you shouldn’t base your brand health monitoring on annual, quarterly, or even monthly figures. Like eating right and exercising, digital shelf analytics is a continuous process that should have an impact on daily operations.
This requires personnel who are committed to tracking digital shelf analytics, converting those signs into practical insights, and looking for methods to advance.
Improve the effectiveness of your digital touch points
To better evaluate your brand’s shelf position and make improvements, digital shelf analytics was created.If your rankings decline, you should investigate the reasons behind the advancement of your rivals. How do their titles and descriptions match your target keywords more closely? In order to remedy any issues with your product, delivery, or service, you should search for trends in negative reviews if your ratings are dropping. Increase your ad budget and target their branded keywords when a competitor’s product is out of stock.
Plan your digital library
Since it is a continual process of responding to data and improving your online presence, digital shelf analytics should be incorporated into a bigger digital shelf strategy.You must develop a plan for your data’s use, distribution, and integration with the rest of your brand’s objectives and initiatives.
A Digital Shelf Analytics Program should be funded
The industry’s top software for digital shelf analytics is called Brand Monitor. Based on two decades of specialised ecommerce data collection technology, Logicwis provides your business with data and insights that are unique to your company and cannot be obtained anywhere else. Our services are used by many of the most well-known companies in the globe, so if you want to succeed and stay there, you’ll need a top-notch digital shelf solution.
Looking for services to scrape product data from online stores? Get in touch with Logicwis now!
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