API Integration, Datawarehouse and Analytics
4 types of data analysis in eСommerce projects
Ecom Retail Analytics on Microsoft Azure
1. Descriptive Analysis
The foundation of data analysis that serves as the backbone of dashboards, reports and business intelligence. It also takes a close look at the times that something happened and when and where it happened.
Key Performance Indicator (KPI) dashboards.
- Monthly revenue reports. It’s needed to analyze streaming income and forecasting.
- Overview of sales leads. It is provided in order not to lose the lead and to bring it to sale.
2. Diagnostic Analysis
This type provides a deeper understanding of business processes. It helps companies to create clear connections between data and behavior patterns.
- Investigating the dip of revenue. .
- Determining which marketing activities increased purchase activity.
- Discover experimental / new product or service customers didn’t like
3. Predictive Analysis
This type of analysis looks at cause-effect relationships, interdependencies and trends. The data analysis in eCommerce business tells the story of your customer’s experience. With this information, logical predictions can be made.
- Risk evaluation.
- Sales prognostics. This is necessary to plan the budget for the next period.
- Determining which leads have the best chance of converting
4. Prescriptive Analysis
It’s required when AI and big data join forces to help predict outcomes in complicated circumstances.
KPI
Key Performance Indicator is a measure of the success of a product or service. Indispensible to evaluate the effectiveness of business strategy and growth.
Analytics
Analytics stands for the predicting of decisions and actions. This metric can be used to improve all the processes or strategy.
Metrics
Metrics allow to accurately measure the success of the processes, for example: ads. It’s not about numbers, it’s about the value of each point in the large mechanism.
Reports
Reports stand for the results. Counting all the data allows to understand what was done and how effectively. It will further be used to improve the performance.