The goal of any online business is to learn how their customers shop through data that they organically collect as they use their platform. Rich customer data provides valuable insights into how their customers shop and what features and products they resonate with.
As a business, you need to learn how to take advantage of these insights in order to help you make decisions that are profitable. By doing this, you will be able to efficiently source products, sell more, define business goals, and look for new business opportunities that promote growth.
A business intelligence tool is designed to help you make these kinds of decisions. eBay and Amazon tools like Algopix help you gather, visualize, and analyze this data, through an interactive dashboard that is easy to learn and make sense of.
Even if you collect a lot of data, that data is useless if you can’t make sense of it. Business intelligence tools are designed to do exactly that. They take complicated data and present it to you in a format that is easy to understand.
But with so many tools available, how can you decide which one is the best for you?
Think about the end user’s capabilities
The average user of a business intelligence tool doesn’t have more than a basicgrasps of the metrics it is sharing with them. In short, these types of users benefit from these tools, but they are unable to use them to their full potential.
An effective business intelligence tool will consider what the end user needs and make it as easy as possible for them to reach that conclusion. Using eCommerce as an example, online stores will want to be able to scan sales data, filter through products, and sort based on specific selling metrics. Rather than turning to
The user experience has to be good
Even the best tools can fail if they provide a poor user experience. If the goal is to provide your users with valuable insights into their industries, you need to make that data easy to analyze.
A business intelligence tool has to provide a quality user experience and this usually starts with how a specific tool visualizes the data it is providing. Instead of dumping raw data that is hard to read, an effective tool may showcase it in graph form or be using colorful stylization.
This isn’t to say that everything has to be basic. Your tool still needs to point out trends, similarities, and statistical anomalies. It also needs to provide a detailed analysis should your user require it. But it needs to accomplish all of these things in a logical way and present it to the end user in a format that lets them control the complexity of their experience.
Make use of all available data sources
The average user isn’t using a business intelligence tool out of personal interest. In reality, they are using these types of tools because they are trying to accomplish something specific.
In the world of eCommerce, they want to know if a product is profitable, what kind of demand exists for that item, and whether or not it is worth pursuing. This type of data isn’t always readily available through current eBay and Amazon tools, forcing users to turn to multiple tools to accomplish their goals.
An effective business intelligence tool will draw on multiple data sources in order to provide a complete experience. The more you have to rely on multiple tools and compiling data, the greater the chances are that human error will enter the equation.
Today, collecting data on your customers is essential if you want to compete. But how do you make sense of all of that data, especially when you continue to collect more and more?
As we discussed above, you need to rely on a business intelligence tool. Quality eBay and Amazon tools will help you make sense of how your users interact with your products, it will draw on multiple data sources, it will visualize the data in an easy to read format, and it will provide you with actionable insights that will save you time and money.