E-commerce Analytics For Small and Medium E-commerce Marketing Teams
If there is anything e-commerce marketing teams should not joke with, it is analytics. Analytics helps you get it right in many ways.
Analytics helps you understand your customers: what products they buy from you the most, why they call for a refund, and what makes them buy from you, among others.
Analytics gives you insights to understand your customer's behavior. Using these insights, you can drive new sales, retain the ones you have, and increase your overall revenue.
A major problem among most e-commerce marketing teams is cumbersome data that cannot be easily interpreted. This makes it difficult for small marketing teams to use e-commerce analytics to effectively drive marketing decisions and increase sales
According to a study conducted by Microstrategy, for 28% of marketing teams, the barrier to effective use of data analytics is that data analytics solutions are not user-friendly.
In this blog post, you will learn about what to watch out for in choosing an e-commerce analytics tool that gives you simple, actionable insights to help you understand your customers better, drive better marketing decisions and increase sales.
What To Look Out For In An Analytics Tool As A Small E-commerce Marketing Team
When you have a one, two or three man marketing team, there is already enough work cut out for everyone.
However, analytics is indispensable because it is how you understand customer behavior.
There are some factors to watch out for when making a choice of e-commerce analytics if you want to get the one best suited for you.
1. Easy to understand
When picking an analytic tool as a small team, one of the most important factors to consider is how easy it is to operate and understand.
Going for an analytics tool that is complex and needs an analyst for interpretation complicates matters and will not let you get the best out of the analytics.
Another close factor is the data visualization. Good visualization allows easy interpretation, presentation and reporting.
Analytics solutions that allows for visualization and reporting should be preferred to those that are more complex.
2. Pricing
One of the crucial factors you will like to watch out for is the price of your tool. As a small team, you do not want something that is on the high side.
Some SAAS models are priced per user. It would be nice to get a solution with fixed payment so you don't have to pay for extra users as more members are added to your team or for extra access.
3. Identify what you want to track
There are several metrics in e-commerce. Keeping track of all of them will be overwhelming.
The metric you want to track depends on the goal you are trying to accomplish. First determine your goal, then select the corresponding metrics to monitor. Thirdly, go for analytics tools that allow for easy monitoring of such metrics.
For instance, if you are trying to track customer retention, some of the important metrics to track are customer lifetime value, time between purchases, customer retention rate and churn rate.
Related blog post: Top 8 Metrics every ecommerce business needs to track to drive repeat purchase and loyalty.
PS: The related blog post is yet to be published. I suggest we publish it first and link it in this blog post
4. Integrations
Another important factor to consider is easy integration of your data into other needed tools such as your email tool, your e-commerce platform and others to allow for easy data transfer.
5. Request for demos
This is undoubtedly one of the best ways to assess the tool you want to use. Once you have narrowed down your options to 2 to 3 tools, you can request for demos and see which one suits you the most.
In the demo, you also have the opportunity to ask the Account Executive questions for further clarification too.
After which you can make your choice.
Top 3 E-commerce Analytics Tools For Small and Medium Marketing Teams
In a bid not to overwhelm you with 10 or 20 tools for small/medium e-commerce marketing teams, we have a thorough review of the top 3 tools for you.
Spoiler alert: Our tool MagicGPT is among them because it was built for small/medium marketing teams and it's the tool we know completely.
However, you can trust that you will get an unbiased review of these 3 tools.
These tools are
- MagicBean
- Glew
- RetentionX
1.MagicGPT (Hi! 👋)
MagicGPT is an all in one e-commerce analytics tool that answers queries you have.
MagicGPT is to e-commerce analytics as chatGPT is to content. Like chatGPT, all you have to do is to enter your e-commerce analytics query as a prompt and you get your answers.
For instance, you want to know your average order value, all you need to do is to type it in as a prompt as seen below
Then you get your answer:
At the top right corner of the tool is "Visualize". When you click on it, you can pick the type of visualization you want and you have it displayed as such.
Pros
1. Simple and actionable insights
MagicGPT gives you simple and actionable insights that you can easily use to drive your marketing decisions.
Compared to other tools that gives complex data that a lay marketer cannot understand, MagicGPT is easy to operate and understand
2. Data visualization
MagicGPT allows for easy visualization. Once you get your response, you can choose the type of visualization you want. This makes it easy for presentation to stakeholders as proof to support your marketing decisions.
3. Affordability
MagicGPT starts at $19 per month and it is affordable for most teams
4. Templates for easy operation
In addition to the fact that MagicGPT is easy to operate, there are recipes in the form of prompts available on the tool for you to get the best out of your data analytics
Related blog post: How to get actionable ecommerce insights with MagicGPT
Cons
1. Only available for Shopify:
Currently, MagicGPT is only available for Shopify stores and not ecommerce stores like Woocommerce and Big Commerce
Pricing
1. Starter Plan:
- Costs $16 per month
- Allows one user
- Allows up to 1000 orders/queries per month
- Email support
2. Pro Plan:
- Costs $66 per month
- Allows up to 5 users
- Allows up to 3000 orders/queries per month
- Priority email support
3. Platinum Plan:
- Unlimited users
- Unlimited orders
- 2000 prompts per months
- Chat and Email support.
MagicGPT allows for a 14-day free trial for each of these plans. You can sign up for the free trial for any plan you are interested in and get to test it before committing to a paid plan.
2.Glew
Glew offers multichannel analytics for e-commerce companies. It supports other e-commerce platforms like BigCommerce and WooCommerce.
Glew also gives you an overview of your product analytics, inventory analytics, marketing analytics and automated reports on your store's performance.
Pros
1. Multichannel Platform
If you are looking for a multichannel platform that involves not only Shopify but also other ecommerce platforms like Woocommerce and Big Commerce, Glew is an option you can consider.
2. Automated daily reports
Glew has automated daily reports that bring you insights on your e-commerce store. It helps you keep track of what is going on at your store.
3. Extensive integration
Glew allows you to integrate up to 200+ platforms.
4. Free Plan
Glew has a free starter plan that you can use to get basic insights on your e-commerce store.
Cons
1. Lots of data:
Glew can sometimes give you a lot of data such that you do not know what to do with the data
A number of marketing teams may just be looking for easy and actionable data that does not need much interpretation to get needed insights.
This may be a better option for medium marketing teams that have more time/hands to spare to work on the data
2. Pricing:
Glew's pricing are not listed on their website so you can't really know how much you will be paying until you talk to their sales team.
Sometimes it can be a bit on the high side especially if you are an ecommerce startup.
Pricing
1. Glew Starter
- Free
- 20 important metrics to run your business
- Unlimited stores
- Unlimited Users
- Daily email snapshot
- LTV, Net Profit, Top Customers, Top Products and more
2. Pro Plan
- Includes Glew Starter
- 250+ KPIs
- 40 of our top integrations
- 30 pre-built customer segments
- Unlimited user-created custom segments and more
3. Plus Plan
- 150+ integrations
- No separate BI license required
- Access to Glew Pro
- Custom pricing tailored to the solutions provided to you and more
3.RetentionX
RetentionX is an e-commerce analytics platform that works with e-commerce platforms like Shopify, Adobe commerce, Shopware, WooCommerce and Big Commerce.
It also offers integrations with platforms like Klaviyo, attentive among others.
RetentionX helps you make data-driven decisions by giving you insights on customer segment, product performance and financials, spreading across various part of ecommerce analytics.
Pros
1. Good customer service
There were many reviews mentioning how great RetentionX customer service is. Any issue is promptly dealt with by the customer service team.
2. Simple and actionable insights
RetentionX is also known for simple and actionable insights that leads to business outcomes. It help you identify visitors on the website and communicate effectively with customers who show interests in your products.
3. Free Plan
RetentionX has a free plan you can maximize for a start. The free plan gives fairly good insights that can help your business until you are ready to upgrade to a higher plan.
Cons
1. Expensive
While there is a free plan for RetentionX, the paid plans are a bit on the high side and may be as high as $500 per month.
Pricing
1. The free plan
2. Startup Plan (Contact Sales)
3. Enterprise Plan (Contact Sales)
MagicGPT is tailored for small and medium marketing teams, why don't you give the tool a try?
Request for a demo so you can be shown around the tool and you can decide for yourself.
