Last week, I wrote about how Google had recently unveiled the merger of Google Analytics Premium with DoubleClick Digital Marketing. The features of this were announced at the Google Analytics Summit 2014. This summit takes place each year and is an opportunity for Google and it’s developers, premium customers and partners to liaise and discuss new features. I’ve been writing a series of articles on these features and the final one in this series will look at Enhanced Ecommerce.
Google has recently announced the launch of Enhanced Ecommerce into Beta and promises to be an innovative redesign of their ecommerce analysis. Working in conjunction with the mighty Universal Analytics, Enhanced Ecommerce allows you to understand your customer’s behavior through the conversion journey like never before. I took a look at just what this means for marketeers and their forthcoming marketing strategies.
Is enhancement necessary?
Online retail grew by an impressive 30% in 2013, so is it time for retailers to take a breather and rest on their laurels? According to Google, the answer is a resounding NO! This rise in retail has been fueled by the constant analysis of digital data to bring customers closer and closer to the conversion point. However, there’s a still a lot of evolution required to perfect the analysis process.
“Enhanced Ecommerce will help us to overcome many challenges. As an example, I’m looking at a report that indicates a 74.4% checkout abandonment rate. That insight is shockingly simple: over 7 out of 10 people that add something to the cart and start to checkout don’t complete it! This is the kind of data that can drive change more readily than, say, simple conversion rates for e-commerce orders.”
– Caleb Whitmore, CEO of Analytics Pros
Abandonment figures such as this would give any marketeer plenty of nightmares, so Enhanced Ecommerce could well be the reassuring touch that’s necessary.
How will these enhancements help?
The conversion funnel will be highly scrutinized to identify any drop off points, allowing sub-campaigns to be launched to keep the consumer on track. The ability to create highly specified user segments will allow more detailed reports on consumer’s behavior, so the tailoring of interfaces and product groups to maximize conversion can be explored. The aforementioned abandonment rates allow you to identify which products prove fickle with the public and which are popular – this will allow you to concentrate campaigns on these products and also set stock replenishment levels.
You’ll be able to evaluate your products in a way previously thought impossible such as interpreting the effect of promotions on conversion rates. This data will allow marketeers to consider changes in real time and build on successes or stop the rot of poor promotions. The ability to create new product lists which observe set rules will allow you to customize your inventory like never before.
Enhanced Ecommerce promises to usher in a new era of customer analysis by analyzing the entire life cycle of customers. It will provide the answers to questions such as: why is that product frequently abandoned at checkout? Why does this product engage customers and fly off the shelf whilst this similar one just takes up space in the warehouse? This knowledge will help shape remarketing campaigns and go a long way to increasing conversion rates.