Sales & Transactional Data Analysis
If you run an e-commerce business or have sales or transactional data at any scale, and you have not examined this data closely, you are sitting on a gold mine! Sales and transactional data can provide a useful window into the buying habits of your customers. Interactions between categories, brands, and SKUs provide opportunities for effective marketing and communication as well as promotional activity. As well, understanding the sensitivity of different products to variations in media delivery is especially useful for assessing ROI.
Who would use your sales and transactional data analysis services?
Any company that has transactional data. When we say “transactional” we mean multiple transactions by the same customer over time. This also means that the customer has an ongoing, longitudinal relationship with you and your business. This means that customer behavior can be analyzed over multiple store visits or orders in the case of e-commerce and analyzed for patterns that could be useful for identifying new product opportunities or ways to make the customer’s buying experience more beneficial.
Why wouldn’t we do this in-house?
You can! There are many available off-the-shelf sales reporting and transactional analysis systems that can be used for this kind of analysis. But where do you start? You can’t analyze every product, and you can’t analyze every interaction, because not every interaction is meaningful.
What you need to do is start with some hypotheses about shopping behavior and transactions in the context of your business. Do you want to grow a particular category? Do you want to determine the promotional effectiveness of your programs? Do you want to know whether customers who buy one brand of a category are also looking at and thinking about a product that is similar in the same category or not?
All of these provide avenues for improving the sales of specific products in specific categories, promotional support, and activity, as well as merchandising insights.
If you have sales or transactional data and want to better understand the implications of that data for your business, we can help. There may be a significant amount of effort required in order to get your data into a form that is usable for analysis, but it can and has been done.
Let’s have a conversation about how to make your sales and transactional data come alive. There is a tremendous amount of untapped value in your data that we can shine a light on and leverage more effectively.