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Trends and Outliers

TIBCO Spotfire's Business Intelligence Blog

11/18
2013

5 Ways Retailers Can Use Data Analysis for a Super Cyber Monday

For many retailers Cyber Monday has become the holy grail of online holiday shopping.

shutterstock 162909746 150x150 5 Ways Retailers Can Use Data Analysis for a Super Cyber MondayIn fact, since its inception in 2005, Cyber Monday, the Monday after Thanksgiving, has been the strongest online purchasing day of the year.

And, believe it or not, Cyber Monday 2012, which was four weeks until Christmas Eve, was the busiest online shopping day in history, according to the Adobe Digital Index.

This year, however, just about three weeks separate Cyber Monday from December 24 – and that means online retailers have to do everything they can do maximize sales and make their customers happy to ensure they return, according to Retail Info Systems News (RIS).

Scott Houching, head of digital marketing services for eClerx, has some ways online retailers can make the most of Cyber Monday based on his company’s analysis of the pertinent data, according to RIS.

And Houching knows what he’s talking about because eClerx operates more than one million Web pages and analyzes more than one billion Web analytic data points per month for various retail companies.

Here are Houching’s five tips to help online retailers use data analysis to get the most out of Cyber Monday:

1. Put Mobile First: Every year, mobile accounts for more holiday shopping searches and transactions. Marketers can make the most of this trend by making their ad campaigns and websites mobile ready.

Additionally, marketers need the tools in place for real-time performance and pricing to capitalize on their mobile opportunities.

2. Rapid Response: “In an omnichannel world, retailers prepared with real-time data monitoring, analysis and reporting will be better equipped to make immediate decisions that can make or break a campaign,” RIS notes.

Retailers have to have the right teams in place to collect, analyze and report Web, mobile and social data so marketers can maximize revenue on the busiest online shopping day.

3. Take Advantage of Showrooming: “To win the showrooming war, marketers need to ensure their products are searchable and easily navigated on the company’s website, have strong link authority, and are tagged properly. Taking these steps will help marketers maximize conversion rates,” RIS notes.

4. Get Your Website in Tip-Top Shape: Retailers must prepare for the spike in Website traffic that begins on Black Friday – hits peak on Cyber Monday – and continues throughout the holiday shopping season.

Slow load times won’t cut it. If consumers have to wait too long to make their purchases, they’ll abandon their shopping carts, make their purchases at other online stores – and quite possible abandon your store entirely.

So all you marketers out there – “run through the processes, test likely and unlikely scenarios, and test the people, processes and technology before the shopping season begins,” according to RIS.

5. It’s All About the Big Data: Every day a large retailer will have access to more than one million data points. Talk about big data. But is it good data?

“Marketers need to have best practices in place for data collection, and the right teams working around the clock to provide data analysis and reporting,” according to RIS. “Marketers who have the right data at their fingertips will be Cyber Monday winners.”

Next Steps:

  • To help you get the most out of your online store this holiday season, we invite you to watch our complimentary on-demand webcast: “Gain Insight into Your Brand’s Online Retail Shelf Space.”

    In our webcast, you’ll learn how Catalyst combines its proprietary eShelf Engine technology with Spotfire analytics and interactive visualizations to deliver deep insights to the competitive positioning of your products on online retail shelves.

  • Subscribe to our blog to stay up to date on the latest insights and trends in big data, data analysis and retail.

Linda Rosencrance
Spotfire Blogging Team

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