As a marketer, data is your most valuable asset. While it can be overwhelming to collect and analyse, it is critical to gather as much of it as possible.
Data can reveal insights
into your processes, customers, and help you track sales performance,
providing precious guidance on where you are and where you need to be
.
However, it's not always easy to acquire the data you need:
44% of e-commerce businesses struggle with effective acquisition tools
, and
34% lack confidence in their data for campaign strategy
.
The key challenge is to sift through the abundance of data available
and extract meaningful insights that can drive performance, customer satisfaction, and adaptability. Despite these challenges, leveraging data is crucial for marketers in 2023 and beyond to achieve success.
Data: The New Gold of the Century
In today's highly competitive online environment, businesses need to leverage every advantage they can to succeed.
This is where business intelligence comes in.
Business intelligence refers to the use of data and analytics to inform business decisions and strategies
. For online brands and retailers, activating business intelligence can be crucial to improve and
track sales performance
. By collecting and analysing data on customer behavior, market trends, and operational performance, e-merchants can gain insights that enable them to make more informed decisions about pricing, inventory management, marketing strategies, and more.
However, implementing business intelligence solutions can be a significant challenge. It requires
access to high-quality data, sophisticated analytical tools, and making the right interpretation and actions
on the insights gained from data analysis. Add to that the fact that if you sell on multiple platforms, you
need to measure your e-performance across hundreds of channels
. It can be daunting for brands and retailers to
track sales performance
and monitor them across dozens or even hundreds of channels.
How can you get the meaningful insights you need and easily activate them to improve your online performance?
With Lengow, Track Sales Performance, Harness the Power of Data and Activate Winning E-commerce Strategies
Despite the challenges, there are significant benefits to
track sales performance
.
Brands and retailers who effectively leverage business intelligence can gain a competitive edge
by making data-driven decisions that help them optimize their operations, increase customer satisfaction, and ultimately drive growth and profitability. This is where Lengow comes in!
With Netrivals systems, Lengow monitors and collects data from
more than 1,000M products and 3.9 billion images from 32K+ online stores worldwide
, providing customers across multiple industries with the business intelligence and insights they need to thrive in the e-commerce ecosystem.
Our latest Netrivals integration now enables you to seamlessly incorporate Netrivals data directly into your Lengow Catalogue. By using Netrivals data as an
additional source
, you are able to make optimal price adjustments to keep up with market competition. With this integration,
creating segments
based on competitor and price intelligence data is effortless, allowing you to activate dynamic pricing on your catalogue's products with ease.
The 4 Key Features of the Lengow Platform for Enhanced Performance Tracking and Improvement
1. Price and Competitor Benchmark
Make good decisions that can help drive your business forward, from launching new products to effectively responding to competitors, consumers, and distribution channels. With critical market insights at your fingertips, you can:
- Assess product catalogues across distribution channels
- Analyse how your brand’s products perform against competitors
- Evaluate consumer response to your brand’s products
2. Product and Distribution Channel Monitoring
Maintain control over your resellers' pricing strategies and product availability, while also monitoring your online presence to protect your brand image.
Our platform intuitively displays those sellers above and below the minimum prices for your catalogue to get a more complete view of distribution channels, detect inconsistencies and make better-informed decisions.
3. Repricing
Increase conversions and profitability by smartly repricing with our dynamic pricing tool. Our solution automatically adapts the prices of your products based on a set of predefined rules that respect your profit margin.
80% of Netrivals (a Lengow company) customers enjoy an increase in sales and the Amazon Buy Box ownership during their first 15 days.
4. Business Intelligence Reports
Get personalised reports combining the information collected by Netrivals (a Lengow company) with data related to any of your business areas or departments. Netrivals allows you to create customised dashboards, tables, and graphs (and any other view you may need) to generate value for your business and make the most accurate decision on your catalogue.
Finally, thanks to the "Reports" tab in Lengow, you can track all of your performance indicators from all of your channels in one place. With the help of Lengow's performance dashboards, you can analyse the profitability of your items and spot prospects for expansion into other channels or countries.
Conclusion
By using Lengow, take your data analysis to new heights. With the ability to
track sales performance
,
consolidate your data, make it actionable, and leverage brand and business intelligence
, Lengow provides you with the tools you need to make informed decisions based on real-time KPIs and your business needs. Maximise your results and stay ahead of the competition!
Get a demo today!