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    Digital Analytics Consulting Services

    With every little thing we do over a digital device, it creates a digital footprint. Enormous amounts of data are being created every second when we use social media, surf websites, engage with mobile applications, make card payments over POS, use ATM services, send an email or a text message, turn on the set-top box or the mobile data or the Wi-Fi, and so on. The data so created is extremely relevant to businesses.

    For instance, for an eCommerce company, web and eCommerce analytics could reveal which product categories are most viewed, the effect of providing discounts on customer buying decisions, the impact of personalization efforts, how quickly and conveniently customers are able to navigate within the website, and so on. With business intelligence and advanced data analytics, retail and eCommerce enterprises can formulate better marketing strategies and operational plans.

    The essence of digital analytics is about making business sense out of the digital data that is being generated. Digital marketing analytics is the entire process of collecting, analyzing and converting the digital data into meaningful visualizations, interpretations, and information for enhanced customer experience and streamlining operations.

    According to a report, the global predictive analytics market is expected to grow at a CAGR of 22.1% during the period from 2018 to 2024. This partly explains the surge of the business analytics software market along with a growing count of digital analytics companies. While some businesses do it in-house there are others who lean externally for digital analytics services or with partial involvement of a digital analytics agency.

    Some important forms of Digital Analytics

    All the data generated via digital activities is enormous. To adopt a more manageable approach, data analytics can be divided into various branches. We will classify here the four most prominent.

    • Web Analytics :

    It is one of the most significant components of digital analytics today and it deals with trying to understand the flow of web traffic, user behaviour on a website, and the associated technologies. Website data analytics consists of comprehending user psychology and behaviour when they are on a business website. Data pertaining to web traffic and user behaviour on a website can reveal crucial areas for improvisations.

    Various kinds of data useful for a web analytics team or web analytics agency are sources of website traffic, types of devices mostly used for browsing, geographical clustering, busy and lean hours, average time spent on website, ease of navigation, conversions, etc.

    • Social Media Analytics :

    As the name implies, social media analytics is the division of data analytics that deals with the study and analysis of data created by the users of various social media platforms. With billions of users of various social media platforms like Facebook, Twitter, Instagram, Snapchat, YouTube etc., humongous volumes of data are created on these platforms which companies leverage to pitch better to their target customers and audiences.

    For example, what kind of posts get the most engagement (text only, image, gif, video, etc.), at what time of the day the engagement is maximum, audiences which are resonating the most with the published content, etc. All these data can help in fine-tuning and improving performance on social media platforms and thereby maximize traction with the target audience.

    From search engines to social media, the use of data analytics in digital marketing helps businesses build sharp strategies. With the distinction of web and social media analytics, companies can also focus selectively.

    • Business Intelligence :

    The terms business intelligence and data analytics cannot be used interchangeably. BI is focused on the present circumstances. Higher forms of data analytics focus on what future trends could be and what can be done. Let us understand this with a contemporary example. The on-going COVID-19 pandemic has resulted in retailers finding it difficult to get their business back to motion as economic activities resume because their business models do not completely support the new market environment. Going digital and omnichannel could help retailers. That is business intelligence (descriptive data analytics). Going ahead into the future, as long as a full-proof vaccine is not developed and is globally available, retail businesses will have to work on adapted business models. This is part of predictive and prescriptive data analytics.

    Thus, BI reporting helps in finding out the weaknesses and opportunities in the current business practices or way of functioning based on real-time or past data.

    • E-Commerce Analytics :

    Ecommerce analytics is that part of data analytics which is specifically targeted towards eCommerce platforms owing to their immense potential of providing meaningful data. It can tell about where the sources of user traffic, what users are actively looking for, how they carry out a search, how much time they are devoting to a specific product or category, how long they stayed on the eCommerce app or website, etc. It can also provide insights on user purchase history, user shopping cart activities, average order value, time taken to purchase, conversion rate, click through rate, purchase frequency and other such relevant information. This data and information are of the utmost importance to better understand user experience on an eCommerce platform and what could be done to increase traffic and conversions.

    Functional Relevance

    Customers expect daily essentials to be delivered within hours, unlike an electronic item where a waiting period is tolerated. Unless you are able to deliver in a stipulated time frame on a consistent basis, you are really not providing value as a brand. This makes the entire online grocery operation a high-commitment service with thin margins and any lapses can be detrimental to the bottom line. Hence, well-defined SOPs can be a solution to many business functions within the organization, helping you provide a better service without mistakes that can prevent financial losses.

    • Sales :

    Some of the ways in which digital analytics can help the sales function are:

    (i.) Goal Setting : As author, salesman, and motivational speaker Zig Ziglar puts, “A goal properly set is halfway reached.” Information extracted from digital data can help set proper and pragmatic targets for your sales team based on market trends and changing dynamics.

    (ii.) Provide Insights : Based on data analytics, you can provide your sales team with useful insights that can help them generate sustainable revenue for the company. Sales teams in many organizations use data to understand the effect of all the steps in the sales cycle to figure out how to drive a sales opportunity.

    (iii.) Identify Unmet Needs : Sales analytics data can help you identify un‐served and underserved areas (in terms of product/services) where there is a potential of need fulfilment. This will help in value-addition and lead generation.

    (iv.) Periodical Sales Analysis : With the periodical sales data at your disposal and after doing a detailed analysis, the sales head/managers can assess the performance of the sales department and come up with improvised ways of working for the next quarter or the next financial year. Individual sales team members will also get to know about their performances, contributions, areas for improvement, and see their standing in the team.

    • Marketing :

    Digital analytics for marketing is probably one of the hottest selling cakes in the analytics market. The objective is to improve the efficiency and effectiveness of the marketing strategies and efforts of a business enterprise. For example, if you are a marketing manager you may want to know the past performance of promotional pricing campaigns to see if such campaigns have yielded expected results. If you are into digital marketing, you may want to keep a track of your company’s social media pages to assess audience engagement. Similarly, digital analytics can be applied to various other areas of marketing for better results in terms of understanding customer behaviour, business development, and ROI.

    · Predicting seasonal trends
    · Merchandising decisions
    · Redefine target segment
    · Pricing decisions
    · Supply chain decisions
    · Website and social media analytics
    · Performance of SEO and SMM strategies

    • Operations :

    The operations department of an enterprise is responsible for running the on-the-ground business activities of a company on a routine basis. In a retail store, an operations manager may be also called a store manager who oversees the routine operations of the store. In banks, a branch operations manager is responsible for the overall functioning of the branch. In a production facility, an operation manager would be responsible for raw materials, production, machinery and equipment, inventory, logistics, etc. Given below are a few areas where data analytics help in operations management.

    · Procurement
    · Merchandising
    · Supply chain and inventory
    · Budgeting

    • Finance Department :

    Your finance team can benefit a lot from financial data analytics to make better strategic long-term decisions for your company. If we were to go by the EY and Forbes Insights, in a survey of 564 executives of large global enterprises, 57% of the CFOs opined that delivering the data and advanced analytics for BI and management information will be a critical competence for finance function in the near future.

    Some of the areas where financial data analytics can help your finance division are:

    · Financial planning and forecasting
    · Cash Flow Analysis
    · Investment decisions, return on investment, break-even analysis, etc.
    · Profitability, liquidity, and leverage

    Overall Edge to Business

    1) Informed and intelligent decision-making :
    The significance of informed decision-making needs no separate highlight. With data analytics, businesses can not only make informed decisions but also intelligent decisions based on in-depth analysis and scrutiny of tons of relevant business data. Even if business intelligence backs a decision, advanced data analytics may still provide grounds for an even better decision.

    2) Warning signals and Loss Aversion :
    Business decisions and actions which are assessed to be right at one point of time may not always remain the same. There could be changes in the internal or external environment that will prove the earlier assessments to be incorrect. Data analytics can help businesses make predictive analyses. Resources being poured into a less profitable or more risky option/project/decision could be diverted to better alternatives.

    3) Profitability analysis :
    As an online or an eCommerce business, you might be selling several products under different categories. In the income statement, you only get to know the overall profit or loss your company made in the previous quarter or financial year. However, leveraging on data analytics, you can calculate and assess the profitability of individual products, or its SKUs, or compute category wise profit to figure out which segment is your cash cow and which is not. Accordingly, you can take business decisions based on such profitability analyses.

    4) KPI tracking :
    KPI is a means to keep track of performance and progress (organizational, departmental, projects, teams, etc.) in specific, quantifiable terms. KPI is often heard in association with HR and employee performances but the concept of KPI has a wider range of applications. For example, different departments of a business enterprise will have different functional KPIs which also need to be in tune with the broad enterprise-level KPIs. These performance targets are predefined and are critical for the overall success of the business. Similarly, project KPIs are critical to determining if the project and its parts are headed in the right direction. Data analytics can help companies refine, redefine, and keep track of the established KPIs.

    How YRC Digital will help?

    YRC DIGITAL is the service brand of YRC dedicated to digital products & digital transformation consulting. YRC takes pride in having consulted over 500+ retail and eCommerce brands and 150+ B2B companies, which included start-ups, SMEs and multinational conglomerates, spanning across continents, with a success rate of 95%. And there’s so much for us to learn.

    YRC Digital is a dedicated team of professionals who understand digital analytics and know how it can be leveraged to achieve digital transformation from inside out.

    Get Advice for Digital Analytics

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    We work only for Visionaries.

    PROCESS AUTOMATION

    The idea of having Ecommerce Consultants on-board from the beginning itself points towards reducing the involvement of the promoters in daily operations. Ecommerce Businesses willing to be a brand reaping profits & sustaining the competition must ensure that most of their processes should be automated. The more the manual intervention, the more would be the errors.

    In Ecommerce business, you get only 1 chance to impress the customer & if you mess up there, you lose the customer for long.

    Process automation in respect to all the activities pertaining to customers from order receiving to order fulfilment is a must for a seamless experience for the customers.

    Task Management is another grey area where most deadlines fail as 90% of the tasks are assigned manually & are forgotten, unheard, misunderstood or mistaken.

    YRC Team of Ecommerce Management Consultants helps to make maximum of the processes system-driven to ensure minimalistic manual intervention.

    VIDEOGRAPHY & PHOTOGRAPHY

    No matter how good your product is, the customer would know only if it looks good.

    Photography includes the following steps:

    • Cataloguing your products
    • Cataloguing your images
    • Backup your images (A few cloud storage solutions include Dropbox, Google Drive, Bitcasa, Apple’s Cloud Storage etc.)
    • Choose the right camera & lens (You may also outsource the photography to a third party agency)

    DIGITAL MARKETING

    Digital Marketing includes SEO & SMM. SEO i.e. Search Engine Optimization includes activities like back-linking, meta tags, blog-writing etc. to ensure your website ranks on the 1st page on Google Search.

    Next comes SMM i.e. “Social Media Marketing” which as the name suggests including promoting your products on all the social media sites, email marketing, influencer marketing & several other BTL activities.

    These activities are going to be recurring & would decide the traffic on the website, the conversions, whether the right target market is tapped, the likes, the views, the orders, the reviews & much more. YRCs Ecommerce Consultants create a budget for digital marketing right from pre-launch to launch & for each month thereafter.

    Building digital marketing strategies in coordination with the agency, selecting them to signing them off would be the role of YRC.

    This ensures seamless coordination, detailed interactions & desired execution as it is always advisable to work with a single agency than multiple of them.

    IT INTEGRATION

    Selection of the right software for smooth functioning of back-end operations right from production to webstore display would be suggested and integrated by YRC Team.

    YRC’s Team defines SOPs of Product Movement, maps it with the locations & people. They then create a blueprint of all the features required in the software & help in shortlisting & selection.

    IT Integration involves connecting your offline inventories with real-time online webstore so when a sale occurs, inventories get deducted real time across offline as well as online platforms.

    This helps in accurate inventory management, maintaining the MOQs, re-order levels & achieving the optimum inventory levels.

    Some popular software include unicommerce, viniculum for your front-end website management & Genisys for your entire back-end Purchase, Production, Accounting, Invoicing etc. management.

    WAREHOUSE & LOGISTICS PLANNING

    • How many cities or countries you wish to sell in?
    • Where should your Warehouse be located?
    • Should you have one warehouse in each country or city?
    • Should you be having your own delivery team in your base city?
    • Would the 3rd party vendors be reliable? What happens when they lose or misplace your product during delivery?
    • How should I manage the logistics if my goods are coming from different countries?
    • How should the goods be stored and barcoded?
    • How much space do I require for warehouse?
    • I am sure several such questions must be haunting you while you think of starting your own fashion ecommerce brand.

     

    At YRC, our warehousing and logistics experts can help you devise a strategy for all of the above mentioned queries and much more.

    We design the layout of the Warehouse considering the inward, goods processing, software entry, barcoding, outward, goods return, scrap storage, goods stacking & much more.

    Logistics route plan is devised considering the manufacturer to your warehouse and from there to last mile delivery locations.

    UI & UX DESIGNING

    This Step involves 03 distinct parts:

    Part 1: Choosing the right Platform:

    From several platforms available in the market right from Shopify to magento, woocommerce, prestoshop, wordpress etc. you must choose the one that fits best for your business

    Part 2: UX Designing:

    “UX” denotes User Experience, which if put in simple language is building the functional requirements of the website.

    UX Designing includes designing the features required in the website, customer journey map, website features, the browsing features, navigation features, ecommerce order management process flow, checkout cart features, catalogue management, ecommerce payment system, cross selling features & much more.

    “As per statistics, 68% of the customers abandon the carts before payment”

    An interesting UX ensures the customer sticks on to the website for a longer time.

    Part 3: UI Designing:

    UI stands for User Interface, which means designing the look and feel of the website. UI includes using the right colours, elements and the entire aesthetics of the website.

    A good User Interface ensures the user completes the task that he has come for. It navigates the user through the journey of the brand in the simplest but most effective way.

    The UX designer maps out the bare bones of the user journey; the UI designer then fills it in with visual and interactive elements.

    If User experience is the bare bone, user interface wraps it up with an attractive cape.

    At YRC, our team if experts can help you develop the entire User Journey to ensure it is engaging!

    SAMPLING & PRODUCTION

    This step follows the “Designing” Phase, whether you have an in-house design team, freelance designers or an outsourced design company. It is one of the most exciting phases, as here you see your designs turning into products & your ideas turning into reality.

    In most start-up cases, production is outsourced i.e. brands tie-up with the established manufacturers/ job-workers to get their products manufactured.

    Sampling involves multiple 04 Stages, Fit-Sample, Prototype Sample, Pre-Production Sample & the Production Sample.

    Prototype Sample is the first sample provided to the buyer. It can be in any fabric/ colour. This sample is just to understand whether the product design looks equally great in reality.

    Fit Sample, as the name suggests is prepared to check the fit of the garment i.e. the various sizes, length, width etc.

    Pre-production is made by the actual production line. Here the stitching quality and other aspects related to manufacturing are checked. This is the last stage where rejection can be accepted.

    Production Sample is made before the production which is the replica of what is going to be finally produced.

    Once you are through with all this, you are good to go ahead & get your goods manufactured.

    PRODUCT DESIGNING / SOURCING

    Product Designing or Sourcing is the heart of the Ecommerce Fashion Brand.

    Product Designing / Sourcing can be done in several ways, as follows:

    • In-house Design Team
    • Freelance Designers
    • Outsourced Design Team
    • Ready Product Sourcing (From Manufacturer or Wholesaler)

    At YRC, we evaluate your business strategy & business model to arrive at the decision, which of the above ways would be best-fit for your business. In certain cases, product sourcing may be a combination of the above.

    These are the people who are going to build your brand! Whether they are the designers or merchandiser, your brand look is going to be in their hands.

    If you are designing each garment from the scratch, the sourcing would play crucial role in developing design identity of your brand.

    Sourcing includes fabric, trims, lining & all the raw material required to build the garment.

    BRANDING

    Branding is the “Look of the Brand”, right from logo to tagline, the colours used, the brand story, the brand communications on social media, the packaging & all the other aspects which speak directly or indirectly to the customers. Branding constitutes the look & feel of the brand & hence must be thoughtfully planned to match with the product that we are selling.

    Branding must appeal to our target audience. Example : A golden colour logo depicting finesse, art, richness, premium, however beautiful it may be individually cannot go with a brand selling affordable kids wear products. So, your logo must be in-line with your brand positioning, whether you are an expensive brand or a luxury brand or a value for money brand, it must be depicted from your “Branding”.

    It is an integral part to attract the target audience.

    ORGANOGRAMS & SOP’s

    Organogram is the “HR Blueprint” of the business which is created at the onset, to map out the team required across each function at various stages of the business. At the launch, only key people need to be got on board to ensure the project gets started & at this stage, all of them need to multi-task. Similarly, certain financial as well as operational goals are set for addition of the further team. Example, for the operations team, we hire 1 operations manager during the pre-launch phase & we add 1 more only when the business kicks-off & we reach a volume of selling more than 1000 pcs/ month or a turnover of more than 0.1 million USD.

    SOPs are Standard Operating Procedures, a bible to run the entire organization right from Sales, Purchase, HR, Order receiving to Order fulfilment, Inventory Management, Accounts, Warehouse, Logistics, Supply Chain, Production & all the other relevant functions for the business. Business must be organized from its first day of operations; only then the tasks can be delegated.

    At YRC, we design the organization structure, the processes, and approximate time taken to execute each process, job profile of every member within the organization, their KRAs, KPIs & the Reporting Structure.

    CRITICAL PATHWAY

    Critical Pathway Analysis (CPA), is a project management technique which cannot be overlooked while launching an ecommerce fashion brand. Brand launch process is cumbersome with multiple inter-dependent & time-bound tasks involved, which need to be tracked to ensure the project remains on track.

    CPA outlines key tasks across the project, their turnaround time (TAT) & the dependencies of tasks upon each other. It identifies the sequence of tasks, their interdependent steps from inception to completion, their criticalities, and their dates of onset, target dates of completion along with the key responsible person for the respective activities. Critical Pathway helps in understanding the unimportant & not urgent tasks which may jeopardize the execution of the project because of an unexpected snag! It also maps out the potential bottlenecks which might be posed because of the dependencies of tasks upon each other & cases where the next task cannot be commenced before the completion of the previous one.

    CPA detects the minimum & the maximum time involvement of a particular individual or team to execute the task, thereby arriving at the overall deadlines associated with the project.

    At Your Retail Coach, we design the Critical Pathway & review it periodically to ensure the project is on track & the progress is measurable.

    BUSINESS STRATEGY & BUSINESS PLAN

    Business Strategy includes the vision, mission, goals, business model, business plan & strategy for all the functions within the organization.

    Business Strategy is a well-defined plan that outlines who, what, where, why, how & when for the company; for example, who would be the target market, how to attract the target audience, when to launch new products, where to operate from, how to handle competitors, what would be the USP, what would be long term goal of the organization & several other answers to the 5Ws of Strategy.

    Business Strategy aligns the organization towards a common goal. Business SWOT helps company to identify & overcome their weaknesses & focus to sharpen the strengths. Business strategy forecasts future risks and helps business in building skillsets to overcome the potential threats.

    YRC’s Business Plan focuses on creating a “Blueprint” of the business, thereby deriving the feasibility of the concept & gauge whether the opportunity is lucrative to invest time, energy & effort. Business Plan creates cash flow understanding i.e. building inflow & outflow cash projections from Week zero to week 60 i.e. 05 year projection. Business Plan calculates the capital investment, operating costs, one-time costs, recurring costs & all the other numbers relevant to obtain the breakeven sales, return on investment, return on capital, internal rate of return & several other ratios. Business Plan is also one of the important requirements if you are targeting the “Investor Route”. Fund raising becomes extremely transparent & channelized. With business plan panned out clearly, the business will know until what point must it be stretched & where to stop, which reduces the probability of unplanned investments.

    MARKET RESEARCH

    Starting the concept of Ecommerce Fashion brand with Market Research ensures we get detailed understanding of the industry & this research report also acts as a social confirmation for your concept. Market Research helps in understanding the target locations, their population, potential online buyers for your product, competitors for each category, and top selling products of the competitors, competitors’ price range, offers & their responses & much more. Market Research helps in thorough understanding of your brand position as compared to our competitors. It helps in identifying gaps in the market, in your category along with the scope of the said product in the desired market. This will help in validation of your concept & prevents you from making the same mistakes as your fellow brands, eventually saving your time, energy & efforts. This phase is also a make or a break phase, as the market research study may at-times come up with some eye-popping numbers & statistics which might compel you to re-think on your product or category that you are planning to sell or alter your entire concept itself!! Market Research Reports analyse the competitors’ webstore for their traffic, conversion & sales. This is extremely valuable information to derive our inventory budgets & projections, which takes us to our next phase.