Data and Dashboard help you in many way, be it identifying weak products to your demographic of your customer.
Today we are going to explore Lazada’s Business Advisor for seller’s platform to see how you can harness the insights that Lazada has created for you!
What does Lazada Business Insights tell you?
An overview of your online store performance that is updated every day. These are the key metric that can be found on the Lazada platform: Revenue, Visitors, Orders, Average Order Value, Units Sold, Average Basket Size, Visitor Value, Add To Cart Visitors, Add To Cart Units, Wishlist Visitors, Wishlist, Conversion Rate, Revenue Per Buyer, Page Views, Buyers. Lazada Business Advisor lets you look at metrics of specific dates for you to analyze your marketing strategy effectiveness.
In order to optimize your product sales / performance, you also need to set your eyes on your traffic, price, and conversion rate.
Set yourself a target or goal for each of your focus product. To get maximum results, it would be best to think of one general yearly goal and then break it down to monthly, weekly, and daily targets. Then you can brainstorm possible works of action that you can perform geared towards reaching your targets.
How do i use it to my benefit?
Imagine all the data you have but do not know how to analyze or interpret the dashboard. These insights can tell you how much does your customer average basket size and your average order value so you can focus on whether to upsell or cross sell your products or even link frequently purchased product together to increase basket size. Notice why supermarket place their product in such a convenient way for you to purchase it without walking the aisle even though you might not need it? Same for your e-commerce business that give you suggestions of complementing product or similar product to increase the marketing strategy. The end goal is the same. They want you to spend more.
Campaigns or use sponsored products to increase your traffic. Perhaps, you can also utilize bundles or vouchers to make your product prices more attractive to customers or to up-sell or cross-sell other complimentary products. As far as conversion rate is concerned, you can also update your product listing to make it more clear what customers are receiving.
To boost traffic to your channel, you might want to focus on high revenue product. Meanwhile, you can focus your vouchers and bundles on product that aren’t as competitive. By doing so, you will be able to boost the overall performance of your sales channel.
Hence, if you have queries of how these data / metrics can aid your performance of sales or have many listings and platform that you do not know how to compile them into one single customized dashboard, do give us a call or drop us an email. We are always happy to help!