The Indian and global retail / eCommerce industry is rapidly changing to adopt the latest technologies. Many sellers and store owners can benefit from eCommerce analytics. Here, we’ll discuss the top five managed analytics companies in eCommerce industry and their offerings.
eCommerce is a fast-growing industry around the world. It is also rapidly evolving, with many business owners and sellers adopting the latest technology, be it artificial intelligence, PoS (Point of Sale) software, or data science models to streamline sales and make effective decisions in real-time. Statista reports that the global retail eCommerce sales worldwide account for more than $6 trillion and have over 20% of the market share.
Analytics are crucial for the eCommerce sector to overcome various challenges and reach out to the target audiences. From understanding demographics to analyzing customer feedback, data analytics supports e-commerce businesses to optimize their efforts and get improved results.
According to Business Research Insights, the global eCommerce analytics market is expected to touch $56.16 billion by 2031 at a CAGR (compound annual growth rate) of 14.51%. The same report states that the adoption of 4G and 5G technology will boost eCommerce analytics and encourage more business owners to invest in managed analytics.
In this blog, we’ll read more about e-commerce analytics solutions and the top companies to partner with for accessing managed analytics in real time.
eCommerce analytics is the process of collecting, analyzing, and interpreting eCommerce data to derive actionable insights for decision-making. It helps in tracking and monitoring the KPIs (key performance indicators) to find effective ways to improve marketing, sales, and profits.
Managed analytics for eCommerce is a third-party service provided by data analytics companies to help businesses unlock the full potential of their data and derive useful insights. The business doesn’t have to build an analytical model from scratch or make huge investments. Instead, it can partner with a service provider to implement business intelligence tools like Power BI and access the reports through customized dashboards. This is a quick, easy, and effective option to gain a competitive advantage and make data-driven decisions to boost the business.
Here’s a list of the top companies offering online retail BI solutions to various establishments from the eCommerce industry. Some service providers offer additional solutions for comprehensive digital transformation.
DataToBiz is one of the top managed analytics companies in eCommerce, with years of experience working with businesses from the retail and eCommerce industry. The company has a presence in many industries with clients ranging from startups to large established brands. It uses advanced AI/ ML models, data science, and business intelligence tools like Power BI for eCommerce solutions.
DataToBiz is a certified partner of Microsoft, Google, and AWS and has an expert team to build, deploy, implement, integrate, and upgrade managed analytical applications for the client. The company also provides tailor-made data warehousing services along with cloud computing and migration solutions. Businesses can use customized sales, marketing, financial, and inventory dashboards to track KPIs and make proactive decisions to grab market opportunities.
The award-winning company is a one-stop solution for all eCommerce analytical needs. With transparent pricing, flexible partnerships, a diverse portfolio, and long-term support services, DataToBiz is a worthy choice for eCommerce businesses to adopt the data-driven model.
Saras Analytics is a unified data and analytics company for the eCommerce, retail, and DTC sectors. It offers bespoke solutions and supports sellers in utilizing AI, ML, and advanced analytics to derive precise real-time insights. As an eCommerce solutions company, it helps businesses derive maximum benefits from data through business intelligence, data visualization, data engineering, etc.
Saras Analytics considers itself a team player and provides data team-as-a-service solutions for eCommerce and retail establishments to understand customer requirements, market trends, etc. The company increases customer experience and sales by streamlining business operations and optimizing resources. It aims to enable agile eCommerce decisions based on data-driven reports to minimize risk. Daton is a unified data platform developed by the company to facilitate the ease of global eCommerce services. The platform has over 200 connectors and provides eCommerce data insights to several clients.
RetailNext was the first in-store analytics platform built to help businesses from the eCommerce industry. The company’s products are trusted by many leading brands from several countries. The solutions are scalable and can be customized to suit the requirements of any business, irrespective of the number of stores in the network. The company provides a range of services to handle different aspects of the eCommerce business, such as store design, operations, merchandising, marketing, and asset protection.
RetailNext has been developed by retailers to help modern sellers overcome different business challenges and achieve seamless results. Manage website traffic, online conversions, and more from an integrated platform. For example, Aurora is a next-gen sensor designed for physical location analytics. It uses a patented algorithm to combine deep learning and 3D imagery to deliver highly accurate results. The RetailNext solutions are pre-integrated to save time and can be easily implemented by all eCommerce businesses.
Palantir Technologies was founded to make AI products for human-driven analysis of real-world data. The company is focused on creating the best user experience for businesses to work with data and derive actionable insights. It is among the top managed analytics companies in eCommerce that offer AI-powered solutions to streamline operations and decision-making. The company has developed different solutions to help business owners effectively manage operations, sales, customer experience, etc.
For example, Gotham by Palantir Technologies is a commercial AI-ready operating system that accelerates decision-making for operators across different roles and departments. It is used by thousands of people and comes with multi-layered security. The built-in feedback loop trains and refines models used in the platform to ensure that it learns and trains itself to deliver better results over time. The company believes in offering full-stack interoperability through its platforms and gives the utmost importance to data security and data privacy.
Streetbees is an AI-based intelligence platform with top brands as clients. The eCommerce analytics company is disrupting market research by capturing real-life behavior and providing access to rich data with photos and videos of millions of consumers from around the globe. The company’s platform helps businesses identify hidden growth opportunities by applying artificial intelligence to a vast database with real-life observations. The company calls its platform the first human intelligence solution for eCommerce and retail businesses.
Streetbees has two solutions – SBX and Streetbees GO. SBX uses conversational AI and is easy to implement. Businesses can derive insights in just 48 hours after implementing the app. SBX uses large language models to provide specific answers to business questions. Streetbees GO is a mobile crowdsourced platform that is always on and ready to share insights necessary for business growth. From category development to market trends, it provides useful and reliable information to eCommerce and retail business owners.
Managed analytics and data warehousing for eCommerce offer many benefits to business owners in today’s ever-changing market conditions.
With new entrepreneurs entering the eCommerce industry, there is an increase in competition at all levels. New and established businesses need to be aware of their competitors and understand their market strategies. Managed analytics can provide in-depth analysis of competitors to identify strategy gaps, find new markets, and expand to adjacent niches accordingly. Knowing one’s competitors will give businesses an edge over other brands.
Businesses have to be customer-centric to increase sales and survive long in competitive markets. eCommerce performance analytics and consumer analytics will provide insights about whether the business is aligned with customer requirements and how it can take corrective steps to keep the end-users happy. The analytics have information to help overcome issues like less conversion, cart abandonment, etc.
Marketing is a major part of eCommerce businesses as it takes the business to the target audiences. eCommerce sales analytics helps identify areas for improvement and provides the necessary reports for marketers to streamline their strategies. It also helps the sales teams in identifying high-quality leads to increase the conversion rate.
eCommerce analytics companies offer comprehensive data solutions for digital store owners and entrepreneurs in the retail and eCommerce industry. Data collection, storage, management, analytics, reports, etc., are some services offered by analytical companies. The analytics company also implements and integrates various data analytical and BI tools in the business to share real-time insights.
These firms have an extensive role in supporting the eCommerce business at various levels. Be it strategy formation, dashboard customization, market analysis, collaboration, or long-term maintenance, an eCommerce analytics company is responsible for the effective adoption of data-driven decision-making models in the business.
Data and analytics are vital in every industry, and the eCommerce sector is no exception. Retail and eCommerce businesses are partnering with analytics service providers to build and use business intelligence dashboards and data visualization tools.
Talk to a reputed managed analytics company to use real-time actionable insights for effective marketing, sales, and customer experience. Increase overall performance and ROI by tackling various business challenges. Contact us today to boost your brand value in the eCommerce industry.
Fact checked by –
Akansha Rani ~ Content Creator & Copy Writer
Sunaina Meena ~ Digital Marketing Specialist
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