Web Analytics: Importance

Of late, with the increased and widespread source of information: DATA, businesses can draw more insightful aspects and reasoning than ever before. The credit for this historical advancement solely goes to the Internet: its ability to offer endless measurement and helpful analysis opportunity. The web industry is nascent and big businesses are more eager to invest so that they are way ahead in these days of cut-throat competition.
The web analytics industry which had been flourishing in the recent past holds the prime attraction in today’s global business market. Sophisticated Web Analytics tools and their accuracy have an important role to play in the whole transformation.

For every Web based e-commerce business, the ultimate aim is the conversion rate, as also is the Average Order Value (AOV). Why I mentioned AOV has a specific reason…

The conversion for a retail e-commerce site can be very high but going further into the web analytics study, it was analyzed that the AOV was far too low. This means the site is not attracting the right set of customers, or simply, it lacks proper page navigation/optimization schemes. Now it’s the web analytics data that is going to help out the site to achieve instrumental conversion through improvement of multi step processes. This could very well include analyzing the Fall Out report etc etc.

Now since data is easily available to the business owing to the presence of the like of Omnitures and Web Trends, it doesn’t mean, at all, it’s easy to make insightful decisions of the same. The Qualitative Analysis is the most important part: to know which data to use, which data is important to be collected based on your approach to a business problem. With the advent of search, social media and mobile technology, there is a whole new world of essential information a business must capture to get the full story about its brand’s equity in a more holistic approach.

Web Analytics can be foreseen as an inspirational methodology that provides value additive business insights over the longer period, thus enabling better decisions and strategies to effectively achieving the target goals.