Four Ways Data Made Us Smarter
79% of business leaders agree that ‘companies that do not embrace Big Data will lose their competitive position and may even face extinction.’ Research shows that companies using analytics are 5 times more likely to make faster decisions. And from where I stand, smarter ones, too.
For us, using data to make decisions has brought about huge improvements in customer relationships, product development, operations, sourcing and, ultimately, revenues.
Every Tanga employee has access to Tanga’s full data set through Looker, a tool that simplifies analytics for everyday use. Here are four examples (of many) of how we used data to make us smarter in the past few months.
1) Sourcing and marketing teams make better decisions every day with Looker analytics
Marketing and buyers use real-time dashboards to see trending products, allowing us to reach out to vendors faster to acquire more inventory to maximize the sales opportunity. Organic sales stats and data on best-selling products over time drive their buying decisions and help the marketing team plan flash sales.
2) Customers get better service and security
As a marketplace, we deal with a million shoppers and thousands of vendors every month. Our customer service team relies on data to prevent fraud and avoid problem vendors. Reports help them determine if a credit card has been previously used for a fraudulent order and if a vendor shows a low refund rate which may lead to frustrated customers and damage our reputation. Data even helps them in time management — we’ve seen real improvement in the response time with the introduction of analytics.
3) Shoppers get “I can’t believe they know me so well” upsell recommendations
Personalized shopping is at the core of our mission, and the wow factor is a big part of this experience. Once a shopper reaches Tanga, clicks through a few products and adds one to the cart, they will be offered an irresistibly personal upsell, a feat we are able to execute because we pay attention to data. The more you buy, the better we get. In just two weeks upon launch in late 2015, this upsell strategy has resulted in more than $40,000+ in upsells only, a 296% increase over previous year.
4) The data-driven launch of a new search bar skyrocketed our conversion rates
Since implementing new top search bar (after an AB test showed us we could expect these results) all sessions with search are up 4.71% and total unique searches are up 6.55%. The conversion rate for sessions with search is 10.15% versus 3.46% without it, a 193% increase in conversion rate.
How have you used data to get smarter? I’d love to hear your ideas!
Word to your respective mothers,