How Online Financing From ChargeAfter Supports eCommerce Marketing Analytics
Analytics are essential to making strategic eCommerce decisions, and business owners should work closely with marketing teams to make profitable decisions based on data. In this article, we discuss marketing analytics, the types of marketing analytics, and how online financing can support successful decisions based on marketing analytics.
What Are Marketing Analytics?
Marketing analytics refers to data collected on critical consumer touchpoints within a sales funnel. These analytics paint a clear picture of the buyer’s journey and give eCommerce businesses insights that prove critical to making profitable marketing decisions. Marketing analytics should be collected and reported on monthly to ensure that all eCommerce marketing initiatives are backed by strategic insight.
Types of Marketing Analytics
There are several types of marketing analytics that eCommerce stores can assess to make strategic marketing decisions. While there are often too many to track simultaneously, marketing teams can prioritize relevant marketing metrics to track analytics that will help grow the particular eCommerce store. For example, fast-moving consumer goods (FMCG) businesses should keep a close watch on abandoned cart rates as these can offer valuable insight on the reasons why shoppers turn away from their stores right before making a purchase. Below are a few key marketing metrics that will yield valuable marketing analytics for online store optimization:
- Descriptive analytics
- Predictive analytics
- Prescriptive analytics
You can learn more about these types of analytics here.
How Online Financing Supports Marketing Analytics
With these marketing metrics in mind, let’s take a look at how online financing can support decisions made based on marketing analytics.
1. Improved Customer Lifetime Value
eCommerce marketing teams can assess customer lifetime values to determine how profitable their customers are for the business. Customer lifetime value refers to the total spend an individual customer will make with an online store across all of their purchases. Improving customer lifetime values is a sign of positive customer retention, a profitable marketing strategy that requires attention. Online financing from ChargeAfter can help increase customer lifetime values as it provides many important consumer benefits. Customers are enticed by online financing as it provides an easy way to shop online, encouraging them to return to an online store to purchase again. It does this by giving them access to on-demand financing at the push of a button without credit checks and zero-interest repayment plans.
2. Longer Time Spent on Site
eCommerce platforms should consider the time that customers spend on their sites. The longer a potential customer spends on a site, the more likely they will make a purchase. The time spent on site can provide insight into the user experience, the relevancy of branded content, the attractiveness of discounts and products, and more. To increase customer time spent on-site during checkout, integrate online financing from ChargeAfter. This integration gives customers access to instant financing options without having to leave your store to consult their bank or third-party lender. This can lead to greater sales during a business month.
3. Higher Conversion Rates
Conversions are critical to the success of eCommerce stores. Marketing teams must look into the current conversion rates and determine avenues to grow these throughout the year. One such method is integrating online financing from ChargeAfter. The platform encourages consumers to shop as it provides greater financial aid than alternative platforms. Furthermore, the integration is easy-to-use. eCommerce platforms that integrate online financing will also yield more impactful marketing analytics as ChargeAfter’s round-the-clock customer service and data insights are a complimentary add-on to partnership packages.
Marketing analytics are essential to making better business decisions in 2022. Online store owners should consider key marketing metrics and the insights gathered from analytics to drive success moving forward. With the inclusion of online financing from ChargeAfter, eCommerce stores will see improved customer lifetime values, longer times spent on site, and higher conversion rates.