Data management is an essential component of any eCommerce marketer’s success. With the right data management best practices, marketers can ensure their data is accurate, organized, and up-to-date. This will help them make better decisions, optimize campaigns, and ultimately drive more sales.
Marketers should strive to keep their data secure by following privacy regulations and implementing proper security measures. By getting data management right, eCommerce marketers can maximize the value of their data and gain a competitive edge in the marketplace.
Why Data Management Matters for eCommerce Marketers
Data is of utmost importance for eCommerce marketers. It helps them understand and track their customer’s behavior, preferences, and trends. Using the data they have, it’s much easier to target the right audience. Data collected is likewise critical in optimizing campaigns until they get them right.
By collecting data from multiple sources such as website visits, social media platforms, and email campaigns, marketers can gain insights into what works best for their customers. This data can be used to develop targeted campaigns that will result in increased sales and a better customer experience. Data management also helps marketers identify potential opportunities for growth by analyzing customer buying patterns.
Tips to Get Data Management Right
Here’s how you can leverage data management to your advantage.
Stay Compliant
With the proliferation of data, online shops must ensure they comply with data privacy and security regulations. Staying compliant with data management requirements can be a challenge, but there are steps eCommerce marketers can take to ensure that their data is secure and protected.
Seagate revealed that 68% of data collected ends up unused. So, it’s good practice to be selective in data collection. Only get those that are necessary. Not only does it save time and money, but it also prevents data overload.
Collect Accurate Data
Aside from compliance, it’s also critical to only get qualified data. Marketers should leverage a unified system that will allow them to discover opportunities for accurate data collection.
Working with outdated data can only hamper customer confidence. Gartner reported that poor data quality could cost companies up to $12.9 million.
Incentivize Customers
One of the critical points of data compliance and getting accurate data is when you get them first-hand, especially as the cookieless era is almost here. That’s why incentivizing your customers to provide their personal information should be part of a marketer’s strategy.
It doesn’t have to be something big or special. However, it should be worthwhile for customers. For example, you can give them free shipping if they order items by subscribing to your newsletter. Another strategy is to provide them with a discount voucher if they sign up for your store when they order.
Centralize Data Collection and Storage
Using cloud data warehouses to collect and store information is critical for getting data management right.
Centralizing your data collection and storage can have a huge impact on the efficiency of your business. By consolidating your data into one platform, you can improve accuracy and reduce errors, streamline processes, increase visibility and security, and even save time and money.
Protect Data
Security is also an issue with eCommerce shops. Hackers often target them due to their weak security systems. It doesn’t help that these online stores have some of the most robust data, from names, addresses, phone numbers, and credit card information. In short, these shops are worthwhile targets for nefarious individuals. Without a secure data collection and storage system, data is sitting there waiting to be exploited.
A survey showed that three-quarters of eCommerce merchants globally reported an increase in fraudulent activities. These events have caused the industry as much as $20 billion.
Marketers and online stores owe it to their customers to protect their data.
Key Takeaways
Data management is critical for eCommerce marketers to know their customers and their needs. Through accurate data collection and analysis, eCommerce marketers can create more personalized experiences that will keep them coming back for more. Data management should be a mandatory skill every marketer should have, regardless of their industry.
Some of the best practices for data management include:
- Staying compliant
- Collecting accurate data
- Incentivizing customers
- Centralizing data collection and storage
- Protecting data
