Data analytics technology has played a huge role in the future of small businesses. One study from March 2020 showed that 67% of small businesses spend over $10,000 a year on data analytics. Of course, this statistic predates the pandemic. Many businesses have since invested even more in their data analytics infrastructure, since they have relied more heavily on digital technology in a post-pandemic world.
The furniture industry is among those relying more heavily on data analytics. RetailDive recently published an article titled Furniture retailer embraces digital marketing and measures its impact with analytics, which underscores the benefits that analytics offers. The article cites a furniture store owner that discovered 16.8% of sales came from a medium that accounted for only 9% of their budget.
But how can furniture store owners use data analytics strategically? It will be a boon for their business, but they must have an actionable strategy. This may involve understanding Google Analytics.
Furniture Store Owners Are Likely to Invest More in Data Analytics to Boost Sales
In the digital age, where data reigns supreme, information on actually utilizing data could be much better. When it comes to business, the margin for tolerating misinformation is slim and has steep financial implications. Bearing this in mind, taking advantage of the data that is created with every online interaction is crucial to conducting modern business. Trying to make sense of unstructured and disorganized data is very difficult, which is why the conversion to information is so vital. An effective web analytics system can allow a business to make informed decisions, especially when it comes to the online marketplace.
Electronic commerce, or e-commerce, has changed the logistics of running a business. The Internet creates new opportunities and challenges for businesses in all industries. Due to the complexities that digital business has created, more companies are embracing data analytics to have a competitive advantage. A Data Economy article titled “6 Ways to Use Big Data in Ecommerce” describes the benefits of taking advantage of big data through artificial intelligence, demonstrating that “the guesswork has been removed, and now e-commerce businesses can accurately make strategic decisions on how to operate their online empires.” Strategic marketing involves undertaking a vast pool of data to convert it into valuable information that informs vital and lucrative decisions.
Grasping the importance of taking advantage of big data is one thing,. However, doing so may seem like a much more overwhelming task. So where do you start when you don’t have much experience?
Imagine an online tool specifically designed to meet the needs of your office furniture business. Furthermore, imagine that this tool was fitted with specific configurations that allow you to reap a better understanding of the data-rich environment that is the Internet. If this tool sounds enticing, Google Analytics from the Google Marketing Platform is the perfect web analytics system for your office furniture business. This tool is highly beneficial when it comes to marketing and analytics. Office furniture stores can leverage it to create successful marketing strategies. You can learn more about Google Analytics from one of our previous posts.
This tool can be used in combination with Google Ads, both of which take advantage of access to web traffic through the Google search engine and access to big data. For example, if you are trying to sell a walking pad to customers online, you can measure the success of your marketing campaigns for that product by using Google Analytics.
In the Google Analytics Help Center, Google insists on the value of digital analytics as a store “could collect and analyze data from their online advertising campaigns to see which ones are most effective and expand those marketing efforts.” By collecting and compiling data from a website into an analytics report, a business owner can better understand their influence on the market through the impressions on their website. This technology helps them better understand the mindset of their online users. Through this understanding, deeper analysis of simplified data graduates into valuable information that translates into sales.
How can data analytics help the office furniture industry? According to a recent Forbes article by contributing editor David McMahon that was syndicated to Furniture World Magazine, it will have a massive impact on the industry’s future. “Home furnishings retailers have experienced increased lead traffic, coming from email, telephone, social media, website, and other digital media,” McMahon writes.
However, the author reports that many furniture retailers have experienced issues with addressing this increase due to “outdated processes.” These outdated processes are likely about the stunted ability of office furnishing businesses to assimilate to the online environment. A means of gaining an edge on competing companies would be through taking advantage of the Google Analytics services to interpret this increase in traffic, one rich in data informative of the furnishing market and consumers of these goods. Analytics would transform interaction with social media and website traffic into meaningful figures that could translate into increased revenue as opposed to missed opportunities.
That way, the online market becomes less of a grey area and more of a way to understand consumers down to every relevant data point. By understanding consumers, you can virtually create a demand for your specific line of products. Google Analytics could provide insight as to where online traffic treads the most, for example, with ergonomic office furniture like an adjustable desk. That insight could become an operative decision to push out more advertisements surrounding this product. Increased visibility through these advertisements as well as a reconfiguration of the website to direct consumers toward these products, could translate to more sales.
Data Analytics Offers Huge Benefits for Furniture Retailers
There are many huge benefits of using data analytics technology as a furniture retailer. Many are using it to better identify the marketing channels that drive the most sales. Further, strategic pricing and other marketing techniques would have profited off the insight arrived at through Google Analytics. At this point, the question becomes not how you will take advantage of data. But when will you implore Google Analytics to work with you?