{"id":4250966,"date":"2021-07-07T13:25:00","date_gmt":"2021-07-07T11:25:00","guid":{"rendered":"https:\/\/www.deptagency.com\/insight\/how-data-transforming-ecommerce-industry\/"},"modified":"2021-07-07T13:25:00","modified_gmt":"2021-07-07T11:25:00","slug":"how-data-transforming-ecommerce-industry","status":"publish","type":"article","link":"https:\/\/www.deptagency.com\/en-uki\/insight\/how-data-transforming-ecommerce-industry\/","title":{"rendered":"How data is transforming the e-commerce industry"},"content":{"rendered":"
\n\t\n\t<\/svg>\n\t\t\t\n\t\t\tBack to all articles\t\t<\/span>\n\t\n<\/button>\n\t\tHow data is transforming the e-commerce industry\t<\/h1>\n\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t<\/picture>\n\t\n\t<\/div>
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\n\t\tKaty White\t\t
\n\t\tClient Development Director\n\t\t\t<\/div>\n<\/div>\n\t
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\n\t\t\t\t\t7 July 2021\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t<\/div>\n<\/div>\n\n
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\n\t\t\t\t\n\n\t\tAs e-commerce has dominated the market throughout the last year, digital retailers have become overwhelmed with data. Across all industries,\u00a0around 88%<\/a>\u00a0of products added to online baskets around the world do not convert to purchase. Closer to home, Brits abandon online baskets worth almost \u00a330 a month, resulting in more than\u00a0\u00a318 billion of lost sales<\/a>\u00a0each year. Despite this,\u00a0270 million<\/a>\u00a0online card transactions worth \u00a322 billion were made in the year up to December 2020, an 8% increase on the year previous. Without even considering individual brands\u2019 websites, app and customer insights, this data presents huge challenges and opportunities for digital sellers.\t<\/h2>\n\n\n\t\tIn the new digital reality, consumers\u2019 expectations are high and attention spans are low, putting pressure on brands to engage and secure sales at rapid speed. At the same time, tried and tested methods (like social media marketing and retargeting) are becoming more expensive and less effective. As a result, it\u2019s increasingly difficult to attract, convert and retain customers. But a data-driven e-commerce strategy could be the solution.\u00a0McKinsey<\/a>\u00a0reports that data-driven organisations are 23 times more likely to acquire customers, 6 times as likely to retain them and 19 times as likely to be profitable.
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Online retailers have an abundance of data at their disposal from a multitude of sources, yet very few of them are leveraging it in the best ways. We\u2019ve outlined how data is transforming the e-commerce industry and how businesses can create opportunities from their insights to gain competitive advantage.\u00a0\t<\/p>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\n\t