Ecommerce Statistics

Overview

E-Commerce involves financial transactions that are carried out on online shopping sites or marketplaces. Statistics help companies make informed business decisions with regards to marketing, sales, and business development. An online company should have all necessary information regarding market trends and customer preferences. A company should know what demographics it attracts and what demographics it should strive to target. E-commerce statistics involve extensive research and analysis of a business and its competitors. Statistical studies are essential for businesses that are looking to grow.

You should pay particular attention to the ratio between your website traffic and number of purchases. In depth statistical studies can help you assess what people are purchasing and why they are purchasing certain items. You can also examine who is making purchases and who isn't by analyzing your visitors' demographic information.

Your e-commerce statistical studies will vary in cost depending on the level and depth of your studies. You may want to analyze data on a daily, weekly, or monthly basis. You might also want to analyze data hourly. You can hire a statistician or marketing analyst, and you can use software to track your visitor information. Some webhosts provide these features for free. You can also employ a consultant or online agency to conduct your analysis for you. You could pay anywhere from hundreds to tens of thousands of dollars on market research. No matter what service you use, you should try to negotiate your rates.

Benefits

Statistical evaluations will help you assess how to improve your sales and business. A thorough e-commerce statistical analysis will evaluate shoppers' habits and trends in relationship to a business's marketing efforts. You can track your revenue, and you can achieve a thorough understanding of how you can achieve a competitive advantage over your competitors. You will be more efficient with your business in learning where to efficiently save and spend money.

If you outsource your statistical analyses, you can hire a company to generate reports for you. They will custom tailor their studies to your formatting and informational needs.

How It Works

You can orient your studies as you would like. Begin by asking a research question. For example, you can ask, "why are shoes selling better than shirts?" or you can ask, "how come our profits are higher with out of state customers?" A business can also ask, "Where do we need to improve most?" You then compile all relevant data based on statistical rules such as sampling. You could conduct a market research survey, or you can look at the numbers from your website logs. If you hire a company to conduct your statistical analysis, you can ask them to interpret the data. You will receive a series of informative charts and graphs. No matter how you choose to conduct your study, you will have as much creative control and flexibility as you would like.

Companies/Brands

There are many companies that provide e-commerce statistics. You can download and install software to track and cross check your website traffic. You can hire companies to complete comprehensive studies for you. EMarketer, SurfStats, Gartner, Plunkett Research, and Global Millennia Marketing offer e-commerce statistical studies.