What’s your customers favorite colors? Blue, red, chartreuse? What items do you customers frequently buy together? What are your customers searching for on your site?
All these questions are forms of data and trend analysis which can be invaluable to your store’s growth. Your merchandising strategy should be deeply rooted in consumer behavior and having the right ecommerce data analysis at your fingertips is essential.
Setting Up your Data Collection
The first step in beginning your consumer trend analysis is to make sure that you are collecting the right data. Setting up Google Analytics for your Shopify store is the easiest way to assemble a lot of data about your potential customers.
You may also want to check out some apps that can collect data. In addition to adding apps, most apps have some sort of internal reporting. Going to your search app to see if they collect queries can help you with future analysis.
Another approach to data collection is to ask a question. “What are my customers’ favorite colors?” If you propose this question, then you can set up data collection in order to answer this question. For example, you could sell a product in four different colors and use the findings to assess which color was most successful.
Collecting Data with Carro’s Brand Partnerships
Carro can help you test different categories of products and see what works best with your audience. Carro can add products to your store in just a few clicks and each sale creates data that you can use to optimize your sales funnel.
With Carro, you can add products from top-performing Shopify stores to your own store. Adding products to your store is a great way to test new categories and variations to see what is most successful.
Take a second to go to Carro’s Directory and find complementary products from the stores listed there. Add products to your store that will able to help you discover key findings about your audience.
A/B Test Everything!
The key to collection data is to set up a system that will reveal the results of your testing. If you just add a thousand products, you probably won’t be able to discern what worked well and what didn’t. Don’t let you data get lost in the clutter!
Instead, set up clear A/B tests that can lead you to definitive answers about your store.
A/B Testing is the process for comparing test group A and test group B. In other words, you’re taking two variations of the same variable and seeing which one works best with your audience. Testing involves splitting your audience into two, equal-sized groups and sending each of them one version of your test. You can test marketing copy, subject lines, calls-to-action, colors, layouts, landing pages, and audience segments.
A successful A/B test…
- Tests only one factor at a time. If you test price point and color at the same time, you won’t be able to find a clear result.
- Sets a clear success metric. Are you measuring sales, profits, or traffic? Choosing what makes your test a success will make interpreting the results much easier.
- Has a set amount of time. When does your test end? End your test within a set time period or wait for a certain amount of data to accumulate. Either way, you’ll want to decide where the finish line is for your A/B test.
Setting up A/B tests is a great way to gain insights into your store. You can A/B test any number of variables to fully optimize your funnel. Here’s a few ideas to start with:
- Product colors
- Product price points – should it be listed at full price, or with a discount?
- Layouts of landing pages featuring your products
- Product images and order of images
- Imagery style
- Colors on the product pages
- Sorting order on collection pages – Should you feature best-sellers or lowest prices first?
- Location of the Add to Cart button on product pages
As you can see, there are plenty of variables to test! You should always start with the best practices for online stores, then see how you can make them even better for your audience!
Analyzing Your Data
Once your A/B tests have concluded or you have enough data to make an assessment, the next step is analyzing the data so that you can draw conclusions from it.
When looking through your data, take advantage of any filters to deepen your understanding of the data. For example, Google Analytics allows you to drill down what device, browser, and demographics your users are so that you can thoroughly understand your audience. Using these filters within the context of your A/B test will allow you to find additional insights, like if certain demographics chose A over B, and vice versa.
This is also the time to ask your questions again. “What is your customer’s favorite colors?” “What do your customers frequently purchase together?” These questions will help you focus your analysis and apply your findings in the next step.
Applying the Findings from Your Data
As soon as you have a clear answer, put that information to work for your store! Your customers favorite colors, best-sellers, and preferences should all factor into future purchasing decisions.
In addition to future purchasing decisions, you can start putting your findings into action with Carro right away. Visit the Directory within Carro so that you can find retailers carrying the exact products that your customers are looking for. Make data-driven decisions so that your store is filled with items that your customers are eager to buy. With Carro, you can sell products from top-performing Shopify stores in just a few clicks.
Your findings may also help you optimize your funnel better. Look for ways you can improve your product pages, reduce friction within your checkout process, or offer the tools that customers need to make a buying decision.
If you are consistently applying your findings to your store, you should notice that your stats improve with each change that you make. Track your changes so that you can see the progress you’ve made with each application!
Try Carro for Ecommerce Product and Trend Analysis
Your customers are constantly revealing what’s important to them through every action on your site. Whether it’s the conversion rate, the products sold, or the products added to your cart, this data should be used to fuel your store’s growth and revenue.
Carro allows you to instantly add products to your store so that you can both accumulate data and apply your data’s results to your store. Set up A/B tests by adding 2 or more similar products and seeing which performs better on your store.
When you see a potential trend that your customers may love, you can add trending products to your store without having to stock inventory or assume any risk. When the trend is over, you can see from the data how these products performed for your audience, which can lead to future purchasing decisions.
What would you stock in your store if there was no risk? With Carro, you can try out products and rely on the data-driven results rather than purchasing inventory that might not perform as well.
Other Ecommerce Data Analysis Tools for Shopify Stores
- Google Analytics
- Facebook Ads Reporting
- Lucky Orange Heat Maps & Replay