Indie etail marketplace Farfetch.com has recently disclosed that it is working with data technology analysis company QuBit to gain further insight into its customer base and drive conversions.
But how can retailers make the most of the data they have and how can this deeper knowledge help sales?
Kelly Kowal, head of digital marketing at Farfetch.com, says: “We wanted to understand the correlation of how our marketing channels work together to drive traffic to the site and subsequently to understand what that user is doing on the site once they arrive.”
QuBit collects data on customer interaction and then uses QuBit’s technology to process it and generate insight into patterns of behaviour such as where customers are coming from and when they leave the site. From this, Farfetch.com can make decisions on how to improve its site.
The etailer knows customers aren’t using just one source to find their way to the site, says Kowal. “We would like to understand the relationship between each channel to potentially identify insights for growth and efficiencies. Ultimately, we are determining the relative effectiveness of each marketing channel, how they influence each other, and how they influence purchasing behaviour. We will then use those findings for marketing and site optimisation improvements and enhancements.”
QuBit’s chief executive, Graham Cooke, says enhancements vary in scope. He says they might be “as simple as changing the way pricing or product information is displayed, or could encompass the creation of customised product pages for different traffic sources”. Cindy Etsell, retail specialist at analytics company SAS, whose clients include John Lewis and Matalan, says analysis can help businesses understand which channels customers wish to buy from.
Retailers can also act on customer feedback by analysing social media sentiment, she adds, concluding: “The better you know your customers, the more effectively you can tailor offerings to suit them; it’s as simple as that.”