What is customer segmentation? Customer segmentation is a way to split customers into groups based on certain characteristics that those customers share. All customers share the common need of your product or service, but beyond that, there are distinct demographic differences (i.e., age, gender) and they tend to have additional…

There are many important ecommerce metrics to track when running a business or managing a store. In addition to visits, conversion rate (CVR) and average order value (AOV), here are a few more less commonly discussed metrics that should be incorporated into your ecommerce analytics. 1.  Repurchase Rate 2.  Cost…

What Is A Conversion Funnel? A conversion funnel, also referred to as a site funnel, is the path to purchase in an eCommerce store or site. In some ways, it can be compared to the traditional marketing funnel, but different than a traditional funnel, most of the steps are occurring…

What is a data-driven culture? A data-driven culture is a corporate, business or non-profit culture that incorporates data when both large and small decisions regarding strategy are made. Being able to do this involves making data accessible and empowering all levels of employees to utilize it. Employees are encouraged and…

“How are sales this month?” Seems like a straightforward, simple-to-answer question, especially with so much data and tools right at our fingertips. If you are an omnichannel retailer without an effectively designed data warehouse, this question probably takes some time to answer. What does omnichannel mean? Being an omnichannel retailer…

What is customer profitability? Customer profitability is far more than just the calculated lifetime value of a customer, and more than the gross or net margin generated from a transaction. A proper customer profitability analysis involves every touch point a customer has with your company, including customer service contacts, returns,…

Not all customers are created equal. Every business owner is well aware that a portion of customers are loyal and will repeat purchase in a predictable way and others will lapse, or no longer purchase from the business. A customers’ behavior related to how frequently they buy and how much…

How often have you heard retailers, restaurants and other companies talk about “comp” sales? For many, this happens monthly or at least quarterly to outline how their stores are performing year over year.  Outlining this year over year performance though can be misleading if done incorrectly and hence the use of Retail…

According to the Chinese Lunar Calendar, 2019 is the Year of the Pig, a symbol for good fortune and prosperity.  We at Daasity believe that great business prosperity comes in part from harnessing data strategically.  So, to begin the New Year, we have three suggestions for companies to adopt that…

Data is the new currency of growth in today’s digitized corporate world. Companies today face the issue of both access to quality data, as well as how to make sense of the magnitude of data they already have access to. Ten years ago, using data to drive business decisions was…