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Mastering Data Tips For Top-notch Business Strategies Ala Lazada

The increasing demand for online shopping presents a great opportunity for sellers in eCommerce, but conducting transactions in a constantly changing landscape requires guidance to assist in making business decisions. One key element in navigating the digital world is data. Mastering data helps online sellers make better business decisions and create personalized offers.

A survey conducted by Lazada found that customer loyalty and repeat purchases are likely due to a wider range of product choices, competitive prices, convenience, and personalized experiences. The same Lazada report shows that 94% of buyers use Lazada's search function to find and purchase products, with 71% buying items through the 'Recommendations' feature designed specifically for each customer based on behavioral patterns.

For Lazada sellers, there are various ways for them to easily harness the power of data by using the resources available on the platform. In addition to adopting various tools that support technology, eCommerce sellers looking to delve deeper into the performance of their online stores can leverage the metrics available in Lazada Business Advisor.

Lazada Business Advisor is a feature within the seller-specific dashboard, Seller Center, that allows sellers to check their store's performance. Lazada Business Advisor provides sellers with various data and information, including overall performance on various business metrics, various business insights down to the product level, and information on the latest consumer trends and interests.

Stefan Winata, Chief Business Officer of Lazada Indonesia, said, "Every feature on Lazada is designed to support the growth of every seller on Lazada. Lazada Business Advisor is designed to make it easier for sellers to track performance metrics, analyze customer behavior, and ultimately, refine sales strategies."

Stefan added that Lazada encourages sellers to understand the data and information available in Lazada Business Advisor and utilize it to make smarter business decisions.

For sellers on Lazada or potential sellers interested in building their online business on Lazada, here are five tips to leverage Lazada Business Advisor to master data for top-notch business strategies!

- Monitor store performance overall quickly by checking visitor traffic and real-time sales data on the dashboard.

- Ensure products are seen by Lazada users and direct them to the seller's store can be done through product displays in high visibility areas, both in-app such as in search consoles or recommendations, and outside the app such as in Lazada ads on other platforms or sharing store links via social media. Lazada sellers can utilize Lazada's Paid Promotion feature to increase product visibility when buyers search for relevant keywords. They can also utilize Lazada's Affiliate Network to reach a wider audience beyond the platform.

- Delve into product analysis to identify top-performing products and underperforming products and create better metrics about products or categories that need to be prioritized.

- Understanding the performance of each product sold is also necessary to develop sales strategies. With performance data, sellers can determine the focus of promotions on standout products or category priorities on products with good performance.

- Understand the main sources of traffic and identify the most efficient channels that drive the highest conversions.

Lazada Business Advisor provides information on visitor traffic sources and channels considered most potential to convert traffic into purchases, such as whether it's from organic search consoles, Lazada recommendation features, or from Lazada ads.

Tag: ECommerce Lazada Stefan Winata Technology