Bigcommerce launches new analytics tool for small business
Australian software company Bigcommerce has just revealed its latest arsenal in small medium business tools. Bigcommerce Analytics is the new platform that will give SMBs access to big data insights and powerful analytics that most major industries have had access to over the years.
The company stated in their press release that they are not “repurposing Google Analytics to work for ecommerce”, but were rather building a new platform from the ground up with online entrepreneurs and SMBs solely in mind.
Tim Schulz, who is the Senior Vice-President of Product at Bigcommerce says that Bigcommerce Analytics is aimed at helping merchants build more meaningful relationships with their customers in a fast paced market environment. He says that his clients today had a desire for powerful analytics that would help them understand their customers, inform their marketing campaigns and optimise their products in real time to engage online shoppers.
According to Schulz, the main the differences between Bigcommerce Analytics and their current crop of competition such as Google Analytics, is that the third party tools aren’t tailored for ecommerce, with data not being provided quick enough to clients.
“They [clients] also noted that other analytics tools didn’t allow them to drill down to customer-specific insights, were very expensive and weren’t easily available from their Bigcommerce control panel,” says Schulz.
The need for Bigcommerce Analytics is entirely justified according to Schulz. He says that their product strategy was informed purely from their backlog of data.
“When we looked at aggregated usage trends in our control panel, which our merchants are already logging into more times a day than they do their Facebook accounts, we found that our reporting tools were among the top visited sections, yet didn’t have as much engagement as other areas of our platform.”
“It was at that point we knew that we needed to make a drastic change and offer industry leading analytics tools as part of our core product.”
When it comes to statistics and trends that are on hand at Bigcommerce Analytics to help businesses grow, Schulz says the tool can essentially give real time activity reports on a customer’s action or inaction on your e-commerce site. The goal is to retain the sale through continual engagement with the customer. The client can see their customer’s spending habits based on their shopping cart and take affirmative actions such as sending out product promotions to specific customers at the right time to drive inactive or lagging sales.
Schulz says that he isn’t too phased with competition at the moment. “Our main area of focus right now is to help fast-growing retailers succeed and enabled them to build meaningful relationships with their customers at a time when online shopping is happening at the speed of light.”
When it comes to cost, Bigcommerce Analytics will be integrated directly into the Bigcommerce backend and made available to all retailers who use Bigcommerce to run their ecommerce store. “The level of access to Bigcommerce Analytics reports will vary depending on plans, with our Enterprise clients receiving access to all eight reports that we’ve included in this first release. In the coming months, we’ll also be adding several new reports,” says Schulz.
If Bigcommerce Analytics hopes to stand out amongst the current crop of competition, they’ll have to offer something special. Schulz says their principles in designing the platform were breadth, power, simplicity and cost.
“Bigcommerce serves a wide variety of retailers, including those who are just getting started to larger retailers selling $30M+ each year. We looked at what types of insights each of these retailers needed to take their business to the next level. We also wanted to ensure that each report provided the retailer with actionable information to help them most effectively compete.”
“Finally, we also wanted to ensure that we offered a solution that was beautifully designed and cost effective. We couldn’t figure out why analytics tools that cost over $1M per year were so poorly designed. We’re thrilled to be offering a beautiful, cost effective solution for merchants of all sizes.”
Does it have the potential to make its mark in the analytics space?
Schulz believes so, with many physical storefronts not yet selling their goods and services online. “This means their only opportunity to engage with their customers is when they walk through the front door. When you consider that by the end of this year 50% of physical-store sales will be digitally influenced, it’s clear to see these retailers are at a huge disadvantage and missing out on an opportunity to engage these shoppers both before and after they’ve visited the physical store,” he says.
“Now with Bigcommerce Analytics, these retailers can begin to understand their customers like never before with powerful tools that many of their largest competitors don’t have access to. Needless to say, this is great for our customers and great for the industry at large.”