The Customer Data Platform (CDP) is a powerful reporting tool for e-commerce. It keeps track of your customers, their purchases, and their behavior, enabling you to create targeted campaigns that work. But the CDP can do more than just generate revenue. It also gives you valuable insights into your business and its customers. In this article, I will take you through how you can take advantage of these insights by working on CDP reporting. Use it to get valuable business and customer insights you can take action on.
CDP reporting gives you a Single Customer View of your customers
CDP reporting gives you a 360-degree view of your customers. We call it the Single Customer View It shows you how products and campaigns perform for every segment, so you can make the right decisions—and increase the value of your marketing spend. Don’t just focus on averages. A CDP reveals how customers are segmented and how they respond to different types of messages. So when I say “customer journey” I really mean it. CDP reporting shows exactly which channels people use to find out about your brand. Or what kind of content resonates with them and what kinds of offers they respond best to. And it tells you where they come from originally (e.g., PPC ad or organic search).
CDP reporting reveals how products and campaigns perform for every segment
Reporting helps you identify how well your customers, products, and campaigns are performing for every segment. This insight allows you to understand your business better and make more informed decisions about how to grow it.
For example, let us say you run a clothing store that has two different types of customers. Men who live in one neighborhood in the center of town. And women who live in another neighborhood in the next town over. You could use CDP reporting to see which products sell best in each location or at various times of the year. (for example, people might buy swimsuits during summer but heavy coats during winter). Similarly, if you have a new marketing campaign launching next week, but maybe you don’t know whether it will be effective with either type of customer or both. A customer data platform can tell you what previous campaigns worked best for each segment so that you can tailor this campaign accordingly.
How to get started with CDP reporting
What is CDP reporting?
CDP reporting is a standard that helps you find, understand, and manage your customer data. This data can be used to build better relationships with your customers, improve their experiences and drive business results.
How does CDP reporting work?
Customer Data platforms link all of your information about each customer (e.g., demographics, interests, and preferences) in one place so that you have a complete picture of who they are as individuals rather than just their contact details. Custimy.io then identifies connections between different types of data so that you can see how it relates to each other. This means that you get more than just reports on individual pieces of information like phone numbers or emails from contacts lists. They aren’t helpful for understanding the full context around an interaction. Instead, You get analytics about how these people interacted at different points in time with different products.
Product recommendation with a CDP
CDP reporting offers e-commerce businesses valuable insights into customer behavior, preferences, and needs. These insights can be used to create a recommendation engine that provides personalized recommendations for products based on customer data.
A recommendation engine can be a powerful tool for your business, helping you increase sales and improve customer experience across digital channels by recommending products based on the information you have about them. This is especially true when it comes to cross-sell—offering additional products that might interest customers who already bought something from you.
You can use CDP reporting to:
- Identify segments of interest groups so that you know who your best prospects are.
- Understand what type of content they want to see (and don’t want) in order provide better service going forward.
How to turn customer data into insights that will boost your e-commerce business.
To start, you should answer the question: What do I want to learn from my customer data? This will help you determine what kind of insights are important for your business. For instance, if you sell makeup products, there may be a strong correlation between the time of year and which products customers purchase. You could use this information to predict sales in advance and adjust inventory levels accordingly. Or maybe you want to understand who your best customers are based on past purchases—this would allow you to target them with marketing offers or personalized customer service interactions (such as answering questions they might have that other customers wouldn’t).
You can turn any type of business intelligence into actionable insights by using the right tools. With CDP reporting, for example, it’s easy for retailers to see how their store traffic affects revenue over time and identify trends in terms of product searches vs sales conversions as well as repeat buyer behavior patterns such as average order value, customer lifetime value, return rate and much more.
More insightful customer analytics
If you have a CDP, there are several ways to get more insights from your customer data.
Customer dashboard or a Single Customer View: This is a place where you can see all the information about your customers in one place. It shows metrics like retention rate and churn rate over time, so that you can analyze the impact of new features on retention and money spent over time. If a customer hasn’t opened an email in three months, but they’ve opened it four times in the last six months, then you might decide to send them another email because they still seem interested in you products and brand!
You can use this information as part of your decision-making process for which projects you want to prioritize next. For example, if your top priority is increasing revenue from new customers rather than increasing revenue from existing customers then you might spend more on acquiring more of your high-spending customers.
It might seem like a no-brainer choice to make sure you are able to connect all your data points with a CDP. But the fact of the matter is: Only 51% of e-commerce stores have omnichannel capabilities. And what is even crazier is that 96% of SMBs do not have the ability to work with the data needed to get the most out of their insights.
You can use CDP reporting to get some valuable insights about your customers. This is especially helpful for e-commerce businesses, where the data is often limited and difficult to interpret. By using a CDP like Custimy.io, you’ll be able to see what products perform well for different segments of customers and how campaigns impact sales by channel or product category. It also gives you a full, holistic view of how customers interact with your brand over time. You can use that to identify trends or opportunities for improvement before they become problems!