Digital shelf analytics, also known as DSA, gives internet businesses all they need to boost their market share.
Standing out on the digital shelf means staying one step ahead of your competitors. But how do you know where to focus? What do today’s most successful e-commerce companies look like?
That’s where digital shelf analytics comes in.
In this article, we explore digital shelf analytics and discover why understanding it is essential for growing your brand online.
Why is digital shelf analytics so important?
With digital shelf analytics, you can make your products more visible online, thereby increasing their overall discoverability.
At the same time, monitoring competitor data alongside your own will help you identify where best to improve. This is done by obtaining key insights that can then inform both content optimisation and campaign targeting.
Who uses digital shelf analytics?
If you have an e-commerce business and partner with various internet retailers, digital shelf analytics is crucial to maintaining your competitive position in the online marketplace.
Using an effective digital shelf analytics platform like Magpie DBX lets you keep track of any inconsistencies with your brand, enabling you to monitor how these discrepancies appear across multiple channels.
What does digital shelf analytics measure?
Looking at a wide range of online components, digital shelf analytics pinpoints metrics based around attracting consumer attention. These include:
- Price points (and whether or not they’re competitive)
- Availability of stock, as well as estimated delivery times
- Optimisation of content and branding (including titles, product descriptions and up-to-date imagery)
- Ratings, reviews and any other forms of buyer sentiment
- Share of search (i.e., where you’re positioned on the SERPs, which stands for Search Engine Results Pages)
- How much overall web traffic your products get
- Cart abandonment rate (i.e., how many customers decide not to complete their purchases)
Continuous monitoring of your digital shelf analytics gives you the opportunity to act on valuable insights and potentially grow your e-commerce brand even further.
5 tips for using digital shelf analytics effectively
It’s one thing to understand digital shelf analytics; it’s quite another to actually use it in a way that will benefit your business!
Here at Magpie, we’ve been building digital analytics software since 2010; here’s what we’ve learned in this time:
1) Decide which metrics are most important to you
Data sets that can help grow your business are, of course, your biggest priority. By focusing your efforts on specific KPIs, you stand a much greater chance of changing your own digital shelf space for the better.
After setting your KPIs, assign them to different teams, preferably the ones to which they have the most relevance. This way, everyone can keep track of crucial elements and streamline overall business operations!
2) Obtain data sets for all your channels
Compile records of every retailer you’ve ever worked with; this will help you keep track of where to drive action.
Also, be sure to choose a digital shelf analytics platform (such as Magpie DBX), which collates everything you need in one place for easy, effective decision-making.
3) Simplify your approach
A straightforward approach is key to understanding the complex world of digital shelf analytics. Remember, data sets by themselves aren’t very useful; it’s what you do with them that really matters!
At Magpie DBX, we’ll onboard your entire team and demonstrate how all of you can use the platform simply but effectively.
4) Keep an eye on competitor data
Why are your competitors your competitors? They’re clearly doing something you aren’t, and shoppers prefer them for one reason or another.
When it comes to digital shelf analytics, competitor monitoring is key. By seeing what the rest of the market is up to, you should be able to strengthen your overall share with a few adjustments.
5) Get to grips with DSA software
We appreciate that digital shelf analytics platforms take time and dedication to fully understand. That’s why we’re committed to providing you with an effective onboarding experience that leaves you feeling confident enough to use Magpie DBX as confidently as us!
Rest assured, after a few weeks of immersion, you’ll be wondering why you hadn’t made the switch sooner.
Magpie DBX and digital shelf analytics
Helping you win at the digital shelf, Magpie DBX is equipped with all the necessary tools to collect and analyse huge data sets, as well as providing valuable insights into which areas of your e-commerce business need improvement.
We can even tailor the platform to your specific business needs/criteria, so you’re always receiving the most relevant data.
To find out more about how Magpie DBX can assist with streamlining your digital shelf analytics, get in touch today and request a demo!