16 Dec Real-World Application Of Data Science And Analytics By Small Business Owners
Let’s compare the data strategies of a brick-and-mortar bookstore chain and an entirely online book retailer that launched a year ago.
Brick-and-mortar stores, presumably, have less data than digital businesses, putting them at a slight disadvantage. Nonetheless, management has several options for utilising data and beginning to collect insights. Here are a few examples.
To begin, they can install sensors that detect mobile phone signals on storefront windows to collect footfall data. This way, they can ensure that the stores are in high-traffic areas.
Monitoring how many people enter the stores can also help evaluate the effectiveness of various promotional messages and shop window arrangements. The most effective are those that attract the greatest number of customers. Stores that use them will attract more customers and increase engagement. That is essentially the real-world equivalent of A/B testing.
Management can calculate the conversion rate for each store by combining footfall data with the number of visitors who purchase one or more books.
They can also investigate whether this standard is consistent across all of their locations. The insights will assist them in determining whether and why one site outperforms the others. They can then replicate the successful strategies in other stores.
What Else Can Data Science Do For A Physical Store?
The data team can use sales receipt information to determine the relationship between store discounts and volume sold. This provides useful information about price sensitivity.
Finally, they can create a dashboard to track store performance. This would reveal information such as the sales rate of various genres and the success of promotions throughout the year. However, the ultimate goal of data dashboards is to provide specific targets and provide a sense of common purpose to the team.
Exemplifications of how data science can benefit a small brick-and-mortar business
That is how traditional businesses can benefit from data-driven decision-making. Consider how data science can benefit a small digital bookstore.
Starting with the fundamentals, any online business must analyse website data. The digital bookstore can monitor incoming traffic and calculate metrics such as conversion rate per unique website visitor by using Google analytics.
After that, add UTMs to all external links to the website. The marketing team can then assess the effectiveness of various campaigns and social media ads. A/B testing will enable them to implement the most successful versions of advertising materials by experimenting with different versions of sales pages.
A recommender system will also be available for the digital bookstore. Creating such ML models necessitates advanced knowledge, which can be costly and time-consuming. It will, however, assist the company in generating relevant book recommendations, increasing the likelihood of repeat purchases.
Creating a predictive model is another advanced and beneficial technique. Using demographic data and recorded website interactions, such a system can determine which clients are most likely to purchase again. The company can then retarget customers via Facebook, LinkedIn, and Google using their email addresses.
Exemplifications Of How Data Science Can Benefit A Small Digital Bookstore Business
These are just a few examples of how a data-driven approach can benefit small businesses, both physical and digital. Of course, there are many more ways to use data in both cases.
Here is one last piece of advice.
Before your organisation reaches an advanced stage of data maturity, it is far better to concentrate on traditional forms of data analysis. It is a long and winding road to becoming a truly data-driven business, but the journey is rewarding.
Following Steps
One of the most effective ways to prepare your team for the implementation of a data strategy is to provide extensive data literacy training. Data Literacy, Data Strategy, Python, SQL, and Excel fundamentals are all covered in the 365 Data Science programme. It also includes advanced topics like Business Analytics, Tableau, Power BI, Machine Learning, and many more.
If you’re ready for this step, enrol in our Data-Driven Growth course, which will teach you how to use data science to transform a small business.
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