Can CPG e-Commerce Exist without Business Intelligence?
We’re more than a year now into a new era for CPG e-commerce.
For years, CPG e-commerce has lagged behind retail e-commerce. Consumers who ordered clothes, shoes, and gadgets online without a second thought still relied on Target, Costco or grocery run for CPG staples like personal care and consumables. Why? Old habits die hard.
Now, everything has changed—and fast. E-commerce took a leap into the future during COVID-19. At first, it was about contact avoidance and social distancing, but now it’s becoming about convenience. We’re simply ordering more and, during the last year, circumstances have changed old habits.
In this new e-commerce era, these shifting patterns are making demand harder to predict, and they are creating new challenges while also opening new opportunities. Businesses need better insights to make better decisions, or they are going to lose out.
This is where Line Item is a game-changer. This performance analytics platform gives consumer packaged goods (CPG) and e-commerce marketing managers business intelligence on e-analytics and product attributes to drive revenue and profitability.
With Line Item, CPG brands can revolutionize their ability to respond to the market and gain valuable insights into changing demand patterns to unlock growth.
Without this kind of business intelligence, they risk being left out in the “new normal” of CPG e-commerce. Here’s a closer look at the risks of CPG e-commerce without business intelligence.
Risk: Missing out on key trends
Yes, the way consumers shop has changed, but understanding this at the meta level and the category level are two different things. It’s essential to understand what trends are shaping the category for your brands and products—and this is almost impossible without business intelligence.
Line Item tracks hundreds of items in each product category, helping e-commerce managers monitor new products, brands, and competitors. Line Item also reveals which items are newly trending to enable new insights into the competition.
Risk: Missing out on buying behavior
Understanding how, when, and where consumers are buying is critical in a market that is driven by demand fluctuations.
Brands that can gain visibility into how product attributes, pricing, and promotions perform can understand how to adjust their strategy to maximize marketing activity and grow their online sales.
Built especially for CPG and e-commerce, Line Item makes this level of insight possible, providing deep e-analytics that reveal more about promotion strategy, third-party activity, and attribute-level data.
Risk: Missing out on sales
When demand can change daily, it can be difficult to balance inventory. Overstocking eats into the bottom line, but understocking does, too. No one wants to wait when they’re ready to buy. When your product is out of stock, consumers will buy something else.
Line Item can provide insights that tell you if out-of-stocks are hurting revenue. This business intelligence can help CPG brands grow online sales.
Risk: Missing out on personalized marketing
Personalized marketing requires understanding consumer behavior and preferences. With better business intelligence across a product portfolio, brands can create unique offers, cross-promotional campaigns, and upsells.
Line Item can enable superior insights, including integrating data with AMZ Brand Analytics, Retail Link, Partnersonline and more to provide better insight faster.
Risk: Missing out on better decision-making
Going forward, the most successful online brands will be those that have visibility into how product attributes, pricing, and promotions perform, so they can optimize their e-commerce strategies. They must understand what is driving value, especially in a market that can shift rapidly.
Line Item enables a deep dive into each product, capturing all attributes to determine what is driving value for better decision-making. This insight can also help e-commerce marketers monitor competitor activity and see new market entrants.
Ultimately, better business intelligence is a business imperative for CPG brands. Without BI, brands risk missing out on trends, competitors, opportunities and more—and this affects the bottom line. Line Item empowers you with a single platform for better insight into what’s driving sales or what’s working against you. It’s your lifeline to more profitable CPG e-commerce.