It's a trend you're likely familiar with first hand - software vendors are increasingly (and rapidly) rolling out much more sophisticated analytics tools within their solutions. Digital River for example has just released 360 Dashboards, a reporting analytics system for its Global Commerce and Commerce Express solutions which is designed to give merchans more detailed metrics on store performance and lifetime value of their customers.
The dashboards are designed to display business related metrics including online store sales, close, rates, shopper recency and frequency, revenue per visitor and more. While most, if not all, e-commerce solutions have some variation of analytics within their dashboards, what makes the Digital River offering interesting is that it puts customer lifetime value front and center.
The system allows merchants to monitor a customers activity based on recency, freqnecy and monetary value (often called RFM metrics). Perhaps more than anything else, these insights provide businesses with a better ability to map and predict shopper engagement. And in today's highly competitive retail environment, that's increasingly important. Digital also makes it possible to analyze and compare the success of several online marketing camapgins and engagements, including bid management, behavioral merchandising and other promotional activities.
“Gaining access to the right e-business metrics and acting on them can tremendously boost incremental revenue. The challenge is that while most online merchants have access to a good standard set of performance metrics they lack the full-picture view of their business at the customer level,” said Joel Ronning, Digital River’s CEO. “Merchants that can operate at this deeper level are at a competitive advantage when it comes to transforming and accelerating growth across an online business.”