More than ever, an online business needs to embrace knowledge management for e-commerce for these three reasons.
1. Drive Revenue and Profit Growth
With high quality knowledge management tools, your e-commerce business can expand by using data to identify new market products, launch them successfully into the marketplace, and amplify those products to a larger audience. The data will identify product characteristics and features that drive sales, thus having a positive influence on marketing efforts, such as choosing which images to insert into email campaigns or banner ads. You have accurate analysis supporting those decisions.
You will have trend analysis for on-site merchandising, advertising, and emails. This can lead to higher pins and repins on sites such as Pinterest and followers on Facebook. For a fast growing business, this information is priceless to stay ahead of the growth and deliver relevant marketing to consumers.
2. More Accurate Consumer Targeting
Controlling your customer acquisition and retention expenses is a top priority for e-commerce businesses. Analysis from knowledge management will help you align your advertising efforts to more effectively market to existing customers while attracting new ones. You can begin to hone your email campaigns by time and consumer base to garner more notice from your target audience. In addition, you can direct larger discount offers to consumers who are more likely to become repeat customers. Consumer profiling can develop tailored retention campaigns based on your specific customer base, especially those customers with a high propensity to purchase. Larger discounts may be offered to customers less likely to try a new product, while more moderate discounts may be offered to consumers with a moderate propensity to purchase.
3. Managing Your Variable Customer Service Expenses
Reducing your cost per call is a top priority, but you want to maintain your high level of customer service quality. Knowledge management for e-commerce will enable you to optimize hiring and training agents, utilize call monitoring, and utilize integrated call center software. In addition, you can optimize your business tools for interacting with customers, and enable callback from the queue.
These are just some of the top reasons why knowledge management for e-commerce is so beneficial to improving efficiency. With the benefits, a business can expand profits more easily, better target customers, and control customer service variable expenses.
