How to Use E-Commerce Insights to Properly Inform Your Business Decisions

The rise of data-based decision-making fueled by e-commerce insights are changing the game for grocery retailers.

In the past, business leaders who made decisions based on their intuition have been perceived with a high amount of prestige, importance, and influence. But is a gut-driven decision really the best driver for your business?

One recent study suggests that approximately 50% of Americans “trust their gut” to guide their decisions. While intuition can guide your path, it’s through data that you verify, understand, and quantify. According to a PWC survey of over 1,000 senior executives, highly data-driven organizations are 3x more likely to report significant improvements in decision-making compared to those that rely less on data.

But what exactly is a data-driven decision? A data-driven decision uses data to validate a course of action before committing to it.

Data-driven decision-making supported by e-commerce insights can provide the real-time visibility that grocery retailers need to make more informed business-decisions.

Advantages of using e-commerce insights to make data-driven decisions

Here are three ways insights are changing the game for grocery retailers.

Insights enable clear decision-making

Gone are the days of making uninformed decisions that are bound to leave you uncertain. By analyzing and making data-informed decisions, grocery retailers no longer need to question if they are right or wrong. They can gain a better understanding of their target audience to adequately craft their message, solve customer pain points, and identify new opportunities for growth, including new markets.

Data improves customer satisfaction

By utilizing data to tell the story, retailers spend less time on mundane, manual tasks and more time on the customer. Data-driven decisions are more immediate and more accurate, resulting in better-crafted products and services. As a result, customers are more satisfied. And, as an added bonus, when employees can better serve their customers, this also improves employee engagement and satisfaction.

Data-based decisions help save time and money

By being less reactive and more solutions-focused, retailers no longer waste time, money, and resources going down the wrong path. Instead, they’ll begin to gain control over spending metrics. In fact, organizations that use data to drive their day-to-day decisions frequently save.

Direct retailer benefits of using Carrot Insights to make data-driven decisions

At Instacart, our goal is to build industry-leading tools to deliver insights so our partners can better understand their business through Instacart’s unique retail benchmarking. For example, retailers will see unique retail benchmarking leading to enhanced operations, higher customer loyalty, retention and growth, and incremental sales. Here’s a breakdown of the benefits:

• Business intelligence: Use data and insights within our core dashboards to understand your performance and KPIs against Instacart’s unique retail benchmarking. Track sales over time by store, region, fulfillment type, and more.
• Operational excellence: Grow your business with key insights including out of stock and labor operations. Improve product availability by department and understand your customers’ needs.
• Advanced insights: Enhance and build your entire business with detailed customer segmentation, product assortment solutions and recommendations, customer engagement, and ROI measurement.
• Benchmark comparisons: Best-in-class benchmarks allow you to compare your store’s performance across categories, storefront conversion, and out-of-stock trends to top competitors.

Level up your business decisions with insights

The time is now to shift your decision-making strategy to include e-commerce insights.

Instacart is excited to announce the launch of the Carrot Insights Executive Summary. Each week, Carrot Insights users will be emailed an Executive Summary Dashboard to better monitor, report, and share insights on the status of their Instacart business. Users will have the ability to filter what is reflected on the Dashboard Summary to best suit their business needs. 

To learn more about how Carrot Insights can help you make more proactive business decisions, contact our team. 

Instacart

Author

Instacart is the leading grocery technology company in North America, partnering with more than 1,400 national, regional, and local retail banners to deliver from more than 80,000 stores across more than 14,000 cities in North America. To read more Instacart posts, you can browse the company blog or search by keyword using the search bar at the top of the page.