What are web analytics?
Web analytics refers to the process of analyzing the behavior of any visitors to a certain web site.
So how can web analytics help me better manage my business?
Web analytics can have the power to enable businesses to attract more visitors and new customers, retain customers for any goods or services that the website offers, and increase the volume of dollars that each customer spends on or through the website. Owning web analytics data software can answer many important business questions that cannot easily or effectively be answered by traditional means.
These questions include knowing how long website users take from the first visit to the first purchase, what the user retention rates are, what the common method of signing-up for visitors is, what the customer lifetime value is per acquisition channel, which of these acquisition channels brings in the most new users or visitors and then retains these users and visitors as repeat customers, how many users have signed up but have not purchased anything after a certain amount of time (such as a few months), what percent of users who signed up after a certain period of time are still purchasing, whether or not users who were acquired through email-based marketing are more valuable to those acquired through other online marketing methods, and finally, which users added products to the “cart” without converting into actual paid purchases (and what these products were).
Web analytics is now more important for helping you better manage and monitor your business than it ever was before. We are living in an ever-growing and ever-changing Digital Age where cloud computing is at an all-time boom. Data is being created at tremendous velocities, more data sources are being created, storing large sets of data is becoming cheaper and easier, and there is a higher demand for highly granular data. It is also now becoming more inexpensive for businesses to perform complex computations on such large sets and sources of data, and new breeds of software are being created by more human resources who have the set of skills needed to mine, monitor, and manage such large and complex sets and sources of data.
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