OneNumber e-Commerce Fitness Tracker for Consumer Goods - What's Your Brand's Online Health?
February 28, 2020
One Number to rule them all: How eStoreCheck weighs up online metrics to provide a single measure of your brand’s e-commerce health.
Apologies to J.R.R. Tolkien for paraphrasing ‘Lord of the Rings’, but every business initiative needs a goal, and e-commerce is no exception. In the absence of universally accepted, multi-retailer e-commerce market share metrics – beyond Amazon Category Market Share – brands have turned to e-commerce intelligence solutions, including eStoreMedia’s eStoreCheck.
Most e-commerce intelligence offerings on the market today focus on monitoring some combination of the same fundamental business drivers including, Distribution/Availability, Price & Promotions, Ratings & Reviews, Content and Visibility/Search. What differs between the solutions is how they collect and manage the underlying data, and how they deliver results to synthesize the torrent of data into easy to understand, reliable, and actionable insight.
The foundation of dependable analytics starts with reliable data. In the physical retail world, where data collection is a largely manual process, brands and retailers rely on samples and limited data to derive category insights. It’s better than nothing, but also open to large margins of error.
The foundation of dependable analytics starts with reliable data
e-Commerce offers the opportunity to collect and analyze business driver data for all products in a category – competitive and owned. So starting with full category, high quality data is essential for delivering deeper and more robust insights to drive e-commerce growth.
Metrics to Suit your Products
When it comes to the impact of business drivers, all categories are not the same. Most brands may have the same e-commerce goal – sales growth – but underneath that can be any combination of metrics and success criteria necessary to deliver meaningful e-commerce measurement, and hence business growth. In our experience, business driver choice and weighting will depend heavily on your product’s category, market, competitor activity, and online retailer capabilities. Other considerations also include the capabilities of your team, and your product’s, brand’s, or organization’s level of e-commerce maturity.
Getting the balance right will help focus your team’s activity to deliver results. For example how to do you prioritze actions to deliver rich Content versus focusing on improving Ratings & Reviews? And, whatever weighting is selected for each e-commerce business driver metric, all of the metrics representing different factors need be comparable, and consistent through each tier in the e-commerce ecosystem from product page, to category, retailer, market and region, if you want to deliver a single top-level, global, OneNumber e-commerce metric.
The e-Commerce Fitness Tracker
The aim with OneNumber was to create a dashboard that provides a single measure of a brand's e-commerce performance.
eStoreMedia is committed to continuous innovation to expand the global e-commerce opportunity for trusted brands and consumers, by reducing complexity, and setting new standards in automation, research, content management, and collaboration technologies. To this end, we released eStoreCheck's OneNumber scorecard in November 2017. It is still the most advanced and customizable tool of its kind on the market.
The aim with OneNumber was to create a dashboard in eStoreCheck that provides a single, clear and meaningful measure of a product, brand or manufacturer’s e-commerce performance based on a range of underlying metrics. Much like a fitness tracker in the sports and leisure sphere.
The global market for fitness trackers, which was valued at $17,907 million in 2016 is expected to reach $62,128 million by 2023, and for good reason. They offer users the ability to set goals, and track progress while keeping them motivated over time, based on diagnostic data, collected from many sensors, processed and delivered as simple, consolidated and actionable results.
For e-commerce analytics we collect data from millions of products, across 100s of online retailers in dozens of key e-commerce markets. Crunching this amount of data, covering and comparing very different business drivers from price to ratings and reviews, into a simplified, actionable single number indicator is a challenge. The solution was to reduce each metric to the same Boolean denominator (true or false if they meet specific success criteria or not).
Today eStoreCheck users can access the OneNumber section to instantly see a full diagnosis of their brand’s e-commerce market performance, displayed as a series of color-coded OneNumber scores. These indicators are arranged based on a brand’s e-commerce strategic choices, and include dynamic indicators to reflect how results have changed over a selected period. Similar to sports fitness trackers, eStoreCheck clients can adjust these metrics to align with the discipline they practice, with over two dozen configurable parameters. Consequently, each client receives their own set of strategy-relevant metrics together with custom targets and color-coding schemes, relevant to their focus areas and enabling rapid gap closing. Other features include:
Customization: eStoreCheck’s OneNumber can be customized to reflect each brand’s e-commerce strategy, implementation and gap-closing priorities.
Automation: The dashboard allows for the implementation of automated gap-closing such as content re-syndication via native integration with eStoreContent PIM.
Aggregation: OneNumber can be aggregated internationally, and cross-category to provide top management with a single e-commerce KPI.
Adaptability: Metrics, weightings and visualization can be adjusted for seasonality, new product launches, price fluctuation, and to align with the capabilities of different online retailers.
Ease of Use: The OneNumber dashboard is delivered in an intuitive user interface, with simple one-click operation to view changes and timeline graphs.
Integration: As well as having native integration, and single sign-on, with eStoreMedia’s full suite of e-commerce solutions, OneNumber data can be easily exported to various file formats for further analysis or documentation.
Team support: User roles support streamlined knowledge management processes to capitalize on cross-functional team capabilities.
The results provided in the OneNumber dashboard dovetail with the eCommerce Perfect Store Framework, a methodology for e-commerce channel planning and execution for brands. The Framework is designed to support brands at different levels of e-commerce maturity and readiness, and it is outlined in depth in two ebooks – How to Design your e-Commerce Strategy for brands, describes how to design your e-commerce strategy, and the Perfect Store execution playbook How to Succeed in the e-Commerce Channel.
To survive in the modern age, where data is king, collecting market intelligence is vital in order to make better, more educated decisions and prioritize improvement activity. OneNumber is the ideal way to help brands identify opportunities, guard against risk and adopt more dynamic e-commerce channel strategies. Allowing a more fitness-like strategy will provide the momentum needed to maintain the pursuit of progress.
This blog was originally published in December 2017, and updated in February 2019.