The payment card network says the platform will provide retailers with another way to acquire customers.
Online retailers should base web analytics programs on top business requirements.
Just because web analytics can collect massive amounts of data doesn’t mean that online retailers should measure all of it. In fact, too much analytics can be too much of a good thing, says Lynn Lanphier, director, digital analytics, at Best Buy Co. Inc.
She says Best Buy at one point was using its web analytics program to collect an extremely wide variety of web site traffic and other related metrics. “We used to gather information from our web analytics program just in case someone should ever ask for it,” says Lanphier. “But doing that wasn’t the best use of resources.” She says a better—and more effective—way to measure web data is to tie analytics in with specific end user business requirements.
To streamline its web analytics program, Lanphier says Best Buy now collects and measures data based on the top priority of each e-commerce department. “We went to each of the departments, asked them to tell us what was really important to measure and then made up a list,” says Lanphier.
At her session Lanphier will show web retailers of all sizes how to more effectively use analytics to measure transaction and traffic data, how to view the data, how to extract the best data to act on, and whether different times of year change the importance of different data points. “During this session we will talk about ways to make a program that incorporates top user requirements and effectively measure what’s happening across new channels such as mobile commerce and social media,” says Lanphier.
Internet Retailer’s editors asked Lanphier to speak because she is a skilled web analytics practitioner. At Best Buy, Lanphier leads the digital analytics team, which includes industry research, competitive analysis, web analytics and multichannel data integration. She and her team help the business transform data and information into insights and action plans that drive results. Prior to Best Buy, Lanphier worked for more than 10 years at Spiegel Catalog in marketing and merchandise planning roles.