Why You Need a Single Source Of Truth to Scale and Increase Revenue
Ecommerce can be fiercely competitive. We know you’re out there every day maximizing and optimizing your metrics, constantly battling to outperform each other and secure your dominance in the market.
To stay ahead of the competition, you need to make informed decisions that drive growth and increase revenue, fast. However, with multiple data sources, disparate systems, and often complex reporting, it can be challenging to have a unified view of the business.
This overflow of information can blind rather than help you when making informed decisions on the business. According to McKinsey, executives allocate nearly 40 percent of their time to decision-making activities, yet they often feel that a considerable portion of this time is being wasted.
To tackle this issue, a Single Source of Truth (SSOT) can be a valuable tool to expedite this process and allocate their time to other critical tasks.
What is an SSOT?
An SSOT is the practice of creating a centralized database of critical business data that all stakeholders can access and rely on.
By having accurate and reliable data, ecommerce companies can optimize inventory levels, identify top-performing products, and target marketing efforts towards high-value customers.
Here are some ways your ecommerce brand can use an SSOT to scale and increase revenue:
#1: Real-time visibility and insights
With an SSOT, ecommerce brands can create a comprehensive and real-time view of their operations and performance. By consolidating data from different sources, an SSOT provides a unified and accurate view of key metrics like inventory levels, sales data and customer behavior.
This level of visibility enables ecommerce companies to quickly identify trends and opportunities, allowing them to make faster and more informed decisions that drive growth and revenue.
#2: Improved data accuracy and quality
In an ecommerce business, data is cultivated from numerous sources, including customer interactions, sales transactions, and social media platforms. However, consolidating data from multiple sources can result in inconsistencies and inaccuracies, leading to flawed insights and decisions.
An SSOT eliminates these data discrepancies by centralizing all critical data into a single source of truth. This improves the accuracy and quality of data, ensuring that all stakeholders are working with the same information.
By leveraging accurate and reliable data, ecommerce companies can make better decisions and drive growth.
#3: Enhanced efficiency and productivity
Without an SSOT, ecommerce companies have to reconcile data from various sources manually, leading to a lot of time and effort being wasted. With an SSOT, businesses can streamline data collection and analysis, freeing up employees to focus on more strategic initiatives.
This increased efficiency allows ecommerce companies to scale operations while reducing costs, ultimately increasing revenue.
By automating time-consuming tasks such as data entry and reconciliation, an SSOT also reduces the likelihood of errors, further increasing productivity.
#4: Personalized customer experiences that convert
An SSOT can help ecommerce companies deliver personalized and relevant experiences that improve customer satisfaction and loyalty.
By having a comprehensive view of customer behavior and preferences, ecommerce companies can offer targeted product recommendations, personalized offers, and promotions that align with customer interests.
This personalized approach increases customer satisfaction and drives repeat purchases, ultimately leading to increased revenue. By having a single source of truth for customer data, ecommerce companies can also ensure that customer information is accurate and up-to-date, providing a consistent and seamless experience across all channels.
You can use a Single Source of Truth (SSOT) to increase revenue in several ways. By providing real-time visibility into operations and performance, simplifying the decision making process, consolidating data from multiple, ensuring that all stakeholders are working with the same data and reducing the risk of making decisions based on inaccurate information.
This helps ecommerce companies make data-driven decisions that increase revenue and improve the overall customer experience.
MOOT’s Intelligent Data Platform
Here at MOOT, we can attribute a huge potion of our growth efforts through understanding our data and more importantly, our customers.
We’ve created a tool that provides this essential source of truth and delivers reliable, robust, accurate insights you can trust and action.
MOOT’s proprietary data capture gives deep insight into trading and merchandising metrics that cannot be found in the Generic Shopify Data Hub, allowing you to see your data in real time and take immediate action to optimize your customer’s experience and conversion.
All your key data in one place
Consolidating all of your data sources in one place, from merchandising, trading, marketing and operations enable all your business decisions to be smarter, faster and more accurate than ever.
We collate Shopify data, GA, Shopify, Klaviyo, Meta, and many other data sources you require to present:
Uplift measurement (per product)
Deep behavior insights
See beyond the raw numbers and truly understand how your customers are behaving on a deeper level than before.
Machine Learning + AI callouts
Our proprietary artificial intelligence and machine learning provides urgent callouts and anomaly tracking, allowing your teams to focus on optimizing product, customer experience and making sure you have every base covered.