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22 May 2020

How Data Helps Drive More Informed Business Decisions

We have a very important question — do you really know your business? How much do you know about your business? 

Do you know about your customers — age, gender, and their average spending? Do you know about your sales — by day of the week and by hour of the day? Most importantly, do you know how to look at the sales data and determine ways to potentially increase the sales volume? Well, FaveBiz Insights do.

You may have an idea or two about what’s going on within your business, but that’s not enough. FaveBiz Insights arrives in your mailbox every month, complete with bite-size, easy-to-consume date stories to help you understand and improve your business performance. No MBA necessary.

Data helps you to understand customers and the market

FaveBiz Insights of Average Spending by Customer Age and Gender

Data is key to understanding your customers and the market. With FaveBiz Insights, you are able to see your customers much more clearly. 

Data helps you to know who has been bringing in sales to your business — your actual customers, complete with their gender and age. Knowing your customers allows you to market your business to your target customers and knowing their average spend enables you to increase the inventory of your items to meet the demand. Understanding the demographics of your customers and their spending behavior can help you make better decisions on marketing or even launching new products.

 

Data helps you to see your business performance

FaveBiz Insights Sales Performance against Competitors

Have you ever wondered how your business is doing — which day and time deliver the most customers, the number of transactions and sales? Or how your business is performing compared to other merchants? FaveBiz Insights generates all of this and more about your business performance.

FaveBiz Insights does not just generate data about your business performance — customer feedback, service ratings, and reviews — but extends to your business performance against other merchants as a benchmark via total sales performance and the number of customers. 

 

Data helps you to solve problems

FaveBiz Insights Sales Overview - Transaction - Cashback ROI

After experiencing a slow sale or a poor-performing month, how do you pinpoint what went wrong? Trying to find the reason for underperformance without data is like an Agent 007’s mission aka Mission Impossible.

Let’s say your sales during weekdays are a little underwhelming. With this insight, you decided to invest in a loyalty program that will offer deals on weekdays to boost your sales. By looking at your business performance data via FaveBiz Insights, you’d see whether your money is being put to good use or even bringing in more money than you initially spend. Data gives you clarity so you can achieve better business performance.

 

What kind of insights are in FaveBiz Insights?

Move over, “the way things have always been done” gut feelings and Excel sheets filled with rows and columns of data. FaveBiz is the new kid on the “business data” block, with information and visuals that will help businesses to run their business better.

Now, merchants can easily utilize FaveBiz Insights, learn the answers to the questions they have always wondered, and make better and more informed decisions!

  • How loyal are my customers?
  • How can I optimize my off-peak hours/days?
  • Which age group contributed to most of my sales last month?
  • What do my customers think of our service?
  • Who are our customers and how much do they spend?
  • Are there any patterns in customers’ habits across days and off-peak hours?

Find out what other merchants' experience about FaveBiz Insights.

 

 

FaveBiz Insights may not be your know-all-tell-all crystal ball, but it’s about as close as you can get to understanding what’s going on within the perimeter of your business. Running a successful business still requires good decisions and hard work, but just think of FaveBiz Insights as another tool — and a very useful one, we must add — in your arsenal.

Find out how easy it is to improve your business performance with data on your e-commerce performance, customer habits, selling patterns, and much more via FaveBiz Insights here.

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