Tl;DR
Figure out the problem you want to solve.
Collect data that is relevant to the problem.
Analyse the data to find patterns and insights.
Come up with a solution based on the insights.
Test the solution to make sure it works.
Communicate the solution to others and put it into action.
Let's say you work for an e-commerce company that is experiencing a high rate of cart abandonment. Customers are adding items to their shopping carts but then leaving the site before completing their purchase. Your task is to figure out why this is happening and come up with a solution to reduce cart abandonment.
Using the six-step analytics framework, you would:
Define the problem: The problem is high cart abandonment rates.
Gather data: Collect data on customer behaviour, such as how long they spend on the site, which items they add to their cart, and at what point they abandon their cart.
Analyse the data: Analyse the data to identify patterns or trends that might be contributing to cart abandonment, such as high shipping costs or a confusing checkout process.
Develop a solution: Based on the data analysis, come up with a solution, such as offering free shipping or simplifying the checkout process.
Test the solution: Test the solution to see if it reduces cart abandonment rates, using methods such as A/B testing or user feedback.
Implement the solution: Once the solution has been tested and validated, implement it on the website and monitor its effectiveness over time.
By following these six steps, you can effectively analyse the problem of high cart abandonment rates and develop a solution that improves the customer experience and drives more sales for your e-commerce business.
Thank you for your time!!
Very structured and informative! . Keep them coming.