Entrepreneurs need to keep a regular check on e-commerce ventures. And to help you with this, we have listed eight eCommerce metrics you should consider while reviewing your e-commerce store.
eCommerce is highly diverse. But diversity needs a proper check too.
Starting an e-store is still accessible. But is that enough to make profits?
E-commerce has increased job opportunities. But will it last long?
With more and more people joining e-commerce daily, it has become quite difficult for merchants to review their e-commerce stores.
But let us have a general introduction first!
8 most important eCommerce metrics
What Are eCommerce metrics?
E-commerce metrics help you measure your website’s performance in terms of quantity. You can also take the help of Google Analytics for this.
Google Analytics is a web tool that measures your website’s traffic.
It would help if you mainly focused on KPIs to ensure a proper reviewing system.
But, what are KPIs?
The complete form of KPI is the Key Performance Indicator.
KPIs have an essential role in the performance reviewing system of your e-commerce website, which is directly related to the success of your venture.
Every business has different KPIs. One must find the consistent KPIs that impact your e-commerce store.
These metrics also play a crucial role in measuring the B To B model. ( business to business)
After researching all kinds of businesses, we have figured out 8 KPIs that generally leave an impact. The detailed information about them is as follows.
Impressions mean the number of times your content was visible in front of someone. The person doesn’t need to click on your content to count the number of impressions.
Further metric reviews help you know how many times people opened it after seeing it. This also allows you to find out the fundamental reasons why a person didn’t open your site despite seeing it.
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Once you know the impressions, you need to see the traffic generated to your site. Traffic is the number of times people visit your site.
To increase the traffic on the website, you need to involve more in promotional ways. Also, improve the quality of work if there is an issue.
This also helps you know where the users are coming from so that you can design your marketing campaign accordingly.
3. Conversation rate
How many visitors converted themselves into buyers.
Now, this comes in three layers-
How many visitors selected the product to get more information
How many of them forwarded that item to the cart
And how many of them bought the product?
Average Order Value- The average amount of money your customer spends on each product bought from your site. You can calculate this by dividing total sales by the number of orders.
5. Onsite Activity Metrics
What do users do on your website? Do they buy or visit and leave? What is causing them to go to the page?
Is there any problem with the layouts of the website? Or the products aren’t that satisfying? Or is the website slow to open?
These are some possible questions you can derive from this e-commerce metric. A user’s online activity gives you ideas about the benefits and problems customers are facing.
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6. Longevity of customer engagement
If a business wishes to grow, it is essential to maintain regular customers. This metric helps you to measure the repeat value of your business.
How many times did the same customer be active on your page? Users repeatedly see which products or pages? How long a particular customer visits your page in one go?
7. Refund and returns
What if a customer visits your age, stays on it for long, buys the product, but ultimately opts to return it? The number of returns and refunds lets you know about the problems customers face when using your product.
To minimise this, you should mention pertinent details about your product—upload photos and videos of the product and how to use it. Keep a check on why the customer opted for a return.
8. Customer review
Collect as many reviews as you can. It does not just help you get better but also helps other customers to get a better idea about the products you are dealing with.
Customer feedback forms, surveys or comment sections on the website are the best metrics for this.
Also, you should check the best-performing products on your site. And the sections of your e-commerce website are seen the most and the least.
And, of course, the total amount of sales and profit earned through that matters the most. So opt for the best suitable KPIs that help you review your e-commerce store in the best way possible.
In what time intervals should you adopt eCommerce metrics
You can opt for the following options according to your business needs.
- Twice a week
Advantages of eCommerce metrics
- Know the amount of time you take to join new viewers
- Work on customer satisfaction
- The total amount of profits you earned
- Accuracy of planning
- Objective review system
- Gives you insights into customer behaviour
Different business calls for other metrics. The goal one wishes to fulfil with that business should also be considered while selecting the metrics.
These 8 most important eCommerce metrics are time-consuming and require expert knowledge. But you can’t miss out on these measures if you wish your e-commerce store to stand out from the crowd.
In conclusion, your e-commerce stores require all three of them to create a positive impact on viewers and offer you the best benefits.
- A business idea that can be converted into a profitable venture
- A proper e-commerce website
- A review system
Start up your e-enterprise and visit us for more of such valuable information!