There is a number for everything and so as for your eCommerce store’s progress!
There are numerous ways to scrutinize the growth of your online store. Whether it is through social media, marketing emails, Google analytics or any other data analytics software. But if you are just starting out, there’s no need to sharpen each metric.
Therefore, in this article, I am going to put my finger on a few eCommerce metrics that you’ll first need to focus on, in order to get the progress right.
An overview of how many visitors are coming to your store is important. It is all about knowing your visitors. Where are they coming from and the number? Understanding which platform is bringing the most traffic and accordingly optimizing those channels. These bits of information can help you plan your future advertising.
This solid understanding can make your future decisions better regarding all your online store aspects.
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Keeping an eye on the total sales is highly advisable. Understand which month, week or day got you the most sales. Simultaneously, analyze WHY?
Why on this particular day you got the sale?- Was it because of the weekend sale you hosted? OR Was it because of the newly launched item.
These queries will help you get into your customer’s psychology and make you plan the upcoming online store events. You’ll know which days are going well so that, you’ll be in advance prepared for those days!
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Understanding your online store conversion rates can help you know if your visitors are actually converting into customers or not. If not, that speaks you need to get your optimizing game higher.
You’ll need to analyze each block of your conversion funnel. For example, if only 50% of visitors are completing the ‘add to cart’ process & then rest are leaving the cart abandoned. Then, what can you do to reduce the abandoned cart rate?
Thus, getting the online store conversion rate under your eye can help you put together the steps that you’ll need to take in order to overcome. Moreover, after putting your efforts when you’ll see the number growing, it’ll boost you and let you know if your strategy is working or not. If not try something else!
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AVERAGE ORDER VALUE
Another very powerful eCommerce metrics: Average Order Value (AOV). It is the total revenue of a business divided by the number of orders. In other terms, AOV explains to you how much the average customer spends in a single transaction on your store.
Thus, you can plan your strategy to uplift your AOV, accordingly.
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REPEAT CUSTOMER RATE
Repeat customer rate will help you find out if you’re maintaining a balance between your new customers and returning customers, or not.
Do you know that it costs a business about 5-25 times more to acquire a new customer than it does to sell to an existing one?
Not only that, but existing customers spend 67% more than new customers. Thus, maintaining customer loyalty really pays off!
So, if your RCR if falling down, you’ll know what to do! Build customer loyalty programs or even giving free gifts to your customers can make them come again.
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Over To You!
Digital data about your business can really help you scale your growth & plan your future strategies. Moreover, there’s no need to dive deep into all the eCommerce Metrics. Just get the above five straight when you’re just getting started!
The graphical images above are taken from an online Shopify store’s Analytics page. Shopify got a whole page dedicated to online store analytics with Overview Dashboard to have a glance at how your store is performing, Reports & Live View. That means no separate software required!
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Until next time. 👋