Had you been running an eCommerce shop, you would be worried about its performance or the pace at which it’s growing every day. Great news, if you own one! I’m gonna talk entirely talk about your business here.
Before I start discussing anything, could you tell if your eCommerce store is on the right track? Could you tell, if you are going to rise or fall flat on your face in the coming times? Did you ever think of measuring its growth? Well, I know you can only answer this in the comments section, but let me be very candid – you never thought about it unless you were familiar with some of the most crucial metrics that weigh your influence against your competition. Don’t worry, if you never did. I’m here to help!
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This post is going to shout about all the metrics that actually matter when you start looking at the pace with which your eCommerce store is rising. Because every time you see results in your favor, you’re motivated to do even better, here’s a few metrics you could start taking care of:
Disclaimer – These are the briefest of introduction to these metrics. Just to give you the basic idea.
Traffic as a whole
Traffic is one thing, conversion is another. Traffic is simply useless if footfalls aren’t getting transitioned into sales. You might be successful in engaging a huge number, but the right engagement could still be missing. You may then look at paid online techniques to drive traffic, which are effective too, but then that isn’t the ultimate answer to your immediate need.
Actually, the paid ones worked brilliantly-well when they were introduced. Now, when the market is cluttered and everyone around is just saturated, I believe against the fact. These could cost a lot of money than they’d bring in.
But, no matter what, dollar still reigns the gist of metrics, mind you. The question here springs – how do you generate target-oriented traffic for your site?
The answer lies in the question itself – Get hold of the audience, recognize them, shout out loud and translate an effective message. Understand their behavioural attributes. Experiment and observe their activities before you press the trigger. Define your marketing budget just after this. Look-in to your pocket. See how much can you afford to spend. I would suggest determining it once you find out the customer’s life time value, i.e. the expected income through a customer over a period of time.
If you haven’t been in business for long, then it could be hard for you to find that amount. In this case, you could assume and ascertain a figure in your mind and put that on stake.
The Conversion Rate
The table turn isn’t that an easy sight. It might take time. Conversion metrics give you a picture of how well you are able to get your visitors to buy from you. This could happen in two forms mainly – either the visitor is coming almost ready to buy, or else the visitor is coming from some third-party partner that offered a discount, but is not that keen into buying.
Both these situations have different results. Similarly, each website would have its own conversion rate. For ex, for elite ecommerce sites, as in the luxurious ones, the rate of conversion could be around 0.03%. Again, it depends on your site completely. You could gauge your conversion rate through this metric.
The Sales Part
This metric may again vary according to the nature of your ecommerce website. There are sites that sell their own products, whereas there are others that sell other’s goods or services. So, both these metrics may differ. Even if your eCommerce store doesn’t give you returns as good as other sites, don’t curse yourself. Compare the equal level services rather.
These were the main metrics that matter for an eCommerce store. During my research, I came across a few unheard and overlooked ones that you’d be surprised to know. Listing three of them –
The Rare Ones
Search conducted on-site – The ‘search’ option displays results to better the user’s overall shopping experience on your store, further giving you a chance to involve the customer by improving your online search experience.
I would suggest you having an auto-complete/ auto-suggest feature within the search. Quite obviously, it would make the experience even better. Also, category wise search would be like another weapon in your arsenal.
Such measures show you the terms that people use to seek information. You can use this metric to your benefit by customizing the on-site search to produce quality online store interaction. The productivity booster is what you can call this metric, if applied right.
Exit Pages – You often see your visitors going off without spending much time on a page or going without buying, which might seem like a tiny issue but needs serious implications. Probable reasons could be little or inadequate information, improper CTAs, failing to catch visitor’s eye. To avoid this from happening again, keep a close eye at the exit pages and filter-out the pages that work better than the ones that don’t. Simultaneously, alter the content to back your efforts.
Take a look at this call to action examples:-
Quality Pages – eCommerce stores can take note of the per-page value of their pages to fetch better interaction. This could further be taken advantage of by creating other pages with the same or better kind of interface or content, whichever works better or probably both.
Well, I guess it’s better not to conclude here as with time, there is a strong possibility that many new and engaging metrics would crop up and extend our liabilities and possibilities. Guess, it’s time to fasten your seat belts and gear up for something mind-blowing.