5 Ecommerce Metrics You Should Be Tracking
When it comes to ecommerce analytics, business owners and marketing managers typically focus on metrics like conversion rates, number of transactions, and average order value.
These are valuable, and should be monitored. After all, measuring such outcomes is what directly impacts revenue and the bottom line.
Thanks to Google Analytics as well as Mixpanel, Flurry, Site Catalyst, and other analytics platforms, these ecommerce metrics are readily available to site owners.
While focusing on the outcomes is key, close attention to tracking user behavior and interaction with the site or mobile app will also yield significant incremental improvements. Here are five interactions you don’t see a lot of people measuring, when they really should be.
Product Categories
You can easily report on top products, what’s selling, and what’s not selling on your website. However, go beyond that and consider rolling up your reports to the product category level. Some categories can be driving more revenue than others..
Product Comparison
Many ecommerce sites allow shoppers to list products next to each other for ease of comparison — dimensions, features, pricing, and other features — and also for an opportunity to upsell the higher value products.
These are valuable, and should be monitored. After all, measuring such outcomes is what directly impacts revenue and the bottom line.
Thanks to Google Analytics as well as Mixpanel, Flurry, Site Catalyst, and other analytics platforms, these ecommerce metrics are readily available to site owners.
While focusing on the outcomes is key, close attention to tracking user behavior and interaction with the site or mobile app will also yield significant incremental improvements. Here are five interactions you don’t see a lot of people measuring, when they really should be.
Product Categories
You can easily report on top products, what’s selling, and what’s not selling on your website. However, go beyond that and consider rolling up your reports to the product category level. Some categories can be driving more revenue than others..
Product Comparison
Many ecommerce sites allow shoppers to list products next to each other for ease of comparison — dimensions, features, pricing, and other features — and also for an opportunity to upsell the higher value products.
Live Chat Tracking
You have probably seen live chat features on sites more often than not. You come to a site to check out a service or a product and you’ll see an invitation — sometimes a pop-up — asking if you would like to chat with a customer support agent. I’ve seen ecommerce businesses where the average order value is 25 to 30 percent higher when a purchase included a live chat.
You have probably seen live chat features on sites more often than not. You come to a site to check out a service or a product and you’ll see an invitation — sometimes a pop-up — asking if you would like to chat with a customer support agent. I’ve seen ecommerce businesses where the average order value is 25 to 30 percent higher when a purchase included a live chat.
Shopping Cart Removes
While it’s common to measure “Add to Cart” clicks to track which products are added to the online shopping cart and track based on where that action occurred — whether they are on the product page, promo page, or a product modal — it’s also useful to also track cart removes, or the products that visitors added to cart and then later removed.
Know Your User Segments
Real gems are found in zooming in on a segment of users along with the purpose of their visits. If you are new to the concept of segmentation, write down the various types of customers that buy from you.
For example, you might be primarily a consumer product store, but also have a reseller or a distribution channel. These resellers are identified upon login and your system will present the pricing and discounts that are unique to them. When tracking transactions and revenue, it’s important to segment your reports by these user types. Otherwise a large order at a highly discounted price for one of your resellers will skew your revenue and conversion data.
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