With increased digitalization and globalization, e-commerce is likely to increase. To make it successful in long run, dedication and profound market knowledge is required to track the key metrics successfully. Read on to know more about the important metrics to track your online business.
Track the Sales Conversion Rate
One of the important aspects to boost growth in e-commerce business is to track the conversion rates. If even after having thousands of visitors only 5 make purchase then sales conversion rate becomes 0.005 which indicates that website is unable to reach the target audience. Google Analytics helps to track the sales.
Track the Customer Acquisition Cost
Customer Cost Acquisition is of utmost value. This helps to track the number of customers increased during a particular timeframe of a marketing campaign. This can be calculated by dividing the total campaign expenditure with the number of customers increased. Some of the hassles in this metric require time to show potential results as there can be late customer reaction, delay in word of mouth etc.Apart from this, the customers graph varies each month due to variation in advertisements.
Generate Revenue from Traffic
In today’s online world, it is necessary to understand as which traffic generates higher revenue and which sources are better in conversion rates. This makes it essential to build an effective marketing strategy that will help you analyze the key areas where the spending will bring maximum returns.
Conversion Based on Types of Devices
With the help of smart apps, e-commerce websites are not just limited to bulky desktops and laptops. People can shop on the go via smart phones or tab. This conversion metrics will help to optimize the app with smaller screen sizes and slow internet connections to make it viable for all devices.
Track Cart Abandonment
One of the biggest fears in e-commerce is cart abandonment. This can be reduced after proper analysis of where abandonment occurs. This will help to boost sales as well as enhance customer engagement on your platform.Therefore, remember stage-wise metrics to be successful in your e-commerce business.
Track the Percentage of Repeat Purchases
Another important thing is to track the percentage of returning customer as it helps to re-acquire the faith and take the lead. Tracking these metrics helps to evaluate as how many customers can benefit your business in the long run due to repeat purchases.
Email Engagement Metrics
Another most convenient way for customer engagement is email marketing. Using mailers to information about different products and offers reaps benefits in the long-run. Use of images and making mails on a conversational tone entice customers towards the brand and retain them for longer.
The wheel of fortune of e-commerce sites focuses to track the social media conversion rate and helps to convince the customers more on the brand.When the e-commerce website is SEO friendly then it increases the rank on search engine.So, keep a check on the number of transactions done with the highest peak time to get an idea on the company’s reach among the target audience.
All this makes it necessary to analyze the metrics at frequent intervals to increase the total revenue.