Experts predict that 95% of all purchases will be online by 2040.
As more people head online to shop, they have more and more choices. Ecommerce is booming, but if you don’t keep an eye on your metrics, you could fall behind your competitors.
Not sure which ecommerce metrics you should track? Here are the most important ones.
Ecommerce KPIs vs Ecommerce Metrics
KPIs or key performance indicators are a type of metric. In fact, they’re the most essential metrics, and you need to keep an eye on them.
You can generally break KPIs down into four groups: marketing, user experience, customer support, and ecommerce sales. These four categories can be broken down further into specific metrics you can track.
Let’s break each group down and cover some KPIs in more depth so you’ll know where to start.
Marketing KPIs include:
- Web traffic
- Brand exposure
- Customer engagement
Where is the source of your traffic coming from? Is it organic, paid, referral, or another type? What’s your traffic volume?
Is your email strategy working? Are customers opening your emails and returning to abandoned carts?
You’ll also want to keep an eye on social media engagement, such as new followers, likes, and shares. This is a good way to form relationships with your customers and improve upon your products.
The important KPIs that fall under ecommerce sales are:
- Conversion rate
- Online sales
- Payment methods
Keeping a close eye on conversion rates will tell you how successfully you’re taking a web visitor and walking them through to becoming a customer.
You’ll also want to keep an eye on the average order value (AOV), cart abandonment rate, and cost per acquisition (CPA).
Using ecommerce platforms makes tracking sales easy, but which one should you use? Take a look at this comparison of Shopify vs Ecwid to weigh your options.
User Experience (UX)
Every small business owner should familiarize themselves with the idea of user experience. These KPIs track how your customers engage with your product.
Examples of UX metrics include:
- Device type
- Engagement levels
- Website loading speed
- Bounce rate
You should also collect and look at any customer feedback or survey results.
Using surveys to get customer feedback is a great way to learn more about how people see your brand. You can learn how to improve and focus on specific areas that need work.
Keep track of customer reviews. Sometimes, you can appease frustrated customers and even get them to support you again.
Also, be sure to gather data on how your customers seek you out. Is it online through a contact form or email? Do they call?
Lastly, track service-level agreement (SLA) time. How long does it take to resolve and close a ticket?
Create the Best Ecommerce Business
If you make sure you regularly track your ecommerce metrics, you can establish yourself as a successful store.
Succeeding in the ecommerce industry takes work, but you can make the process easier by reading some of our other business articles.