Yes, it is a shopper's paradise as it is becoming easier and easier to shop online.
For business owners like you, that means lots and lots of competition.
The good news is that there is a lot you can do to grow your online store. The tools and technology to help you are improving almost every day.
And retail experts make optimization an art.
That’s why we’re going to dive into eCommerce analytics in this article. We’ll walk you through some of the key metrics to understand and hear what experts have to say about using them to improve your store’s performance. They’ll cover:
What is eCommerce Analytics?
Why is eCommerce Analytics Important?
Top 7 E-Commerce Metrics to Watch
Using A|B Testing to Improve Performance
What is eCommerce Analytics?
Analytics is all about data: finding it and understanding it. And ecommerce taiwan contact number analytics covers all the important data that helps you understand how your online store is performing. Think quarterly and annual sales reports, conversion reports, and order fulfillment data.
Why is eCommerce Analytics Important?
You probably guessed it already. Ecommerce analytics are important because they can help you get a more complete picture of your store’s strengths and weaknesses.
“The name of the game in e-commerce is to get people to your website, keep them there, convert them as consumers and keep them coming back for future purchases,” said James Sun, founder of BeautyTap, a review site for trending beauty products.
In reality, there’s an ever-growing list of metrics that retailers can now explore to understand how their store is performing. For beginners, it can be a bit overwhelming. So, let’s simplify things and focus on the key metrics you should be paying attention to.
Top 7 Ecommerce Metrics You Need to Monitor
From average order value (AOV) to customer retention rate (CRR) and cart abandonment rates, here's what ecommerce experts say you should pay attention to in 2021.
Customer Acquisition Cost (CAC)
As the name suggests, CAC is the cost of persuading someone to buy your products. “We all want to make sure this metric is low. We want to be able to earn more than we spend on customers,” said David Clelland, director of Infiniti Tracking , a UK-based provider of car and fleet trackers.
Clelland said CAC can show online store owners whether their advertising and marketing efforts are working. “We can constantly improve these aspects to get customers at a lower cost. The more customers we can get at a lower cost, the better the business will do,” he said.
Sales Conversion Rate (SCR)
This is another useful metric. CV measures how many leads you converted into sales (this is the conversion part). Again, it can show how effective your marketing and sales approaches are.