5 Key Metrics to evaluate the success of your E-Commerce Store
Evaluating the performance of your e-commerce catalog involves tracking a range of key metrics and key performance indicators (KPIs). These metrics provide insights into various aspects of your business’s performance, helping you make informed decisions to optimize your strategies and improve your online presence by optimizing your eCommerce Catalog.
Here are some of the key metrics and KPIs you should consider in your eCommerce Catalog:
1. E-commerce Funnel Metrics
These metrics help you understand how customers move through the sales funnel. The funnel typically starts with a customer discovering your company and ends with acquisition, conversion, and advocacy. Some of these metrics include:
– Traffic Sources: Understanding where your customers come from can help you optimize your marketing and eCommerce catalog strategies.
– Bounce Rate: This metric shows the percentage of visitors who leave your website after viewing only one page.
– Time on Site: This indicates how long visitors stay on your eCommerce catalog.
– Conversion Rate: This measures the percentage of visitors who make a purchase or perform a desired action.
2. Engagement Metrics
These metrics help you assess the performance and success of your eCommerce catalog. They encompass various aspects of consumer behavior, such as:
– Average Order Value (AOV): This measures the average amount spent per transaction.
– Cart Abandonment Rate: This shows the percentage of customers who add items to their cart without completing a purchase.
– Social Media Engagement: This includes likes per post, shares per post, comments per post, and clicks per post.
3. Retention Metrics
These metrics help you understand your effectiveness in retaining customers and motivating them to make repeat purchases. Some widely used retention metrics include:
– Customer Retention Rate: This measures the percentage of customers who continue to shop with you over a certain period.
– Time Between Purchases: This shows the average time between purchases by a customer.
– Repeat Purchase Rate: This measures the percentage of customers who make a second purchase.
4. Search Metrics
Google Analytics is a powerful tool that can provide valuable insights into how customers interact with your online store. Knowing what your customers search for on your eCommerce site is crucial. Google Analytics provides you with a report of the keywords your visitors use whenever they search your site. It segments your incoming traffic from multiple sources and channels.
However, you can set Google Analytics to classify your traffic by using URL Query String Tags These metrics reveal how customers search your online store. Tracking search metrics offers valuable insights into user behavior and preferences, which can be used to optimize website layout, eCommerce catalog, and marketing strategies.
5. Net Promoter Score (NPS)
This metric measures the likelihood of your customers recommending your products or services to others. It’s calculated by subtracting the percentage of detractors (customers who rate their likelihood to recommend as 0–6) from the percentage of promoters (customers who rate their likelihood to recommend as 9–10).
By tracking these metrics mentioned above, you can gain insights into your business operations, improve customer experience, manage costs, predict revenue, retain customers, evaluate marketing strategies, and analyze sales trends
Remember, the importance of each metric may vary depending on your specific business goals and target audience. Therefore, it’s crucial to choose the right metrics and KPIs that align with your business’s strategic objectives to optimize your eCommerce Catalog.