Data and numbers are essential in running an e-commerce website. You would need any data on your site to give a better experience to your customers and audiences. Website design in the Philippines is becoming more and more impressive as time passes by. This is because of the usage and utilization of different data and using these pieces of data as basepoints on what to do in your current website design. For example, people are always abandoning their shopping cart once it’s checking out time, you would need to do something on this part of your site.
In this article, we will be showing ten different data and metrics you need to look at your website regularly. We promise, by monitoring them, you would easily offer the best shopping experience to your customers.
1. Social Media Conversion Rate
With the trend of connecting your e-commerce site to your social media accounts, this metric has become a need for all website owners that follow the pattern. Many people are just looking on the likes, comments, retweets, and shares of their post in social media. However, you need to look beyond that.
Social media posts are gateways for your site. It should be an open platform to see your site. You may post different products you sell on your social media and connect them to your site to know more about it. When they are redirected to your site, that’s a conversion. You can use different tools to measure this and to see if your social media accounts are useful.
2. Selecting the right e-commerce KPIs
Metrics are all useful, and you can use them to set your own key performance indicators or KPIs. To get the right KPIs, you need to know first your industry. Next is your business stage, which can be a start-up or established. Last is the overall business goals in your current stage. After knowing these details about your business, you can pick different metrics that you will be monitoring to achieve your goals. Selecting 5-7 parameters will do the work. Then, pattern a specific number of each metric to be your KPI. These will be your guide to know if your e-commerce business is active and performing well.
3. Proper analytics tracking
For almost all websites, Google Analytics is one of the most used tracking tools for analytics needs. Google Analytics is also useful for different e-commerce websites.
Analytics tracking is vital for you as a company owner. There are a lot of metrics to look at, and it can be very overwhelming. There are some metrics that you can monitor daily, weekly, and monthly to not exhaust your efforts. You can look at those metrics in Google Analytics after you set up it is tracking on your site.
4. Click-Through Rate
Click-through rate or CTR is the rate of people who clicked your ad after looking at it. It can be seen when you divide the number of people clicked on your ad by the total number of impressions your ad received.
CTR tells a lot about your pay-per-click campaigns. If you have a high CTR, it means you have an effective Ad because it lets different people click it. In other words, your ad is sufficient to your target audiences. You had the right copy, design, and execution that enticed your target audiences. It is also an indication that you are effectively leading people to more leads and sales for your business.
5. Subscription Rate
Almost all the time, e-commerce businesses are getting the e-mail addresses of their daily visitors. It may come in different forms. It can be from inviting your visitors to create an account in your site, giving out a free voucher or deal in exchange for an email address, or just asking them if they want to be a part of your business’ mailing list.
You need to get a grip in this metric, which we call the subscription rate. This is the percentage of people that are part of your mailing list after going to your site, compared to the total number of visitors of your site all in all. You need to aim at a high rate in this because if you have a low number, you need to think of different strategies to get your visitor’s email addresses.
6. Sales Conversion Rate
Sales are one essential part of a business. No sales, no life for the company. It is usually coming from website traffic elevation if you’re run the business and marketing strategy in the right way. You should know the sales conversion rate in your e-commerce store. It will show you the total sales that you got from the total number of visitors you have in your site. By knowing your sales conversion rate, you can see the performance of your store and know what should be the necessary changes to achieve the good conversion rate in your site.
7. Customer Lifetime Value
There are a lot of metrics available for your site. All have its own focus, but mostly focusing on your ads and content. However, these metrics focused on those are not sufficient metrics to give you a complete picture of your business’ future. You need to know about the Customer Lifetime Value or CLV. Customer lifetime value is a metric that predicts your customer’s worth in your business. CLV gives you complete details on how you should be spending on your money to your customers through their worth.
You can compute the CLV by getting the average order value (AOV) and multiplying it to the average number of purchases in the past year. This metric can help you in creating new marketing tactics to get higher CLV.
8. Email Open Rate
As the title says, your email can be a factor to get a low performance in your site. By tracking the email open rate, you can know the number of time your email is opened on the receiver’s side and compared to the total number of people that the email was delivered. If you have a low email open rate, you can experiment with a lot of things in your email. You can start writing a new subject line. You may also experiment on how you explain your company in the “from” field. Also, the time and day you send your mail may not be a good time for your audience. If there are really stagnant people on your mailing list, you can delete them from the list.
Advocacy is essential to achieve by your customers. This is the part where your customers are undoubtedly and automatically advertises your business through referrals and word of mouth. This is also the time where they have a high brand trust for you. You can boost this strategy by producing user-generated content to feature your customers in advocating your brand. It can be in the form of a video, photo, or user review. This shows that engaging with your customers is a significant part of handling an online business.
10. Cart abandonment rate
A lot of online people are abandoning their shopping carts after getting to the part where it is time for checkout. It may be because of different reasons such as hiding the shopping cart while you are looking for items, hidden charges, limited payment methods, and more. This abandonment is a huge loss for a lot of e-commerce business. You can compute the cart abandonment rate by getting the total number of completed purchases and diving it by the number of shopping carts created. If you have a relatively high rate of abandonment rate, you need to re-design your shopping process on your site. You should be more transparent with your customers in showing the fees, give a smooth operation, and more.