KPIs for B2B eCommerce
Four key performance indicators that help you gauge how well your B2B business is doing online
Key performance indicators (KPIs) are great tools to help you judge how well your business and eCommerce site are doing. They can help prove that your new strategy is working right and can be the first warning sign when something is going wrong. For B2B businesses just dipping their toes in the eCommerce waters, KPIs can be valuable assets, letting them know if they are on the right track. Below is a look at some of the main KPIs for B2B eCommerce and how they differ from B2C.
Online Retention Rate
The online retention rate KPI helps B2B businesses judge whether their eCommerce store is satisfactory enough for customers to want to use it again instead of switching back to ordering in person. With B2C eCommerce, most customers only have the chance to order online. With B2B, however, customers can choose to call their salespeople or order online. If the online retention rate is low, meaning customers try the online store once and then switch back to contacting their salespeople, it’s a sign that the eCommerce store isn’t doing its job. This KPI can show B2B businesses that they need to talk to their customers to find out what went wrong and make the necessary adjustments if they want to continue selling online.
Average Order Value
Studies have shown that customers tend to spend more once they start shopping online. For B2B this can mean better sales and higher profits, and thankfully, they will have numbers to compare since most B2B businesses sell offline first. The average order value KPI will help you determine if you are selling more now that you have switched to eCommerce. Are customers spending more? Are your recommended and related products widgets making an impact? If the average order value decreases, you will need to investigate the cause of that too. Can customers not find the items they are looking for? The average order value KPI helps B2B businesses easily measure their eCommerce efforts and figure out if they need to make changes to their site or strategy.
Shopping Cart Abandonment Rate
Unlike B2C, B2B ecommerce shopping carts usually contain larger, more valuable orders, which is why it’s imperative to keep the cart abandonment rate low. And if it is high, you need to figure out why. Did that person switch over and call you to place their order? Is there a certain step in the process that everyone seems to stop at? Is someone going to a competitor because they have better pricing? Keeping a close eye on your shopping cart abandonment rate can help you notice any spikes, quickly determine the problem, and fix it before it has a major negative impact on eCommerce sales.
Customer Service Phone Call and Email Count
The customer service KPIs can mean a lot more to B2B businesses than B2C eCommerce businesses. Unlike B2C businesses, almost every B2B business sold exclusively in person or by phone before they branched into eCommerce. The customer service KPIs give B2B a chance to see how well their eCommerce efforts are working out. Are customers still calling for help placing their order? Are they able to service themselves without having to contact customer service or a salesperson? Comparing the customer service KPIs to how many calls and the time they took before switching to eCommerce allows B2B businesses to evaluate how well their eCommerce is working and whether they need to change some things on their site to get the customer service KPIs to decrease.
Clarity Can Help
B2B eCommerce can be tricky, which is why you need a dedicated team of experienced experts to help you. We at Clarity would love to be that for your B2B business. For nearly a decade, Clarity has been helping B2B businesses enter the online realm, creating custom eCommerce sites to work for their business and their customers. To speak with an expert about adding or improving a B2B eCommerce site or to find out more about KPIs that are valuable in B2B, call or click to contact us today!