Monitoring Key Performance Indicators for Online Commerce
Keeping track of these top fives KPIs can help you make strategic, informed decisions for sales
KPIs are the lifeblood of a successful, strategically positioned eCommerce site. Key performance indicators tell you how your site is performing and help you identify areas for improvement. KPIs can act as warning signals before disaster strikes or as affirmations that your efforts have been successful.
With a robust eCommerce platform like Clarity eComerce™, you can use your analytics dashboard to keep track of your site, your marketing campaigns, and your company's growth. Powered by metrics measurements, your B2B or B2C eCommerce business can work smarter and harder.
These top five KPIs will help you monitor your site’s performance and make smart decisions about how to move forward based on analytics and data.
Your site’s conversion rate, or, in eCommerce specifically, the percentage of visitors to your site that actually make a purchase, is key to the success of your business and is likely the most important metric for you to measure. When tracking conversion rates, pay attention to what part of your site is leading to conversion. For example, is a particularly compelling CTA leading to more sales? Do customers routinely fall off after visiting a certain product page? After you optimized SEO, did conversion rates go up? Conversion rate measurement can help you make targeted decisions about how to continually improve your eCommerce site for a great customer experience.
Shopping Cart Abandonment Rate
Shopping cart abandonment is a veritable epidemic during eCommerce transactions. If the checkout process is at all confusing, complicated, or if page elements do not function properly, customers may become frustrated and leave before completing the transaction. By keeping track of shopping cart abandonment, you can identify potential problems with your online sales transactions before they become serious issues.
Do your customers tend to buy certain products together? Do you notice a trend where multiple customers visit the same group of products during a site session? Paying attention to product affinity and product relationships can help you strategically organize your site. You may even use this data to create special promotions or bundled packages to promote related products and up your profits.
If you don't have a product in stock and can't deliver to customers in a timely fashion, your customer may end up going elsewhere for business. In B2B business, where repeat transactions are common, losing a customer during that initial sale could mean losing years of business.
In addition to helping you keep track of inventory levels for better business, monitoring stock through an eCommerce analytics dashboard like Clarity's can also help you identify trends. You may notice that certain products are more in demand on a seasonal basis, and you can adjust your orders accordingly. By helping you predict future trends, monitoring inventory can help you be prepared for any situation and get the most business from your customers.
Site traffic is a multi-faceted KPI to monitor and goes beyond simply measuring overall site traffic. By checking how many user visit your site on a daily, monthly, or annually, you can determine whether or not changes to your site have created a drop or a spike in traffic. Taking note of whether or not customers are viewing the mobile version of your site or how they are arriving at your site (via organic search or other methods) can also help you make decisions about site design or marketing.
By checking what time of day the most customers view your site, you can determine the best times to push out new products or social content for maximum effect. Another metric to analyze is session time, or how long users stay on your site. Along with measuring your conversion rate, session time can help you determine whether or not your products are holding the interest of site visitors.
Clarity Can Help
Our Clarity eCommerce™ platform was built with your business in mind. Our comprehensive analytics dashboard will allow you to monitor these KPIs and more. To give your business its best chance at success, call or click for a free quote today!