E-commerce is constantly growing, and businesses that don’t use online channels to sell and promote their services and products often lag behind competitors. Choosing channels that suit your business is crucial for having a successful online sale.
You can take advantage of social networks because there are your potential customers. Use those networks as a channel through which you will lead interested customers to your webshop.
In order to track the analytics of your business, your customers have to purchase something and you have to update your inventory lists. Good analytics and metric tracking are what will lead you to more successful sales.
Unfortunately, measuring and optimizing all available data can be expensive, complex, and time-consuming. So, it would be best to approach it wisely. Instead of working hard, work smart. Identify the right optimization metrics that will give you the best results.
1. Sales conversion rate
Sales conversion rate is the percentage of your sales divided by the number of potential customers. For example, if you have 10,000 visitors on your website per month, and you only get fifty deals from those visitors, that means your conversion rate is 0.5%.
In that case, you need to optimize your conversion rate to stop losing money spent on collecting leads. Improving your sales conversion rate from 0.5% to just 1% means you will get one hundred sales out of every 10,000 visitors, which is a double boost to your business.
The best way to track sales conversion rate is using Google Analytics. To improve your conversion rate, you need to do a few simple things:
- Use quality pictures of your products
- Ask for reviews from users who have used your products
- Add a live chat option to allow potential customers to communicate directly with your support team
2. E-commerce traffic
E-commerce traffic will tell you where did your customers find you and where they are from. Furthermore, it gives you an insight into how many visitors your website has and how long they are on it. Monitor that traffic daily to find out what offers attract customers the most.
By tracking these statistics, you get an accurate picture of which advertising channel is most suitable for you. That way, you can get the most out of it.
With the analysis and statistics, the website’s content adapts to the market’s trends and needs. Doing so leaves visitors with the impression that you are constantly improving your products and services.
To get more traffic, you need to do a few simple things:
- Implement social media in your marketing techniques
- Optimize your website to ensure more organic visits
- Do not run away from influencers
If you want more traffic control, then you have to try out the app TruConversion. With this fantastic application, you can track your funnel’s performance and determine what is working and what is lacking.
You can also use great optimization tools such as heatmaps, session recordings, and form analytics.
Heatmaps can show you customers’ movement through your e-commerce, which can help you get a better understanding of where to put your call-to-action buttons.
With session recordings, you can effectively analyze customer behavior and ask them for opinions through surveys.
3. Revenue tracking by traffic source and tracking the average order
As noted earlier, you need to keep track of where your customers are coming from. By having a good strategy and knowledge of your customers, you can generate better revenue.
Identify sources that can generate income and the ones you do not expect payment from. Knowing the lucrative sources will allow you to stop spending money on choices that don’t work.
Non-profit media tends to use more aggressive marketing, which is very easy to fall for.
The average value of an order represents your total revenue divided by the total number of orders. To increase the average value of an order, you will have to offer additional products to encourage customers to visit your e-commerce.
Another way to increase the average value is by offering extra discounts for more products or their free delivery.
4. Domain authority
Domain authority is the rating of search engines that predicts where a website will organically rank on a search results page. The domain authority rating ranges from 1 to 100.
The higher the rating, the higher the ranking of the website. Domain authority changes daily and is never stable.
The most valuable metrics for domain authority are:
- MozRank: Measures the website’s overall popularity by counting the number and quality of websites that link to it
- MozTrust: Focuses on the reliability of the websites linking to the rated website. If these sites are reliable, such as university sites, large companies, or specialized sites, the website will have a higher ranking
- Link profile: When linking, internal and external links are connected. A website that links content from reputable and authoritative sources will also have a good link profile
5. Customer satisfaction – new vs. returning customers
In addition to the product and its content, customer satisfaction is greatly influenced by other factors that e-commerce itself cannot control.
In this way, you need to focus your entire business, sales staff, and management on customer satisfaction.
There are several reasons for measuring satisfaction:
- Customer retention
- Gaining knowledge on which areas you need to improve
- Customer reactions to the introduction of new products on the market
- Maintaining the quality of products
The cost of attracting new customers is estimated to be five times higher than the cost of maintaining current customers’ satisfaction.
It takes a lot of effort to distract satisfied customers from their favorite vendors.
Regardless of the price, current customers’ pleasure gains value if we assume that they will return regularly. It also helps if they talk highly about the product without intending to influence new customers’ attraction.
A satisfied customer will praise you, and a dissatisfied one will complain, which can have a bigger impact on your website. It is necessary to focus on existing customers’ satisfaction.
Other important things to know
If you want the customer to know enough information about your product, you need to send a clear, direct, and exciting message to ensure they return to another or the same product. Sentiment analysis tools can further help to gather feedback from your consumers.
It is necessary to understand what visitors like to buy or follow through different media channels by analyzing and measuring the market.
If you are involved in measuring all this data, it’s a good idea to have convenient tools such as TruConversion or Google Analytics. Campaigns that you are running right now will yield the results in a few months’ time.
Strategies that focus on the customers are more successful than those that elevate and promote the brand itself. The process of optimization, research, and analysis is a continuous process.
The reason for that is customers changing their habits and often finding new channels to receive information from. Researching and analyzing regularly will allow you to stay on top of things.