When tracking the metrics of your business online, thee are a few that stand out from the rest. You do have platforms that make it much easier for you to track this, but you can also be your own store operator, letting you track the data yourself and have more freedom. You need metrics though since this will help you make decisions, letting you know all about the performance of a store, the sales you make, and the average value of the items that are bought.
But there are a few metrics that stand out from the rest, and here, we’ll tell you what they are.
First, is the obvious conversion rate, which is the percentage of people that visit the store in order to make a purchase there. This is done by the number of sales divided by a number of people visit, times that by 100. The ideal conversion rate is usually 2-3%, but you might fare a bit better with some ads.
Next, look at website traffic. You can look at what’s bringing people in. from there, you can look to see what is getting interested, and you should remember, this metric exists in order to tell you what people actually want to see from your store, and will maximize generation of sales.
Then there is the email opt-in rate. This is something that is good to know, because it will tell you outright who cares enough about your business to get emails about it, whether it be for eCommerce, or also generating interest in business. Oftentimes, this is a good way to maximize the ROI too, so I do recommend also tracking this analytic.
Then you have customer lifetime value, and it’s the total of what you get from the average customer. An example is this, a customer makes six transactions, and the total of it is 240 since each transaction is 40 dollars. However, you’ll need to take out the acquisition costs, but this will tell you how much will be spent to get the customers and the lengths you’ve got to go. In order to increase this, you can work on improving the order value, or even support frequent buyers as well.
Finally, you have average order value, which is the value of all the sales by the number of carts, which tell you the average value of the purchases on the store, which is good for telling you which products are selling, and which ones aren’t.
For many people, there are a lot of different benefits to this, and you’ll be able to, with each sale, boost your own rankings and such, and knowing these metrics will help you a lot.
There are a lot of great ways to use these since they’ll literally tell you a lot about what’s happening, and a lot about the different aspects of this. For many, this can help push sales and improve your e-commerce business.
