Venturing in ecommerce is not something you can horse around with.
Keep in mind that in the fiercely competitive world of online business, everything you do without pure dedication won’t work.
Remember, data is the key to ecommerce survival, so make sure that you secure reliable tools to track, analyze, and convert these to actionable steps.
To get you started, we’ve listed seven of the most important metrics you should track. Read on to know about them.
1. Keyword Rankings
Every ecommerce entrepreneur should know about Search Engine Optimization or SEO if they want to succeed in this venture.
A great SEO campaign brings your brand at the top of search engine results, which then supplies sustainable organic traffic to your website from within your locality up to international search engine users.
With this, you’ll need a tool such as SEMrush to track search engine positions and ensure your rankings are at par with the money you invest for an effective SEO.
Using SEMrush, track your keyword rankings via a position tracker. You can then see the positions under the “Top Keywords” data card.
Improving Keyword Rankings
True, you need to go in-depth when learning about SEO.
However, to give you an idea, it’s crucial that you use internal links to spread traffic and trust flow on your website, and that you need to build backlinks from authoritative sites to boost your rank-worthiness.
2. Loading Speed
User experience has the power to make or break your sales.
According to statistics, up to 40 percent of users would abandon a site that doesn’t load in three seconds or less. Imagine losing half of your potential customers in a wink of an eye.
This is why you can’t risk to shy your focus away from your website’s loading speed.
Track your site’s loading speed using tools such as PageSpeed Insights. It thoroughly analyzes your website for inconsistencies that affect performance.
When using PageSpeed Insights, enter your website’s URL, click “Analyze,” and wait until it finds some performance-related issues.
Conveniently, it presents actionable recommendations, too.
Make Sure Your Website is Up To Speed
Apart from the optimization suggestions by PageSpeed Insights, some sweat-free ways to boost your site’s performance are by minifying your code with MinifyCode.com and using a tool like Kraken.io to compress your images.
3. Pages Per Session
Of course, no conversion will happen without visitor engagement in the first place.
Your audience’s pages per session measure the engagement level your shop has with your visitors by letting you know the number of pages users view per visit.
Bounce rate is another metric closely tied to pages per session. Bounces happen when visitors leave your site without clicking anywhere else.
You can measure both pages per session and bounce rate metrics on Google Analytics.
Improve Pages Per Session and Bounce Rate
Invite your website visitors to explore your shop by utilizing internal linking to connect related pieces of content and products, present sidebar navigation links, and implement a site-wide search function.
4. Conversion Rate
Many in the ecommerce world discuss traffic generation as the only way to succeed. While it truly is essential, it’s just a vanity metric if there’s no conversion happening.
Conversion rate measures the likelihood of visitors to turn into paying customers or email subscribers.
If you have a custom shop integrated into your website, you may use Google Analytics to track this metric. You can create a custom “goal” that tracks the number of times your “Thank You” page is loaded.
Improving Your Conversion Rate
Tracking this metric helps you check the efficiency of your conversion rate optimization or CRO strategies. You can do this by including special offers such as discounts, trial periods, and free eBooks, A/B testing your landing pages, and a lot more other ways.
5. Email opt-ins
With email marketing, you can achieve getting an average of $44 for your $1 investment. Interested?
Well, that’s the kind of returns email marketing can bring to your ecommerce business.
Fortunately, it can be stress-free to get your visitors to sign up for an email subscription. Start racking email opt-ins by offering discounts or contests like how PatPat.com did it.
Their contest starts with a pop-up asking their viewer to click the button so they can join.
The user then chooses from any of the eggs.
Upon clicking an egg, an email capture form will then appear.
It’s an uncomplicated, fun experience that makes it easy for the store owner to capture their visitors’ emails.
6. Shopping Cart Abandonment Rate
Moving on, a vital aspect that could cause a massive loss in your revenue stream that you need to track is shopping cart abandonment rate.
These are the number of customers who add products to their cart but end up leaving your website without purchasing for some reason.
You can track your cart abandonment rate in one of your platform’s auto-generated reports or with Google Analytics through funnel visualizations.
Reduce Your Cart Abandonment Rate
Not to worry, you can prevent lost sales by developing more data-driven content, such as case studies and product comparisons, reducing friction by avoiding unnecessary checkout steps, etc.
7. Average Order Value
The Average Order Value is the average amount of every purchase made. To get this amount, divide your total sales with your number of carts.
Ideally, your average order value should increase, enabling you to get the bigger value per purchase.
Some ways to attain this is by upselling related products to the item your customers bought or is buying and bundling your products.
Established ecommerce stores such as Amazon.com are focused on increasing their average order value.
They’ll show you the relevant details of the main product on the page and a “Frequently bought together” section, showcasing more products.
To up their game, they also have added sections to encourage customers to add to their existing purchases.
Keep On Going
By employing the metrics above and giving the biggest effort you can muster, your business will surely grow at the right pace.
What’s important is that you now have the knowledge and can acquire the means to move forward with your ecommerce venture.
Any vital metric you think we’d missed? We’d love to hear about it in the comments! Cheers!