There are a number of critical components that need to come together if your site is going to be successful, such as making sure you choose the right eCommerce payment gateway for your needs, for instance. It is also important to understand what important role analytics plays in that success.
Here are some key points to consider if you want to see your eCommerce sales enjoy a healthy upward trajectory.
Understanding who your customer
One of the most important metrics and a highly essential aspect of analytics that you need to focus on is your ability to create an accurate customer persona.
If you can harness all of the data that tells you what your typical customer looks for in your business and what drives them to your store in the first place that can be a powerful tool.
Analyze your regular social media campaigns to get that data and encourage people to sign up so that you can continue to monitor their buying behavior and spot trends you can tap into.
How good is your conversion rate?
Another highly illustrative analytical tool at your disposal is the ability to not only gauge how many customers visited your store but how many actually completed the checkout process.
Some of the key metrics that you need to scrutinize are the click-through rate for specific links as this will allow you to see the cost per acquisition and adjust your offering accordingly.
Find ways to improve your conversion rate
Your ultimate goal is to turn every visitor into a customer but we all know that is not going to happen. However, analytics can definitely help you boost that conversion rate and take your sales performance to the next level.
Being able to calculate your actual conversion rate will help you to know how many customers you need to visit your store to meet your sales targets.
You can also use analytical data to try and understand the reasons for cart abandonment.
Improve customer retention rates
Winning customers is just one-half of the battle, you want to be able to retain them and get them to spend regularly if your sales performance is going to move upwards consistently.
If you can improve customer retention rates by just 5% it is likely to equate to an increase in profits of at least 20%. That is why it is highly relevant to understand these particular metrics.
Converting customers into brand ambassadors
Once you have used analytics to work out who your customer is and how to keep them loyal the next stage of the lifecycle is to use metrics as a tool for converting these loyal shoppers into ambassadors for your brand.
One of the analytical tools at your disposal is something called the Net Promotor Score.
This gives you the ability to measure the willingness of a customer to recommend your products to others. Being able to categorize shoppers in this way is a powerful tool that can make all the difference to your eCommerce success.
How many of these analytical tools at your disposal are you currently using to boost your sales performance?