Black Friday period is close by and every eCommerce store is on fire with the Black Friday marketing campaigns.
So, do you know what are the most essential metrics for your eCommerce store?
No clue? Well, nothing to worry about, here we’ll let you know some of the most amazing tracking ways you can get your revenues booming in no time.
Keeping track of particular eCommerce metrics can actually make a huge difference in getting in more customers and even aid you in improving your sales.
Therefore, let’s wait no further and binge on the top 8 metrics for your ecommerce site.
Top 8 Metrics You Should Not Miss Tracking
Here in this section, we’ll let you know the top 8 metrics that you must use to keep track of your eCommerce business.
1. Shopping Carts Abandoned Rate
Sometimes, people put items in their shopping carts but don’t actually finish with the purchase. So, this abandonment rate lets online store owners know how many visitors put items in their shopping carts but didn’t buy them.
It has been reported that around 68% of shopping carts are left empty. Therefore, if your rate is higher than the average shopping cart abandonment rate, it could be due to several reasons like:
- A complicated or pretty long checkout process
- Extra shipping costs
- Payment security concerns
- Sign up issues
- Indecision whether to buy the item or not
So, to ensure your cart abandoned rate stays lower, here’re a few tweaks that you can apply:
- Send emails to your customers to let them know that they left items in their shopping carts. Around 93% of online shoppers tend to buy items when they’re free.
- Offer “Checkout as a Guest” for a quick and easy checkout.
- Give your customers a better shopping experience.
2. Conversion Rates
Conversion rates are the number of customers who bought something after visiting your website. If you’re wondering what a good conversion rate is, well, to be honest with you, there are no specific numbers. It entirely varies from industry to industry.
However, the average rate of conversion for eCommerce sites around the world is 2.86 %, yet the number is not specific.
Well, no matter what, your main goal is to determine the average eCommerce conversion rate and use that to measure how well your store is doing. You should be using a conversion tracker to record this metric for each campaign or source of traffic for your ecommerce website.
So, if your conversion rates aren’t showing the right numbers, here’re a few things you can look after to bring in considerable results.
- Make an attractive Checkout Success Page
- Give away free shipping
- Give ways to log in through social media
Tracking your conversions is necessary from multiple reasons:
- Accurate overview of your conversions rates and the sources that bring more conversions
- To see, for each marketing campaign, which one brings more conversions
- If you run Facebook, Instagram or TikTok campaigns, then tracking your conversions and sending that information back to Meta or TikTok will help their attribution algorithm get better results. This means a lower CPA for you 🙂
3. Customer Lifetime Value (CLV)
CLV is how much a customer spends with your brand over the course of their relationship with your brand. So, in simple words, you can actually think of it as how much your targeted customers are worth to your brand in terms of money.
Here’re some quick tips that you can use to increase your CLV rate:
- Encourage your customers to spend more money by giving free gifts on orders.
- Engage your customers coming back for more by using newsletters for email marketing.
- Send your customers a “Thank You” message after they buy something.
4. Customer Retention Rates
It’s a measure of how many customers a business keeps over time. Customers who come back are more profitable than new ones.
Moreover, customer retention affects the average customer’s lifetime value, so the more profitable a customer is, the longer they stay with the company.
Check out these ways by which you can keep your customers:
- Change the prices for your repeat customers.
- Offer customer loyalty programs.
- Provide them with a recurring subscription.
- Survey your customers and take their feedback.
5. Revenue Per Visitor
Metrics for revenue per visitor aid you in measuring how much money a brand can make on average from a particular website visitor.
So, when you know this value, you’ll be able to determine your store’s conversion rates and have an idea of how other things are working.
That’s not all; you can even compare the revenue per visitor to the average for your industry. Therefore, if your rate is low, you can actually work on it by finding ways to make it higher. And if the revenue per visitor is higher than the average, you can still look into it and work on your marketing skills to bring in more customers.
6. Average Order Volume
AOV measures how much each customer spends on average when they buy something from your eCommerce store.
Here are some effective strategies that our eCommerce experts use:
- Try to sell the items that were suggested.
- Set it up so that shipping is free when you spend a certain amount.
- Offer volume discounts by giving a percentage off of a fixed amount bought.
- Offer good deals, seasonal sales, and holiday sales to get more people to buy on average.
If you track your organic or marketing campaigns with an ad tracker like CPV Lab, then the AOV, Revenue or CR values will automatically show in your reports so you can understand your business from one single dashboard.
7. Customer Acquisition Cost
Getting a customer, you can figure out the cost by dividing the total amount you spent on marketing by the number of customers you got during the time you spent on marketing.
Below are some of the most effective ways by which you can get in new customers:
- Pay attention to the marketing channels that your prospects like the most. You can track each channel with a conversion tracker and see the Cost for each conversion coming from that traffic source. In this way you have a CAC value for each marketing channel (organic traffic, affiliates, Facebook, Twitter, Linkedin campaigns, Youtube ads, Google Ads, etc).
- Try different but engaging things to increase sales. In today’s word, you should probably try to be omnipresent… this means all marketing channels that you have at your disposal (including TikTok!)
- Keep in touch with leads. Depending on your business size, you should probably use a CRM system for this.
8. Click-Through Rate for Email
Email click-through rate (CTR) shows how interested your customers are in the emails you send them as part of an email campaign. It tells you how many customers engaged with your marketing campaign or at least clicked on one of the links in your emails.
This is one of the best ways to know if your work is worth the time and money you put into it. Yet it’s true that your business’s industry can change these numbers and what you expect to happen.
Here are some of the effective ways you can increase your click-through rates:
- Make sure your emails look like your brand.
- Use a focused layout that will naturally lead your readers to your CTAs.
- Include relevant images with alt texts and links.
- Try to use the CTA buttons
- Offer just one CTA and try putting it on the right.
Any email provider will give reports about your email open rates or CTR.
In CPV Lab click tracker there is a layout for a campaign called “Email Follow-up campaign. With this type of campaign you can track your emails and the clicks on your links/offers.
Why would you use it instead of the usual email provider reports?
Easy! Because in a marketing tracker you have all the values for all your campaigns. And if you run email marketing campaigns, then for sure you want those reports to show up in your dashboard right?
Bottom Line
After going through this article, we believe you’ll now understand why these metric tracks are essential. So, if you want to see improvements in your eCommerce business and stand out from your competitors, these metrics are going to be a lifesaver.
And having them all in one dashboard will give you the full picture of how your business is doing. Plus, you don’t waste time in logging in all the platforms to get the necessary data and aggregate it in a single report.
Don’t forget, you have 14 days free trial to check how a conversion tracker like CPV Lab can improve your ecommerce reporting. Give it a try now!