Post by nurnobisorker14 on Oct 30, 2024 3:40:02 GMT -5
In the modern world, online stores have become a popular way to sell goods and services. From year to year, the e-commerce market is only growing. However, like any other business, online trade needs to analyze the effectiveness of its work. Marketing indicators help us with this, which allow us to determine the success of the store and identify problems. In this article, we will consider the KPI of an online store and describe how to track and analyze them so that your project is as successful and profitable as possible.
Contents hide
1) What is KPI
2) How to track KPIs
3) 10 Main Metrics for an Online Store
3.1) Attendance
3.2) Conversion to cart
3.3) Conversion to purchases or CR
3.4) Abandoned Carts or CARs
3.5) Conversion by products
3.6) Payback or ROI
3.7) Rejections or BR
3.8) Average order value or AOV
3.9) Customer Refunds or RVR
3.10) Customer Value or LTV
4) Conclusion
What is KPI
Key Performance Indicators are translated as key performance indicators. They are used to measure the performance of an online store. They allow you to control and effectively manage its work, identify problems in a timely manner and determine the areas that need to be improved.
Marketing metrics are needed to:
compare your expectations and goals with reality;
evaluate the benefits, analyze the payback, conversion and other parameters;
have a general idea of the success of your business, learn its strengths and weaknesses;
evaluate the effectiveness of advertising bulk email campaigns campaigns, find flaws in them and correct them in a timely manner.
Such analytics are used both to evaluate results for a certain period of time and to compare different time periods with each other. It can also help you set priorities for your business development, and you will be able to make decisions based on actual data and achieved results.
Increase your sales with Mokka
How to track KPIs
Large online platforms have a large staff of marketers who deal only with analytics. Small stores most often turn to special agencies that can competently analyze indicators.
But when opening your online store from scratch, you have to do everything yourself. For successful business development, it is highly recommended not to neglect analytics. You can easily learn all the intricacies regarding KPI yourself. There are ready-made services for collecting analytical data, you just need to analyze these metrics correctly.
There are many tools and monitoring systems available to help you track KPIs and help you collect data and analyze it.
To collect primary data on your site's performance, use the most well-known tools: Google Analytics and Yandex Metrica.
Determine the KPIs you need to track, choose the ones that are most important for your business. Below we will analyze the most popular Internet marketing metrics, but each specific project should be approached individually, perhaps in your case you will need something else.
Next, you need to track and analyze the selected KPIs. Up to a certain point, you can automate the data analysis process. But eventually, you will still have to take the place of an analyst. Tracking KPIs will help you understand how effective your strategy is, identify problems, and find ways to solve them.
10 Key Metrics for an Online Store
Marketing indicators of an online store include a wide range of metrics, it is important to take them into account in order to evaluate the effectiveness of advertising campaigns and determine what needs to be improved. Let's take a closer look at the most important key indicators.
Attendance
Your website traffic is how many users visit it over a certain period of time. No one will argue that the more visitors to the site, the better. Therefore, their number and its change should be monitored, as well as analyze which of your actions led to an influx of potential buyers or, conversely, to their decline.
Try to compare the dynamics of your indicators with the sites of your closest competitors, then you will have something to strive for. With the help of web analytics, you can also track traffic sources. To understand the effectiveness of a particular development strategy, it is important to know where your customers come from.
Conversion to cart
Conversion is the percentage of visitors who perform the desired action on your site, in this case adding a product to the cart. If people come to your store, look at product cards, but do not add to the cart, then look for a problem at this stage. Perhaps you have problems with the description, for example, not enough characteristics or bad photos. Or maybe there is just an inconvenient and invisible add to cart button.
Conversion to purchases or CR
The indicator is similar to the previous one, but it indicates the number of people who successfully placed an order with you. We can say that this is the most important metric, because this is exactly why you opened the store. But of course, it should be analyzed only in the context of other indicators. Roughly speaking, if you have no visitors, then there is no one to make purchases.
Contents hide
1) What is KPI
2) How to track KPIs
3) 10 Main Metrics for an Online Store
3.1) Attendance
3.2) Conversion to cart
3.3) Conversion to purchases or CR
3.4) Abandoned Carts or CARs
3.5) Conversion by products
3.6) Payback or ROI
3.7) Rejections or BR
3.8) Average order value or AOV
3.9) Customer Refunds or RVR
3.10) Customer Value or LTV
4) Conclusion
What is KPI
Key Performance Indicators are translated as key performance indicators. They are used to measure the performance of an online store. They allow you to control and effectively manage its work, identify problems in a timely manner and determine the areas that need to be improved.
Marketing metrics are needed to:
compare your expectations and goals with reality;
evaluate the benefits, analyze the payback, conversion and other parameters;
have a general idea of the success of your business, learn its strengths and weaknesses;
evaluate the effectiveness of advertising bulk email campaigns campaigns, find flaws in them and correct them in a timely manner.
Such analytics are used both to evaluate results for a certain period of time and to compare different time periods with each other. It can also help you set priorities for your business development, and you will be able to make decisions based on actual data and achieved results.
Increase your sales with Mokka
How to track KPIs
Large online platforms have a large staff of marketers who deal only with analytics. Small stores most often turn to special agencies that can competently analyze indicators.
But when opening your online store from scratch, you have to do everything yourself. For successful business development, it is highly recommended not to neglect analytics. You can easily learn all the intricacies regarding KPI yourself. There are ready-made services for collecting analytical data, you just need to analyze these metrics correctly.
There are many tools and monitoring systems available to help you track KPIs and help you collect data and analyze it.
To collect primary data on your site's performance, use the most well-known tools: Google Analytics and Yandex Metrica.
Determine the KPIs you need to track, choose the ones that are most important for your business. Below we will analyze the most popular Internet marketing metrics, but each specific project should be approached individually, perhaps in your case you will need something else.
Next, you need to track and analyze the selected KPIs. Up to a certain point, you can automate the data analysis process. But eventually, you will still have to take the place of an analyst. Tracking KPIs will help you understand how effective your strategy is, identify problems, and find ways to solve them.
10 Key Metrics for an Online Store
Marketing indicators of an online store include a wide range of metrics, it is important to take them into account in order to evaluate the effectiveness of advertising campaigns and determine what needs to be improved. Let's take a closer look at the most important key indicators.
Attendance
Your website traffic is how many users visit it over a certain period of time. No one will argue that the more visitors to the site, the better. Therefore, their number and its change should be monitored, as well as analyze which of your actions led to an influx of potential buyers or, conversely, to their decline.
Try to compare the dynamics of your indicators with the sites of your closest competitors, then you will have something to strive for. With the help of web analytics, you can also track traffic sources. To understand the effectiveness of a particular development strategy, it is important to know where your customers come from.
Conversion to cart
Conversion is the percentage of visitors who perform the desired action on your site, in this case adding a product to the cart. If people come to your store, look at product cards, but do not add to the cart, then look for a problem at this stage. Perhaps you have problems with the description, for example, not enough characteristics or bad photos. Or maybe there is just an inconvenient and invisible add to cart button.
Conversion to purchases or CR
The indicator is similar to the previous one, but it indicates the number of people who successfully placed an order with you. We can say that this is the most important metric, because this is exactly why you opened the store. But of course, it should be analyzed only in the context of other indicators. Roughly speaking, if you have no visitors, then there is no one to make purchases.