Many e-commerce businesses use online analytics solutions, to learn more about store operations and consumer experiences. Even though some of these tools are strong and really help people make educated decisions, they may also be strict in their offerings, come up short of your specific business goals, and be overpriced.
When you comprehend the use of eCommerce Analytics, you can immediately identify the factors that influence consumer purchases and make proactive use of the data in your eCommerce site and sales. To learn more about these metrics and what they may provide to your business, continue reading.
Let’s start with the Average Order Value (AOV)
The typical sum a consumer pays while placing an order on an eCommerce website is what is meant by this term. It is identified by dividing the overall order value by the total number of orders.
A larger AOV indicates that, on average, the business is generating more profit per customer, which is why it should be important to an eCommerce firm.
Then, The Top Paying Customer or Customer Lifetime Value (CLTV)
This indicator represents the value of a typical client during the time of their interaction with your business. It is the sum of cash collected from a client prior to that consumer switching to a competitor or ceasing all use of your product.
How about the Unsuccessful Delivery Reasons /Product Return Rate?
Let’s be honest; this needs to be kept in mind at all times. Simple logic dictates that a high return rate points to a flaw in the product. Do you realize that returns are expensive because they require two processing steps: one before shipping and one after returning?
As a result, the e-business will be able to eliminate the underperforming products from the catalogue and only provide the customers with the items they genuinely want by cutting off the return rate by products and categories.
Total Cash Collected /Total Revenue
Interested in learning how much money your store makes each day, week, month, quarter, and year? You may quickly obtain this data from your e-commerce dashboard, allowing you to efficiently monitor the development of your store.
Who would not want to know the Monthly Orders Volume?
A useful online sales indicator to analyze is the total number of orders. It is the evidence that your efforts to attract new consumers or keep existing ones are effective when you see an increase in the number of orders placed at your online business.
Easily check your Order Status / Success Rate
It is required to keep an eye on a collection of metrics that are essential to fulfilling orders. The overall order cycle time, the number of error-free orders, the portion of delayed orders, and many other metrics that may all be tracked, like …
- Avg. Delivery Duration and Attempts.
Calculating the average amount of time it takes to ship an order after it is placed is a crucial step towards better fulfilment and higher customer happiness.
- And Financial Statistics or the Cost Per Order.
You may find out how much you typically spend on logistics to deliver your products to clients accurately and on time from your eCommerce dashboard. Packaging, shipping, cost of products sold, and other fulfilment costs can all be included in this.
Your customers may tell you something crucial…
In fact, seeking their opinion on a regular basis is a sort of incentive that builds a relationship with them over the long run. You may utilize the feedback customers provide regarding their experiences with your brand to better tailor your operations and also it indicates that you respect their opinions to better meet their demands by:
- Improving your services and goods
- Assessing client satisfaction
- Improve the consumer experience.
- Boost client retention
As a result of feeling appreciated, your customers will be more likely to frequently express their honest opinions about your goods and services.
The ability to tailor the customer experience is one of the main benefits of using geolocation in eCommerce, as it is with everything that includes data. And this is still a crucial component for businesses today, especially for digital ones for better online ad targeting and market segmentation.
In short, to organize your data, you may start by using a straightforward excel sheet. However, as time goes by, you’ll want to adopt a professional reporting dashboard to save your time.
We can work with you to create an exclusive eCommerce dashboard for your store that puts all business-critical figures at your fingertips and visualizes data, combined from each stage of the customer journey and produce insightful reports that can be used to take appropriate actions.
Sign up with Sprint Logistics here to:
- Access and manage your business
- Start your delivery journey
- View your eCommerce Analytics.
The base for your e-commerce reporting should now be in place so you and your teams don’t have to waste time digging through big quantities of scattered info.