Have you ever wondered how to track your success when it comes to ecommerce marketing? If you are new to running an online store, you may have some idea of the metrics to focus on in order to track growth and plan for the future. Even if you’ve been running your store a while, however, it can be very useful to clarify the most important metrics that will measure your success. In today’s highly competitive world, starting an ecommerce business is easy. Succeeding in your goals is somewhat different, however.
In this guide, we take a look at the most important ecommerce metrics to help you increase your conversion, see more sales, and bring in more customers now and in the future.
Don’t Overlook These Ecommerce Marketing Metrics
While there are a number of ecommerce marketing metrics to track, from repeat customer rates to overall website traffic, bounce rates, shopping cart abandonment rates, and many others besides, there are a few metrics that are especially important to your long-term growth potential. These essential metrics include the following:
1. Conversion Rate
Conversion rate is important because this measures your ability to take customers from browsing to buying, in a way that simplifies the process and builds trust. You could have a high overall traffic rate to your store, but unless people are actually making a purchase, none of that traffic means anything. Things that increase conversion include a streamlined checkout, abandoned cart emails, user-friendly navigation, and compelling product descriptions to name just a few.
2. Average Order Value
The reason that average order value is important is that it helps you grow your store. The only way that you will be able to consider strategies such as upselling and cross-selling is to first understand how your customers typically spend money at your store. There are many strategies to help you increase average order value – many of which also tie into increasing trust and loyalty, both of which play a vital part in the ecommerce process.
3. Customer Lifetime Value
That takes us to our next metric. The ultimate goal is to encourage repeat sales. Even better than that is loyal customers who not only return time and time again but also act as brand advocates, telling others about your shop and referring friends and family. As you already likely know, customer retention is far more affordable and simple than customer acquisition. If you can turn a repeat customer into a loyal fan, you will have found the proverbial holy grail of ecommerce.
Now that you have a better idea of what to track, you can move on to the fun part… planning integrated ecommerce marketing strategies that help you achieve better long-term growth.