Ecommerce Statistics and Trends
Setting the right ecommerce marketing platform goals and their understanding is the main point of success concerning any action in marketing. However, the main strategy is unified. Quite often, marketers play around likes and shares, forgetting about the ultimate goal of every commercial business – sales. In such cases, at first glance, a brilliant marketing campaign that generates hundreds of thousands of likes and comments may turn completely ineffective in terms of sales.
Properly developed strategy and goal will not only simplify the achievement of the desired result but also will help measure the effectiveness of all your actions as a result. Building a strategy for your measurements is the first step of any quality analytics. Such aspects as conversion and diagnostics are the best points of each strategy for increasing sales. So, the described model-pyramid here represents a certain number of indicators that should be monitored to achieve your ultimate goal – the sale of more goods.
This model will not only help you not drown in an infinite amount of data but also convert it into successful solutions and effective actions for your business to follow the e-commerce market growth.
Sales may seem like the easiest metric but in reality, this is not just a raw number of the generated currency. The income from each sale is important to you. If you have a high number of transactions but the income from the sale is low, you need to expand the shopping cart, prompting to buy more.
If, on the contrary, there are few transactions, consider discounts and the possibility of recovering abandoned baskets. Do not forget also about monitoring the return of orders. If returns increase, it does not always mean that the problem is in the product. Perhaps, its description on the site causes unrealistic expectations in buyers or a marketing campaign does not attract your type of users.
Creating an account or subscribing to a newsletter is a metric that is very easy to forget. Not every user is ready to make a purchase at the first visit to your site. Ideally, allocate a separate marketing channel for soft conversions and monitor how many such conversions are converted into actual purchases.
However, over-emphasis on soft conversions can lead to inefficiency of your marketing. Remember that soft conversions are an intermediate step, not an end goal.
In the case of traffic, as with any other leading indicator, do not forget about your ultimate goal. Given that you need sales, it is important to understand that traffic is different. Nevertheless, many companies are obsessed with receiving more traffic and do not watch how it correlates with the ultimate goal. What counts here is not quantity but quality.
Pay attention that almost all these are the default metrics for Google Analytics. Sometimes traffic must be segmented to receive more accurate metrics. For example, it is possible to highlight a certain territorial location and divide users into those who are more likely to be converted into buyers on these criteria, amongst others.
It’s only the tip of the iceberg. It certainly reveals important details of analytics but considering it out of context can lead to ineffective solutions. For example, a high bounce rate on the store’s landing page is not a bad thing because the visitor most likely found a more convenient location of your website.
But such a rate on the category page is quite another matter, because, obviously, the visitor did not find what he or she were looking for. There is a simple question that will help you understand if you have useful metrics data: can you explain the relationship between your metrics and sales? If on the way to understanding this interdependence you get too many “why’s”, most likely the correlation between metrics and sales is rather weak.
So, before you begin analytics, determine for yourself the strategy for measuring the metrics that are important to you and be sure to consider their relation to your ultimate goal.https://techshali.com/ecommerce-statistics-and-trends/https://techshali.com/wp-content/uploads/2019/09/ecommerce-statistics.jpghttps://techshali.com/wp-content/uploads/2019/09/ecommerce-statistics-150x150.jpgFeaturedEcommerce,Ecommerce trendSetting the right ecommerce marketing platform goals and their understanding is the main point of success concerning any action in marketing. However, the main strategy is unified. Quite often, marketers play around likes and shares, forgetting about the ultimate goal of every commercial business – sales. In such cases,...Deepak GuptaDeepak Guptadgdeepak000@gmail.comAdministratorDeepak Gupta is a tech geek who is a founder of TechShali, a popular tech-blog dedicated to help people all around the world.Techshali