10 performance indicators that every online store owner should follow
KPI (Key Performance Indicators) - key performance indicators show how quickly and effectively your business is growing. One of the advantages of running an online store is the transparency of KPI tracking and the ability to optimize processes for business growth.
When analyzing an online store KPI, owners should ask themselves 2 questions:
')
Each owner of an online store wants to increase the sales of the site, increase the number of visitors, the conversion of the site. By tracking KPIs, you can better understand how your online store is developing and make decisions about which areas of work your online store requires effort.
Measure your site traffic by daily audience, weekly and monthly. This will allow assessing the drops and surges in site traffic and identify their causes.
Set a goal for the average number of visits that you want to achieve, and work on a strategy to attract visitors to the site based on this figure.
To determine the goal of attendance, analyze the competitors, they can be installed open counters statistics that show the attendance of their site. You can analyze the channels that competitors use to drive traffic and use this data to increase traffic to your site.
Which pages on your site are most viewed by visitors and which are less? Analyzing the attendance of product pages you can understand the product preferences of visitors and how they interact with the site. You may have great products, but potential buyers cannot find them due to poor site navigation.
Example: you offer good products at a discount, but they are available only in the general section of the site. Create a separate catalog “Sales”, “Discounted Products”, “Best Offers”, thus drawing attention to the right products.
Many online store owners and marketers neglect the estimates of these two metrics, considering them not to be indicative. But they allow you to make some useful conclusions about the work of your online store. If these rates are low, then it’s worth assessing the quality of your site’s traffic. How fast is your site loading? Remember, users are impatient and are waiting for the site to work quickly. Check the download speed with GTmetrix to see if you need optimization in this area of ​​the site.
It is important to understand that for landing pages or online stores with a small assortment, these indicators may be relatively small, while for large stores the average number of pages viewed may be more than 20.
In addition, if in your online store the average amount of goods in the order is small, for example, 1-2, then the average time spent by the visitor on the site will be small, since you do not need to spend a lot of time choosing a product.
When do visitors leave your site? Then, when they realize that you need to register to complete the purchase? Or maybe when they see the value of your goods? Analyzing the exit points of site visitors, you can better understand the reasons for low conversion and optimize the site so that users stay on the site and complete purchases.
Issues from the pages may indicate problems in placing an order:
- check in;
- basket;
- checkout.
This means that users begin to make a purchase on the site, but they encounter problems and do not complete the order process.
Tracking the sources of attracting visitors to the site is an important metric for evaluating the effectiveness of an online store, because There can be a lot of channels to attract and economic efficiency is also different. Do you use search engine optimization in Yandex and Google to attract visitors, and contextual advertising in Yandex.Direct and Google Adwords? Are you active on social networks and on industry sites?
Track not just sources of attracting visitors, but their returns. If one of the channels shows good visitor involvement on the site and sales growth, increase the budget for this channel. And if the channel is not effective, think about how to minimize costs or optimize performance, for example, by removing ineffective keywords from an advertising campaign in Yandex.Direct or revising the seo-core through which the site is promoted.
Is your online store designed to bring a visitor to a purchase? Evaluation of site conversion allows you to facilitate the path of the visitor from the selection of goods to purchase. Surely you have ideas for improving your website and the ordering process. A / B testing of such ideas will allow you to know exactly what will increase the conversion and what will not.
Start by optimizing the most important pages of the site:
Test the “add to cart” buttons, the registration form on the website, the product description formats, options for placing an order (with or without registrations, in 1 click or in a few steps).
Analyze the number of not only new but also returning visitors to your online store. This will allow you to assess how interesting your site is for your target audience.
In addition, returning visitors is always easier than attracting new ones. To do this, use the tools to collect email addresses of users, remarketing technology and calls to action to join your groups in social networks.
The longer you work on the e-commerce market, the higher the return rate should be. Return rate is not growing? There can be several reasons:
the visitor did not find what you were looking for on your site;
conditions of purchase were not attractive.
A small rate of return of visitors may be in stores that sell only one product for a long time and there are no options for additional sales. For example, construction companies: after buying an apartment from a developer, a visitor no longer needs to visit a developer’s site.
Income from the buyer = profit - expenses. This indicator provides insight into how successful your online store is. If the rate is too low, it is worth considering how to reduce advertising costs.
To calculate this indicator, it is necessary to divide the amount from sales for a certain period of time by the number of orders. This will allow you to assess how high or low your average purchase check is. Based on the average check data, develop a strategy to improve this indicator, for example, offer in the basket of an online store to buy additional goods at a discount or a total discount for the amount of the order.
It is very important to evaluate the rate of abandoned baskets. According to the Baymard Institute, the average is 67.75%. Why is this happening?
There can be a lot of reasons:
Constantly check the work of the basket of goods in your online store. Test new ideas to streamline the checkout process.
Work with abandoned baskets: send letters with the notification that the order is not completed and the goods are waiting for the buyer in the basket. Try to get feedback on why the purchase was not made. To work with abandoned baskets, you can use Convead , it allows you to customize the sales funnel, create a segment of users who have not completed the ordering process and send them “pressing” letters.
Remember that the indicators discussed above need regular tracking. It is not enough to look into the analytics once a month and look through the data: track them, compare them with the previous period, test new ideas for optimizing the site and let it be shorter to success!
When analyzing an online store KPI, owners should ask themselves 2 questions:
- What goals should my online store achieve?
- What determines the success of my business?
')
Each owner of an online store wants to increase the sales of the site, increase the number of visitors, the conversion of the site. By tracking KPIs, you can better understand how your online store is developing and make decisions about which areas of work your online store requires effort.
1. Site Attendance
Measure your site traffic by daily audience, weekly and monthly. This will allow assessing the drops and surges in site traffic and identify their causes.
Set a goal for the average number of visits that you want to achieve, and work on a strategy to attract visitors to the site based on this figure.
To determine the goal of attendance, analyze the competitors, they can be installed open counters statistics that show the attendance of their site. You can analyze the channels that competitors use to drive traffic and use this data to increase traffic to your site.
2. Product page views
Which pages on your site are most viewed by visitors and which are less? Analyzing the attendance of product pages you can understand the product preferences of visitors and how they interact with the site. You may have great products, but potential buyers cannot find them due to poor site navigation.
Example: you offer good products at a discount, but they are available only in the general section of the site. Create a separate catalog “Sales”, “Discounted Products”, “Best Offers”, thus drawing attention to the right products.
3. The average time spent on the site and the average number of pages viewed
Many online store owners and marketers neglect the estimates of these two metrics, considering them not to be indicative. But they allow you to make some useful conclusions about the work of your online store. If these rates are low, then it’s worth assessing the quality of your site’s traffic. How fast is your site loading? Remember, users are impatient and are waiting for the site to work quickly. Check the download speed with GTmetrix to see if you need optimization in this area of ​​the site.
It is important to understand that for landing pages or online stores with a small assortment, these indicators may be relatively small, while for large stores the average number of pages viewed may be more than 20.
In addition, if in your online store the average amount of goods in the order is small, for example, 1-2, then the average time spent by the visitor on the site will be small, since you do not need to spend a lot of time choosing a product.
4. Exit pages.
When do visitors leave your site? Then, when they realize that you need to register to complete the purchase? Or maybe when they see the value of your goods? Analyzing the exit points of site visitors, you can better understand the reasons for low conversion and optimize the site so that users stay on the site and complete purchases.
Issues from the pages may indicate problems in placing an order:
- check in;
- basket;
- checkout.
This means that users begin to make a purchase on the site, but they encounter problems and do not complete the order process.
5. Channels to attract visitors
Tracking the sources of attracting visitors to the site is an important metric for evaluating the effectiveness of an online store, because There can be a lot of channels to attract and economic efficiency is also different. Do you use search engine optimization in Yandex and Google to attract visitors, and contextual advertising in Yandex.Direct and Google Adwords? Are you active on social networks and on industry sites?
Track not just sources of attracting visitors, but their returns. If one of the channels shows good visitor involvement on the site and sales growth, increase the budget for this channel. And if the channel is not effective, think about how to minimize costs or optimize performance, for example, by removing ineffective keywords from an advertising campaign in Yandex.Direct or revising the seo-core through which the site is promoted.
6. Conversion Rate
Is your online store designed to bring a visitor to a purchase? Evaluation of site conversion allows you to facilitate the path of the visitor from the selection of goods to purchase. Surely you have ideas for improving your website and the ordering process. A / B testing of such ideas will allow you to know exactly what will increase the conversion and what will not.
Start by optimizing the most important pages of the site:
- commodity card;
- check in;
- basket;
- checkout.
Test the “add to cart” buttons, the registration form on the website, the product description formats, options for placing an order (with or without registrations, in 1 click or in a few steps).
7. Visitor return rate
Analyze the number of not only new but also returning visitors to your online store. This will allow you to assess how interesting your site is for your target audience.
In addition, returning visitors is always easier than attracting new ones. To do this, use the tools to collect email addresses of users, remarketing technology and calls to action to join your groups in social networks.
The longer you work on the e-commerce market, the higher the return rate should be. Return rate is not growing? There can be several reasons:
the visitor did not find what you were looking for on your site;
conditions of purchase were not attractive.
A small rate of return of visitors may be in stores that sell only one product for a long time and there are no options for additional sales. For example, construction companies: after buying an apartment from a developer, a visitor no longer needs to visit a developer’s site.
8. Income from the buyer
Income from the buyer = profit - expenses. This indicator provides insight into how successful your online store is. If the rate is too low, it is worth considering how to reduce advertising costs.
9. Average order check
To calculate this indicator, it is necessary to divide the amount from sales for a certain period of time by the number of orders. This will allow you to assess how high or low your average purchase check is. Based on the average check data, develop a strategy to improve this indicator, for example, offer in the basket of an online store to buy additional goods at a discount or a total discount for the amount of the order.
10. Number of abandoned baskets
It is very important to evaluate the rate of abandoned baskets. According to the Baymard Institute, the average is 67.75%. Why is this happening?
There can be a lot of reasons:
- the value of the goods in the order does not correspond to the value of the goods indicated in the card. Or, for example, in the basket there is an additional line of shipping costs, which increases the cost of the goods and repels the customer;
- promo code for a discount does not work;
- the visitor does not see whether there is a delivery of goods to his country or region;
- There are additional costs on the checkout page, for example, taxes;
- insufficient number of payment options for the order;
- technical problems with filling out billing data.
Constantly check the work of the basket of goods in your online store. Test new ideas to streamline the checkout process.
Work with abandoned baskets: send letters with the notification that the order is not completed and the goods are waiting for the buyer in the basket. Try to get feedback on why the purchase was not made. To work with abandoned baskets, you can use Convead , it allows you to customize the sales funnel, create a segment of users who have not completed the ordering process and send them “pressing” letters.
Remember that the indicators discussed above need regular tracking. It is not enough to look into the analytics once a month and look through the data: track them, compare them with the previous period, test new ideas for optimizing the site and let it be shorter to success!
Source: https://habr.com/ru/post/237625/
All Articles