Take Your Store to the Next Level with Ecommerce Tracking
Ecommerce Tracking Does More Than Measure Your Bottom Line
Measuring the success of your ecommerce store involves more than tracking the ups and downs of your bottom line. There are dozens of metrics that can be used to help you make more informed decisions and drive store growth, from Unique Visitors to Conversion Rates and Average Order Value.
While the mountain of data available for ecommerce tracking can be valuable for decision-making, it can also be tremendously challenging to comprehend. With so many data points, deciding what to track and how each metric fits into the big picture of store success, initially feels overwhelming.
Tracking Your Ecommerce Performance Helps You Understand:
- Specific marketing activities that are driving growth
- Best selling products in each channel
- Individual customer behavior for targeted outreach
- Shifts in customer buying patterns
- Successful referral sources
Key Performance Indicators Ecommerce Stores Should Focus On
The insights stores can gain from tracking ecommerce data are nearly endless. While strategies will differ for every store and industry, these key performance indicators top the list of metrics used by successful online businesses:
- Gross Profit Margin
- Conversion Rate
- Customer Acquisition Cost
- Customer Lifetime Value
- Revenue by Source or Channel
- Average Order Value
- Cart Abandonment Rate
Define Specific Objectives for Your Store
Once you have the basic metrics covered, choose additional ecommerce data that directly relate to your business goals. By defining specific objectives, you can then track and link performance metrics to those goals.
For example, you may want to track data related to your goal of increasing Orders, improving Conversion Rates and Repeat Customer Rate or increasing Return on Ad Spend.
If we use the example of improving Conversion Rates, you should track metrics such as Customer Conversion Rate per Channel, Cart Abandonment, Active and at Risk Customers, and Net profit per Channel.
Maximize Your Data Return with Ecommerce Tracking in Google Analytics
Next, if you haven’t enabled ecommerce tracking in Google Analytics, check out our step-by-step guide here to get started. Once enabled, you’ll have access to high level reports in the ‘Conversions’ section of Google Analytics.
Pulling all of your data together in a way that’s insightful and actionable is the next challenge. If you don’t have an ecommerce tool that integrates your data sources, you’ll need to manually pull reports from your ecommerce platform, Google Analytics and advertising sources, then combine the reports in a way that provides a unified view of performance.
Use a Tool Built Specifically for Ecommerce Tracking
For more advanced store intelligence, consider an analytics tool that gives you a real-time view of store performance so decision makers can easily identify revenue generating opportunities.
Glew’s ecommerce tracking tool combines silos of customer, merchandise and performance data so store owners can gain actionable insight from dozens of key metrics.
Get detailed customer data such as Customer Acquisition Cost per Channel, Average Time Between Purchases, and Return on Ad Spend by Channel. Optimize your product strategy by understanding High Gross Margin Merchandise, Top Bundled Products and Top Products from each marketing channel.
Glew’s store performance management gives you insight into the effectiveness of channels and marketing campaigns. You can also customize and schedule reports to keep everyone on your team up to date on store performance.
Whether you’re combining store data into Excel spreadsheets or using an ecommerce analytics tool like Glew, make sure you are consistently tracking the key metrics that are relevant to your store and your goals. Doing so will help you uncover opportunities to grow revenue and outpace the competition.