If you’re running an ecommerce store, then one of the things that you really need to pay attention to is your analytics. Analytics may sound something that a techie should only be concerned about, you, as the business owner, should also take the time and put some effort in learning the loops of this aspect of an ecommerce business.
When it comes to ecommerce analytics, there are definitely a lot of things to consider. However, focusing on all of these will take a lot of your time, and thus it would be best to narrow them down into the ones which you believe are most crucial to your online store’s success. Below you’ll find five of the most commonly tracked analytics and key performance indicators by most ecommerce entrepreneurs, which should help guide you into choosing the most important ones for your business.
Most of your site visitors will be directed to your homepage when they click on your link from the search results pages (SERPs). Thus, this is one of those places in your ecommerce site where you can gather a great amount of data which you can use for your business. For instance, you can take note of which areas in your homepage are clicked most by your site visitors such as the banners on your headers, your tabs, your “About” section and so much more. Doing so will help you identify your homepage hotspots and thus be able to make the necessary adjustments like improving the areas which is the least popular for your site visitors.
Check Out Process
The check out process is undoubtedly one of the most crucial analytics that you need to track. In the ecommerce store business, it is pretty normal to see high incidents of shopping cart abandonment. As mentioned in this study by Forrester, “88% of web buyers say that they have abandoned an online shopping cart without completing a transaction.” By tracking your check out process, you will learn which specific part of the process is your online shopper most likely to abandon their shopping cart. If it’s in the payment stage, perhaps you may need to look at your available payment options and considering adding an alternative payment option for online shoppers who prefer Paypal over card transactions.
Traffic and Traffic Sources
One thing that you need to know is where your visitors and customers are coming from. By tracking the number of visitors and which channel they used to get to your site, you will be able to determine which search channel and advertising channel works for your ecommerce business. For instance, if you find that you have low traffic coming from search engines, then you may need to improve your search engine optimization strategies. If you find that you have very low traffic from social media, then you may need to pay more attention to your social media marketing strategy and so on. If you’re using paid advertisement, do check how many visitors it brings to your business. This way, you can check if your advertising dollars are worth it.
Site Search without Results
Some analytics software allows you to track the queries inputted in your ecommerce site’s search box, especially the ones that yield zero results. This is very important because it tells you which products your online shoppers are looking for but are not available in your store. This can pave the way for you to contact your supplier and ask for the product so you can sell it to online shopper or grow your inventory.
Bounce rates are something that many ecommerce entrepreneurs hate, especially since it can affect their page rankings in search results. With Google’s Hummingbird update, bounce rates are now considered to be one of the many factors that help the search giant to determine a website’s page rankings. The higher the bounce rates that it has can mean that the site is low quality and thus will go down the rankings. Watching your bounce rates, you can immediately take precautionary measures in order not to lose your page rankings. You may also want to study your keywords because a high bounce rate also means that you are showing up in search results for certain keywords, only to find that you are not what they are looking for.
Tracking and analytics for ecommerce businesses are very important. It is a way for the business owner to determine the strong and weak points in their site, as well as gain some useful insights from customers which can be used to improve the whole ecommerce business. There are other analytics that must be tracked, but focusing on these five here should help you get a good start.