The scene of commerce is changing. Now more than ever, customers expect a flawless, personalized experience in a comfortable, no-pressure environment. eCommerce has grown exponentially over the last decade. The last two years in the restrictions of the pandemic have proved to all, both the consumer and the retailer, that online sales are the way to go. So how can you improve your online sales and elevate your customer’s experience?
This is where eCommerce analytics software comes into play.
Analyzing your eCommerce is essential in giving you the data and insights you need to assess your progress as a business and plan for the future of your company. This year, internet retail revenues are projected to boom up to 6.54 trillion US dollars! According to one survey, 60% of consumers shop online more often than they shop in-store. The look, performance, and content of the website play a big part in the decision-making process of the purchases by the buyer. Therefore, it’s vital that you have access to the tools that you need to ascertain your company’s strengths and weaknesses so that you can provide the best online experience to your customers.
It can be a daunting prospect when you delve into the world of analytic software. You need to find the right system for your business and its unique needs. It’s paramount that you do your research into the different options that are available, assess their capabilities, and understand the needs of your business.
Why You Need It
The work of a business owner is never done. You need to oversee the inventory levels, keep an eye on sales, manage customer service and make important decisions about the future of your business. There are a lot of complicated responsibilities, and the workload can feel overwhelming.
Do you know the feeling?
Having access to a reliable and intelligent analytic tool will make your life a whole lot easier. eCommerce analytic software collects and displays all the relevant data that you need to grow and make decisions in the best interests of your business. It gathers data from your online sales so that you can make well-informed decisions. You will have the information you need to fully understand the behaviors of your customers, and the knowledge you will gain will help you greatly when it comes to questions of pricing and marketing.
What You Need to Know
There are a few business factors that you want to have a grasp on so that you can make these informed decisions. Therefore, you need software that will give you some insight into these Key Performance Indicators. A Key Performance Indicator (KPI) is a quantifiable way of measuring business performance in areas that are important to you. They are used to track the progress of the business towards goals. While each business is unique, there are a few important KPIs that you might want to consider when it comes to choosing the right software package for you.
The Revenue per Visitor
One important piece of information is the amount of money an average visitor spends when they visit your website. It is calculated by dividing the total revenue by the number of visits to the site.
The Average Conversation Rate
You need to know the percentage of visitors who purchase something from your site out of the total number of visitors. This will help you to ascertain what you can do to increase the chances of a visitor spending money as opposed to just browsing.
The Average Order Value
Additionally, one key piece of information is the average amount that a customer spends when they purchase order on your website.
Having software that is optimized to track these KPIs will help you understand the intricacies of your business and improve the experience so you can expand. You will be able to convert more leads, plan a more effective pricing strategy, and plan more accurate budgets. There are several specific benefits that will come when you use your analytics software in the best way.
- You will improve your conversion rate. Understanding customer behavior will enable you to make changes that will improve sales. You’ll know which areas need more marketing or which departments require adjustments to the pricing.
- You will understand your customers better. With this enhanced understanding, you will be able to personalize the experience even more, perhaps even distributing personalized marketing material and offers to appeal to your audience.
- You will enhance your customer’s experience. In one survey, it was reported that almost half of consumers are willing to pay more for a product from a faster website. Buyers prioritize the experience of their shopping over the items their purchase, to the point that many consumers admitted that a bad shopping experience would prevent them from buying from the same company in the future. You could also use this information to personalize the shopper’s online experience – showing them product recommendations based on their online activity will certainly improve their experience and, in addition, increase your sales. Therefore, it appears very logical to have the assistance of eCommerce analytics software to give you the data you need to improve the customer experience and gain their loyalty.
“Plans fail for lack of counsel.” Use the data that analytics software opens to you to make plans and goals for your business. When you have clear growth goals in mind, you will have something to work towards and a way to measure your success. Your co-workers and employees will have more drive also as they are inspired by your passion for keeping growing and succeeding. Take the software for a test drive and see which option suits you and your business best. Experiment with different solutions and see where the insight can take you. It will save you time and stress and increase your sales and revenue – so what is there to hesitate about? It will be the best decision you could make for your company and those who rely on it.