In a world overrun by technology, investing in an ecommerce business is a worthwhile option. Although the growth potential is tremendous, it also faces huge competition with thousands of online business launching every year. To crush the competition and stand out, it is essential to stay updated about how well your website is performing. In a race to maximise profits, it is always a good idea to evaluate whether you are moving in the right direction. You need to identify the areas of the website that are lagging to make improvements and ensure the website’s success. Here is a list of ecommerce key metrics that will help you track the performance of your WooCommerce store.
Check the Conversion Rate
To gauge the success of your ecommerce store, tracking conversion rates is the easiest and the most important step to be taken. Conversion rates can be determined by the no. of website visitors who have taken the desired action like making a purchase. The rate increases with your sales and gives a clear picture of the return on investment (ROI). With services like Google Analytics allowing to keep a tab on the website traffic and sales, measuring the performance has become effortless. It easily does the calculation of conversion rates based on leads generated and sales by dividing it by the number of visitors. For example, if a site has 200 visitors in a month and has 20 sales out of it, the conversion rate is 20/200*100 = 10% (i.e. Number of Sales / Number of Total Visitors x 100). The aim has to be to convert every visitor to a customer to attain maximum profitability. Boost your conversion rate and make the most of your traffic by following these instructions:
- The Call-to-Action (CTA) button must be appealing and easily identifiable.
- The product listings must contain all relevant details about the products.
- Use attractive and high-quality images that would encourage the users to make the purchase.
- Enable a faster checkout process.
New and returning customers
Evaluating the number of visitors is unequivocally essential to check the performance of the website. Besides, it is also important to identify how many of them are new and how many are returning visitors. A website that has more repeat customers earns brand loyalty and encourages positive word-of-mouth publicity. Based on the goals of your E-commerce business, identify which section of the customers would you like to attract more. Direct your marketing efforts to grab their attention towards the website. Here is how you get maximum returns and meet the business goals according to the type of visitors.
New customers
- Highlight featured and best-seller products on the landing pages.
- Showcase customer testimonials on landing pages to win the audience’s trust.
- Prominently display shipping offers and discounts to appeal instantly to the new visitors.
Returning customers
- Showcase products that will interest the customers based on their previous transactions and search history.
Check Traffic Source of Visitors
By knowing where the traffic to your page is coming from, you can find more opportunities to drive more visitors. The most ideal way to make your website noticeable is to get a top spot for it on organic searches. Ranking higher on search engines will ensure the regular flow of new visitors to the website. This can be attained with the effective use of SEO techniques on landing pages, product descriptions, blogs, and videos. Other popular sources are referral links, social media, email newsletters. Take a closer look at all the options.
Determine Average Order Values
The average amount spent by the customer every time an order is placed is a key performance indicator that needs to be monitored. For every business, it must be reasonable enough to cover all the costs involved including the shipping cost of the products. The higher the average order value, the higher is the profit. Hence, the aim must be to make customers spend more during every transaction by encouraging them to increase cart value. You can ascertain the average order value by dividing the revenue by the number of orders over a specific time. Adopt attractive cross-selling and upselling techniques to ensure that a customer spends more than what was intended. Free-shipping offers for orders above a certain amount and other discounts can also be given to increase transaction value.
Shopping Cart Abandonment Rates
Visitors leaving WooCommerce store at the final stage without making a purchase can result in hefty losses in your business. People often tend to abandon the shopping cart for various reasons like a complex checkout process, hidden charges, etc. Research to find the possible reasons for shopping cart abandonment. Feedbacks from the customers are a remarkable way too identify the loopholes and fix them. Further, assess the product descriptions, shipping charges and ensure that they contain all the necessary details. Reduce abandonment rates to maximize conversions and profitability.
Conclusion
A few questions to yourself about whether your WooCommerce store is meeting the desired goals of the business is significant for its continued success. Besides, leave no stone unturned to grab the interest of your visitors!