To make the most of your eCommerce investment, it's critical to not only set business goals, but to also track your results. With Weebly's advanced eCommerce analytics, you can measure your store's sales performance, track email engagement and view referral traffic from a single integrated dashboard.
Here's what you need to know about why metrics matter, how to set performance goals and which measurements are most helpful for successfully growing your online business.
Famed management consultant and author Peter Drucker once said, "What gets measured gets improved." Setting and tracking benchmarks for your eCommerce store can help you understand what's driving your sales successes and where you need to make changes to improve the customer journey.
Business owners who use data-driven metrics, like inventory, sales and visitor information, gain valuable insights that enables them to make the most of their time. Based on these insights, you can optimize key pages, or scale production of popular products, to better support your customer's needs.
“The most successful online stores winning in the eCommerce arena are doing so because they've become absolutely obsessed with metrics. They swim in data," writes internet marketer Ronald Dod. To avoid drowning in a sea of information, however, eCommerce businesses should first define measurable goals, otherwise known key performance indicators (KPIs).
Start by determining what sales goals you want to accomplish for your eCommerce store. Establishing SMART goals for your business is an easy way to get started. According to this management blog by Mind Tools, SMART goals are:
Specific: Be clear about what you want to accomplish, why the goal is important and what resources are required to achieve your goal.
Measurable: How much? How many? How do you know when the goal is accomplished? Assessing meaningful progress helps you stay motivated and meet your deadlines.
Achievable: Your goal should stretch your abilities but still be attainable when considering your resources and existing experiences.
Realistic: Make sure that your goal aligns with other relevant business goals and that you can take responsibility for accomplishing it.
Time-bound: Set a deadline so you stay focused. Consider short-term and long-term objectives. What you can do now and what you can do six months from now?
Once you set relevant and meaningful business goals, you can decide the best measurements for success. Here are some basic metrics for online stores to track:
Conversion Rate: One of the most important metrics is an eCommerce store's conversion rate, or the percentage of its website visitors who decide to make a purchase. Weebly's eCommerce analytics enable you to monitor sales, traffic and marketing activity in real time.
Referral Traffic: To better understand which marketing approaches are most successful, you can also use Weebly' eCommerce analytics to break down that conversion rate to see how many people visited your website, as well as which pages they visited and the search terms they used to find your site.
Average Order Size: This metric tracks your eCommerce store's total sales, divided by how many orders are placed over a defined period. Even if your website traffic increases, a decline in your average order size indicates that your store's overall revenue is also decreasing. Weebly's eCommerce analytics allow you to track what page views customers saw before placing their orders and the percentage of page views that led up to each purchase.
Email Engagement: With Weebly Promote, you can also measure email engagement to track the performance of the automated emails you send out to customers. This information enables you to try different marketing and email strategies to find out which approaches work best for your store.
Metrics matter to your eCommerce store's success. Make the most of your investment by setting business goals and tracking your results with Weebly's advanced eCommerce analytics. Start growing your online business today!