Retailers of varying size and scale are experimenting with the all-pervasive domain called ecommerce.
A survey by UNCTAD predicts around 80% of web users will purchase atleast one items during 2019.
That’s atleast a couple of billion transactions, to even presume a ballpark figure. On the other hand, pure-play etailers like the Amazons of the world have become some of the world’s most coveted companies.
If you have a business that has found a market, having an ecommerce play with ecommerce analytics or engagement analytics for ecommerce is almost like shooting yourself in the foot. You can’t falter, as customer engagement takes on increasing importance today.
Here are key metrics to help your sales grow:
Traffic Source Metrics
The basic tenet of ideal customer engagement is meeting the customer on the channel they are on now. Read it again.
There are two parts to it, the first talking about meeting the customer. If you do not have a traffic source metric, something fundamental to your data analytics for ecommerce strategy,
how would you know which channels your customers are choosing to interact with you? And
how would you know where to invest more, and where to cut down on?
With latent research or action taken after the customer purchase lifecycle finishes, real-time engagement analytics for ecommerce on current purchasing behavior gives decision makers valuable information, and makes live-adapting of the experience possible.
The information could be on evolving web visit habits, or a new social channel that is catching on the craze.
Visit History Metrics
Contrary to critics discounting ecommerce as taking the personalization factor out of retailing, the sector has made it all the more convenient to understand visitor interaction patterns with the brand.
Right from tracking the history of visits and the time spent, pages visited, or items left in the cart, customer experience and engagement teams can bring in the power of engagement analytics for ecommerce to dig deep into the big data and suggest next best actions.
The actions could be a personalized email with a bundled offer that could drive him to purchase.
User Interaction Metrics
Tracking user behavior and how they navigate through your website gives you a great sense of making it more user friendly.
Bring in the power of engagement metrics that uses deep learning and real-time adaptive algorithms to keep tweaking your web design, expedite slow loading pages, and make the whole user experience more coherent.
User experience and user interfacing are two design concepts that tie in with user behavior parameters of the overall experience.
Average Order Value Metrics
Customers either interact with your website because of an intent or because of an incentive. Whichever path they choose, or you persuade them to choose, it is imperative that the full purchase lifecycle is undergone.
Customers come with a need, but if you are wise to offer them things related to that product, or something you know they need, without them knowing it, you will have not only provided customer delight, but increase their average order value.
Engagement analytics for ecommerce will be the driver for these actual ‘moments of truth’ that can make them your long-term brand advocates.
ROI Per Visit Metrics
E-commerce businesses have brought in enormous efficiencies, built upon the digital economy – efficiency through time & resource saving, better price parity and more.
But as the reach widened, so did the complexity and intricacies of getting marketing and business margins in sync.
ROI is a very important customer engagement metric, as visits should lead to purchases. It encompasses a broad range of strategies, like getting your seasonal offers right, securing exclusive releases with OEMs, and more, to eventually drive increasing returns on your investment.
Using tools like ecommerce predictive analytics will continue to drive sales for your business.
Conversion Rates of Visitor Metrics
The theory of funneling comes into play when we talk about conversions. Conversions are the ‘gold medal’ businesses award themselves, because that’s the last link in the whole online purchase chain.
The wider aspect of considering your journey with your customer a long-drawn one, over their entire lifetime, and engaging them is key to formulating tactics and objectives that help you climb one step at a time towards ideal engagement.
Conversion rates are usually between 2-3%, but that’s how a Target or Jet.com grew.
Continue to use the power of these tools as part of ecommerce analytics, and keep the end objective of sustained conversions in your radar.
Bounce & Cart Abandonment Rate Metrics
There are two sides to the bounce rate and cart abandonment scenario. While there are always side-effects to ‘robust’ marketing campaigns, there are genuine cases of visitors ‘bouncing’ from your site: leaving your product or landing page in a matter of seconds.
Using effective engagement analytics for ecommerce will help you identify reasons of incoherence, and plug real gaps you are not able to address. On the cart abandonment aspect, the big data being captured from internal and external signals should provide adequate insights.
A study by Adobe shows only 30 percent of orders are made on desktops, and 19 percent on mobile devices. There is still a huge gap for the industry to plug.
Returns & Loyalty Depreciation Metrics
An unnecessary evil the ecommerce industry has to contend with is returns & razor-thin loyalty. Even slight product mismatches bring customers knocking on your door with the product you’ve delivered.
Unreasonable, isn’t it? On top of that, they go and rant about you on Facebook, when we know that to err is human. Unfortunately, you are running a business, and its reason enough to make amends.
Depreciating loyalty does not signal the end of loyalty programs, rather the fortification of it. Look at what Amazon Prime has done with loyalty. They have set the benchmark on how to leverage engagement analytics for ecommerce.
Retention Rate Metrics
Driving customer engagement and retention at the core of your organizations vision and being is the stepping stone to lifelong customer advocacy.
That is the pinnacle you need to reach for. We think the benchmark that has made Apple synonymous with the smartphone or Walmart synonymous with retail can be replicated at your business, when customers think of you first when they need something, and enter your URL in the address bar of their browser. That’s retention and engagement metrics for ecommerce completing a full circle.
Customer Lifetime Value Metrics
We’ve kept one of the most widely known data analytics for ecommerce
metrics or criteria that captures ultimate customer engagement, till the end, proving that the long game has to be played.
Compare yourself reading this article till the end, to you having the big picture of your entire customer journey in mind. In pure numbers, its calculated through the difference of the acquisition cost from the revenue earned.It is also the average your customer spends with you during his purchase history with you.
Today, it is being taken even further with the power of ecommerce predictive analytics. Consider this the cornerstone of your engagement strategies.
Customer engagement is a concept that is becoming the unifying design and experience architecture across technology, interface and customer & vendor interactions.
Increasing consent by customers to use their data like location, purchase or interaction history coupled with stronger computing, advanced tools like engagement analytics for ecommerce are only showing what ecommerce enterprises can achieve.