Online shopping is offering retailers a way to overcome the challenges presented by COVID-19 and improve the customer experience across both physical and online stores. According to Ciaran Bollard, CEO at
, analysing the right eCommerce metrics is critical, not just for established eCommerce brands, but for high-street retailers looking to optimise their online offering and increase footfall for their bricks and mortar stores.
Ciaran explained: “Almost all interaction with an online business is now immediately recorded and measurable. Feeding this data to offline teams will help to create a seamless and successful omnichannel experience, as physical stores can still work as mini-marketing hubs by influencing the online trade in their local area. For example, retailers can use customer shipping data to geographically map online sales and unite their online and offline teams by measuring online customer value by proximity to their local stores.”
Ciaran goes on to discuss the five key eCommerce metrics that are essential for retailers when it comes to understanding customer behaviour, enhancing the omnichannel experience and increasing both online and offline sales:
- Conversion rates
Monitoring sales figures will only tell you how your business is actually performing when you track them in tandem with conversion rates. Conversion rates can tell you the opportunities that are at your fingertips and this data can then be used to optimise your omnichannel sales strategy accordingly.
2. Traffic sources
It is more valuable to understand why a customer has decided to visit your site and where the traffic is coming from than how much web traffic your site is receiving. It is also important to find out if your visitors are using a mobile, desktop, or tablet to access your online store.
Once you know what channel the site traffic is coming from and the device being used, you can use these metrics to dictate where you should be focusing your marketing and advertising budget.
3.Click-Through Rates (CTR)
By measuring the click-through rates (CTR) of email campaigns, you can get a clear indication of genuine interest in your offers. The CTR is more important than the email open rate because it’s a user action that you can respond to.
If someone clicks a link in one of your newsletters, they are brought to the corresponding product page on your site, but if they log off without purchasing, you can retarget them with personalised messages to encourage a repeat visit or conversion.
4.Geographic customer targeting
If you know where your customers and followers are based, you can group within a specific area and use that information to your advantage. If a large percentage are based in a town or city where you have a physical store, you should adopt an omnichannel strategy by offering click-and-collect options.
You can also create social media campaigns to target similar audiences based on this cluster of customers to take advantage of the opportunity for your online store.
5.Shopping cart abandonment rate
Checkout abandonment rates are different to shopping cart abandonment as the customer has usually reached the checkout page and submitted some of their data before dropping off without converting.
If you’re only focused on checkout abandonment, you’re missing out on a chance to persuade those potential customers who put products in their shopping cart to take the next steps. Technology to display messages to users before they leave, as well as voucher codes, product recommendations, and browsing history reminders, can prevent shopping cart abandonment.
Ciaran added: “Today, most consumers will expect to interact with their chosen brands across different physical and digital touchpoints and therefore retailers need to have the capabilities to cater to their growing expectations. The ultimate goal for retailers should be to interact more effectively with their customers and to improve the omnichannel experience by breaking down the barriers between physical and digital offerings.”
He concluded: “In a post-COVID world, eCommerce solutions will be vital for retailers looking to maximise sales and win new customers. The right eCommerce data can help them to achieve this goal by putting their business into context and identifying specific areas for improvement. If your current metrics aren’t telling this story, it’s time to find the ones that do.”
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