You can use various tools to measure, analyze, and then improve the experience of your digital e-commerce website. Many agencies specialize in providing you these tools, such as twcstudio.ca in Toronto.
Here is a list of the fundamental metrics that you should keep track of. These metrics will tell you how you can use all the data to your advantage or benefit. So, you must not ignore them and try your best to have these aspects in your website. This will guarantee profits and better results.
However, if these metrices would not be a part of your monitoring policy, you’ll be missing out the great potential to earn more and grow your store. So, the choice is yours’.
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Growth of acquired customers vs. growth of customers lost
The rate of customers acquired should always be more than those lost. This metric tells you how your business is moving forward in terms of its customer base. When looking at this metric, it is vital to consider the old-age business strategy to retain existing customers.
If you won’t have more new customers, you’ll ultimately be loosing sales and this is not something that you would want from your ecommerce website.
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Number of active customers
Another important thing to consider for e-commerce growth is the analysis of number of active customers.
One of the most important strategies of a successful e-commerce website is to keep an eye on your active customers. Loyal customers are essential for every sustainable e-commerce website. How often they shop and gaps between their orders will help you determine how active a customer is.
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Customer retention rate
This is a key metric that shows how many of your customers have stayed with you. The rate keeps varying based on the type or thecost of the product. It is also likely that people may churn, but you need to keep yourself from getting complacent with it. From a marketing perspective, existing customers give you more possibilities because you know more about them.
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Repeat rate
This metric tells you the number of customers who have shopped from you more than once. The best way to increase your repeat rate is personalization. You need to know more about your customers and provide them with products based on their preferences. Look at their purchasing history and determine what kinds of products keep them interested.
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Order gap analysis
Through order gap analysis, you can analyze how frequently your customers have ordered from you. It helps understand the customer pattern better, which can further lead to more effective marketing campaigns.
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Average customer lifetime value (CLV)
This metric tells you how much a customer has spent over their lifetime. Through their buying history, you can calculate CLV, which will give you a ton of information on creating targeted email messages.
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Conversion rate for e-commerce growth
The conversion rate tells you how many people have qualified from leads and eventually converted to buyers. This is every business’s primary motive, so you need to keep experimenting with different methods to see which one is getting you the most conversions.
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Bounce rate
This metric tells you the value of single page view visits to a website in percentage. Put simply, it tells you how many people viewed a single page and then left the website. This rate is considered to be the lower, the better.
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Net promoter score
This metric is graded from 0 to 10. It shows how much your customer is willing to recommend your product or service to other people. This score is essential to be high because it accounts for at least 20% to 60% of a business’s organic growth rate.
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Average profit margin
Every business aims for large profit margins. So this metric helps in identifying the profitable products available in your business. Average profit margins also give you a clear picture of all the profits and losses. This helps you focus on areas of growth.
With the help of these metrices, you’ll be able to track your performance. It will help in providing you with the direction about what should be your next strategy. Without such an analysis, you won’t have the right direction, which means you’ll be loosing on your sales and this is what you would not want. Isn’t it?
If you have an e-commerce business and are aiming for e-commerce growth, then you should rely on TWC Canada. WE provide you with the best digital services that can help you rank your store and provide overall better customer experience too.
With more clicks and better experience of customers on your website, you’ll be able to increase your revenue considerably. We ensure that we use all the possible techniques that can help you and your store grow properly without any disadvantages or backlash of any kind.
We will be with you at every step, so we’ll create a win win situation.