E-Commerce Analytics: Top Data Metrics Online Businesses Should Use
E-commerce businesses today pay an arm and leg on online advertising and digital campaigns. New online retailers can attest to feeling the most heat given the financial constraints of competitive ad bidding costs.
Fortunately, there are ways to optimize conversion results by optimizing paid ads and leveraging data reports to help drive organic traffic for e-commerce.
There is no doubt every online retailer wants to build a brand so strong there's no need for paid advertising. For the reason that organic traffic is free and customers are loyal.
So whether you’re looking to start driving organic traffic to your e-commerce site or just hit a roadblock with driving organic traffic, let's look at the top data reports you can use to better improve conversions.
Where to find valuable data for your e-commerce business
In order to know the audience of your e-commerce business you must first uncover where to best receive their feedback. Are they comparing prices using online tools, sharing with friends through social media or leaving reviews on your products?
Most online consumers are doing lots of research before making purchases from online retailers. So checking social media or customer reviews often the make or break the purchase.
“Nearly 9 in 10 consumers have read online reviews to determine the quality of a local business, and 39% do so on a regular basis.”
(Search Engine Land)
Since nearly 90% of customers trust online reviews as much as personal recommendations from friends or family members, it would be a missed opportunity for e-commerce businesses to overlook key audience metrics.
Buyer behaviour data
When we spoke to Gordon Chow, CEO at LED EAGLE, an online LED headlight retailer, noted that "...audience behaviour data from our Facebook Pages are key to knowing the LED fanatics in their social audience, in particular Facebook Pages and Google Analytics".
Engagement metrics from Google Analytics | Photo Credit: SEMrush
Data reports from these platforms show sessions that end within few seconds. Sometimes, this number will be high, but that's to be expected. That's because sessions with longer time durations coupled with engagement are true signs of possible conversion.
Here are some metrics to consider:
- Session duration
- Page views
- Frequency of engagement (likes, comments, shares)
Insights related to audience engagement can be easily gathered and correlated to store performance.
If you are e-commerce business owner currently investing in Google ads, then, integrating it with Analytics is a must. Likewise, if you use Facebook Ads, why wouldn't you integrate it with your Facebook Business Page? Doing so means critical data will be available in one place. Now what remains is the reporting of your data.
Buyer behaviour reports
Now that we've gone ahead and pulled some buyer behaviour data, let's consider the actual reporting process.
Your buyer behaviour report should identify your e-commerce site's percentage of your organic versus paid traffic as well as the sources of your sales.
Engagement metrics from Shopify | Photo Credit: Shopify
Consider breaking down your sales according to device like desktop, mobile, or tablet to analyze user experiences across devices. For instance, if conversion rates and the bounce rate on one type of device are significantly higher than others, you've now identified a bottleneck to your e-commerce growth.
Alternatively, organize your e-commerce buyer behaviour report by sources like social, marketplace or partners sites which highlight more of the user engagement across channels.
Some online retailers go as far as to analyzing the perfect screen size for conversion. Such data can be valuable when it comes to website UX design.
Small to medium online retailers can build buyer behaviour reports without strong technical backgrounds.
Kloudio has made this possible with an intuitive report builder to allow online retailers to generate insightful reports on your Facebook Page user demographics such as CTA clicks and post engagement in record time.
There isn’t a one-size-fits-all e-commerce analytics reporting strategy when it comes to driving more e-commerce conversions. That’s why it’s so important for online retailers to continue experimenting and refining their current strategies.
Once you’ve been able to identify what's effective for your e-commerce site, you’ll have a repeatable process. Adding new data reports to the mix for instance, are ongoing efforts that need to be made as your business evolve and product selection changes.
If you're an e-commerce business owner, what are data reports you find to be helpful? Share your thoughts and comments below!