So, you have designed a magnificent website, you have installed a reliable payment gateway, and you are taking advantage of social media in an effort to promote your online store – you are on the right track to success! The question is… are you tracking the ecommerce metrics that you should and need to be tracking? Let’s investigate.
Are you tracking your average profit per visitor?
This knowledge provides you with the opportunity to make appropriate, positive changes to specific aspects of your online store. You will have a better idea of whether or not to raise your prices, as well as how much you should be spending on things like pay-per-click advertising. Just make sure that the money you are spending on advertising is lower than the average profit per visitor.
Are you tracking your product conversion rate?
The product conversion rate refers to the amount of people who buy a product after viewing it in your store. Knowing these numbers mean that you can quickly start to identify what works and what doesn’t. You will be able to determine the following and make changes accordingly:
- Whether your prices are too high.
- Whether the image is or isn’t doing the product justice.
- Whether your product description is making a good impression or not.
Are you tracking your profit by traffic source?
Knowing where your traffic is coming from makes it easy for you to determine where you should be funnelling your marketing efforts. Are most of your leads coming from social media? Invest more money in paid Facebook advertising. Are you generating leads from organic Google search results? Keep up the good work and continue investing in content marketing and SEO. Either way, you will be able to maximise profits and traffic to your online store by taking note of your most prolific traffic sources.
Are you tracking your percentage of return customers?
A high percentage of return customers means that you are definitely doing something right – these people were satisfied with their purchase and have come back for more! If, however, your percentage of return customers is not as favourable as you’d hoped it would be, you might want to look into improving your product offering, delivery service, after-sale care etc. You might also want to consider remarketing strategies.
By tracking the right ecommerce metrics, you will be opening up a world of opportunity for your online business, taking it to places you never thought possible. Being aware of your marketing results, your profit margins and your customers’ behaviour will likely assist in drawing even more people to your website – having a reliable payment gateway that guarantees secure online payments will keep them there. Contact PayU for more information.