Your E-commerce website seems to very popular, and your visitor count is steadily increasing, but these numbers are not actually translating into concrete sales. Consider Analytics to be the gatekeeper that analyses and monitors your website and its visitors, providing valuable insights to boost your online revenue. In a highly competitive marketplace, E-commerce businesses need to stay one step ahead of the competition. Integrating a good web analytics tool with your website gives you the ability to continuously analyze customer data and receive recommendations on how to improve customer engagement and metrics.
So now that you have analytics integrated and set up for your website, the next step is interpreting the reports assimilated from the collected data. Properly understanding analytics reports gives you vital intelligence on customer shopping preferences and customer behavior. Being able to predict a customer’s shopping patterns not only increases your sales, but it also enables you to deliver more personalized shopping experiences.
The initial and most important measurement metric in analytics is the audience. This gives you access to the customer information such as age, gender, attraction categories, market segments and other individual categories listed under one segment known as “Demographics”. The above metrics allow you to tailor marketing campaigns segmented by age groups and gender. You can target specific categories of audiences based on their preferences and shopping habits by using historical audience data.
Behavioral analytics is another sub-section of your audience view. This section enables you to understand how your customers are interacting with your website and if they will return to your E-commerce website. Various metrics are available to measure website performance, such as the time spent by each individual visitor on your site, their interaction with content and pages and their search activity. Bounce rates provide you with critical information on why your visitors are not returning to your website. Knowing which landing pages are more popular and why one content area is preferred to another is crucial towards updating your website and influencing future user behavior.
One of the most important features of your analytics tool is finding the source or origin points of your website visitors. Understanding if your visitors arrived from your newsletter marketing campaign link or from your social media promotions is very useful in determining which campaigns are working well and which are not. The various reports on visitor sources give you the necessary impetus to deliver well-crafted marketing plans leading to increased revenue and sales.
You can also track sales conversion metrics using your analytics tool. Integrating your online cart and checkout system with your analytics tool gives you the required conversion metrics. Detailed reports give you important insights such as cart abandonment rates, time spent at checkout, product popularity and, various other performance reports. Monitoring these reports helps you identify loopholes and errors and implementing changes on your website increases conversion rates.
If you are running specific advertisement programs, analytics allows you to integrate these as well, giving you acquisition reports. You will be able to monitor and analyze your complete sales funnel, starting with acquisition, behavior and finally conversion. Knowing customer behavior specific to each stage of your marketing funnel, allows you to find where customers are dropping off and where they are completing the process. Analyzing these patterns helps you to minimize cart abandonment and increase sales.
Optimizing your website to increase revenue and traffic is the number one goal for E-commerce businesses. Managing the data flow into your analytics platform and carefully monitoring and analyzing reports, gives valuable insights and performance metrics allowing businesses to quickly implement critical changes. The data generated from your website has endless possibilities, which puts you in charge of understanding and distinguishing the user behavior of every single one of your visitors. Keeping everything in perfect sync is what most analytics tools offer, but above all, they are intelligent and powerful allies that help your online business accomplish its business goals.