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Throwing light on ecommerce Analytics to expand your business.

The centrality of data:

Running an ecommerce business can be a profitable or loss-making venture, depending on how you strategize and handle things. If you want your eCommerce store to generate consistent profits, it is essential to understand, monitor, and analyze critical data from your online store. If you have the required expertise, you can do it yourself or you can contact an agency to get result-oriented digital eCommerce solutions.

Identifying crucial metrics:

Every business has different goals, so you have to set your KPIs/Key Performance Indicators accordingly. But there are certain metrics that are common and important in most eCommerce businesses. To help you get started, we’ve listed out some of the most important metrics that you should be analyzing on a timely basis for the best result. Take a note of all the metrics discussed below, and start using them to make data-backed decisions at the earliest.

  1. Conversion Rate:

One of the most important metrics you cannot afford to ignore is the conversion rate. It lets you know how many visitors turned into paying customers. You can find this metric displayed in your eCommerce platform’s dashboard. Alternatively, you can also calculate it by dividing the number of purchases by the number of total visitors for a set period. You can dive deep into this metric by finding out the conversion rate based on the traffic source, device type, fresh vs. old customer, and more. The insights you’ll get will help you to reassess your strategy for the better. 

  1. Revenue:

The eCommerce analytics list can never be complete without revenue. If you want to maximize your profits, don’t look at the revenue figure as a whole and segregate it to get meaningful data. You can segregate revenue to identify the sources or platforms that bring in the most sales. If you’re using email campaigns, social media platforms, blogs, paid ads, and more ways to generate revenue, it is essential to find out which method brings the most sales. You may want to scale the methods that brought the highest revenue and reassess your plans on the least sale generating method. It requires a lot of logical thinking, prior experience, market knowledge, and more, so it is best to take the help of eCommerce consulting services. 

  1. Product-wise conversion rate:

If your store has various products, it is important to scrutinize the product-wise information. Doing so will let you know about your product-wise inventory status, the best performing products, and the worst-performing products. You can use these insights to make changes to your current inventory plan. Hiring someone with expertise in the eCommerce marketplace can be a huge plus for you and make things a lot easier. You can also check product-wise cart abandonment rates and come up with ways to boost conversions. If your eCommerce platform doesn’t offer in-built responders to get back abandoned carts, it’s time you get it implemented by professionals at the earliest.

  1. Average Order Value:

Knowing the Average Order Value (AOV) is crucial to understand the purchasing capacity of every buyer. You can use this metric to create better strategies for growth and even increase the AOV for higher profits. Let us understand AOV with an example. If your website earned a total revenue of $ 25,000 last month, and the total number of sales was 760, the AOV will be $ 32.89. So on average, every order on your store fetches you revenue worth $ 32. 89, and you should look for ways to increase this figure.

  1. Percentage of repeat customers/ returning buyers:

Repeat customers are a boon to any business; hence, it becomes crucial to keep an eye on any figure related to them. Since these customers have liked your products and made repeated purchases, you can significantly increase your profits by pushing more products to them and offering special discounts exclusive to them. If done correctly, insights gained from this one analytic can help take your business to another level.

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Can incorporating videos in your digital marketing strategy boost your e-commerce business?

What is the best medium for educating customers about your business/products/services? Some might say infographics, text-only content, emails, etc. However, the best medium is video. Over 97% of marketers’ claim that video content helps their prospects understand the product better and helps the customers make a crucial purchasing decision.

The above statistics prove that videos are effective. But what is it that makes videos this effective? Well, let’s find out.

Why is including videos in your digital marketing strategy more effective?

  1. Videos explain our product better.

e-Commerce marketplace is built differently. You’re selling something online. To convince customers into buying the product, you need to prove its worth. What could be better than a video elucidating how the product functions?

The customers will only buy a product if they know what it is and how it is going to benefit them. When your customers understand your product better through videos, there’ll be more sales.

  1. Videos offer a better ROI:

The ROI/Return On Investment of a video depends on several factors. Quality, strategy, duration being some examples. Nevertheless, according to a survey by WYZOwl, 83% of the participants claimed that videos bring more ROI.

At first, you might think of video as an expensive asset. But this is not true. There are innumerable tools which you can employ to create a high-quality video without spending much. These days, most smartphones have a high-end camera that you can use. Also, the tools Doodly and Videoscribe make the process even easier.

However, planning all the above and executing in the right manner is paramount. It’s the reason you should contact an eCommerce consulting company who can help you craft, implement and execute digital marketing strategies that work.

  1. Videos have a positive impact on SEO:

If you’re in the eCommerce world, you would know the importance of SEO. SEO can aid your website or product leap to the summit of the search results. And this is something a well-crafted video can help you with. If you add the right keywords in your video descriptions on YouTube, chances are your video will jump to the top of the search results.

Also, if you embed videos inside your blog content, then Google will classify your site in a superior manner. It’s because a video related to the blog increases the credibility of your website.

What types of videos can you incorporate in your eCommerce digital marketing plan of action?

  1. Brief marketing videos.

Videos stretching over 10 minutes aren’t always necessary. You can use short videos talking about:

  • A Product Release.
  • Common FAQs about the products.
  • Product Description.
  • Uses.
  • Unique Selling Point.

Short videos always work. Also, you won’t necessarily need a high-end camera to shoot one. A decent smartphone camera will do.

  1. “How to” and product tutorial videos.

A brief walkthrough of your product always helps. You can help your customers understand how your product works.

  1. Product manual or installation:

How frequently do you read the product manual booklet that comes with new items? Maybe never, right? So, you can use the video format to help your customers install the product. If you craft the manuals correctly, you can expect more traffic on your eCommerce website or YouTube channel.

  1. Video testimonials:

When it comes to checking reviews, video testimonials have no match. After all, a video testimonial is hard to fake. So, posting video testimonials can improve credibility and eventually sales.

  1. Instagram or Facebook live:

A prerecorded video isn’t always necessary. You can start Facebook or Instagram live and interact with a live audience.

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