A few good metrics never hurt anyone. Online retailers will benefit from understanding and tracking the following 5 metrics to help create data-driven eCommerce strategies. In part 2 of this series, we talk about 5 MORE key eCommerce metrics to track in Google Analytics.
After implementing Google Analytics on your site and setting up goals, it's essential to start tracking key metrics such as the five we've highlighted below:
1. Page Level Bounce Rate
Bounce rate represents the percentage of visitors who enter the site and "bounce" (leave the site) rather than continue viewing other pages within the same site.
Why is this important?
Tracking your bounce rate by the individual page will reveal which pages are performing poorly. A high bounce rate on a single page usually indicates that the visitor did not find enough engaging content. This metric is very important for online retailers since a high bounce can indicate a broken product link or a technical error on a specific page. Consumers who bounce are not taking the time to search for the product that they were initially interested in which leads to lost revenue and sales. If the visitor found your site via a search engine, you can see which keyword or keyword phrase they were searching for and what type of content they were expecting to find. After analyzing this metric, you are able to adjust your content or create redirects to send visitors to a more relevant page.
2. Keyword & Keyword Phrases
If you go to Google and search for anything, what you type in the search box are keywords. Keyword phrases are more crafted around spoken language and often are a loosely formatted as a question such as: "Can I afford a house" - this keyword cluster would be a phrase that any loan business website would benefit to be ranked for example.
Why is this important?
How potential customers are finding your eCommerce site is crucial for your ROI and staying competitive. By analyzing keywords you have the ability to allocate ad spending, find opportunities for growth, create internal content and locate areas that need improving. If you sold apparel and a large majority of searches for "red dresses for woman" bring people to your site, you could create a "Valentine's Day Red Dress" buying guide on your site to strengthen this keyword for your site and drive more sales. For keywords that you want to rank for but aren't currently, you can create more related content or run different ad campaigns for each major search engine to help attract more traffic.
Here's a FREE dashboard to track your keyword rankings which includes landing page and bounce rate.
3. Checkout pages by Technology
The pages customers use to checkout need to be monitored since any issues encountered when attempting to complete a purchase, will result in abandoned carts. The technology dimension is important because visitors may be coming from a mobile device, wonky screen size or with an outdated browser and by knowing which technologies are conflicting with your site, you are able to determine if backend adjustments need to be made. A few missed sales from an outdated browser doesn't mean that a complete site overhaul is needed, but to accommodate these visitors a more simple solution may be implemented.
A best practice is to monitor every page of the checkout process including "m.checkout" along with various extensions that browsers may render depending on the source and tracking methods. For advanced results, tracking the individual pages from the shopping cart and the various other ways your checkout option is listed by page level on your site.
4. Visits by Country
Would you know if you were selling the next hottest product to hit another country? Or is your site getting a large amount of traffic from an area that you do not currently ship to? Key business decisions such as maximize individual ROI and expanding service areas are easily determined if you know where shoppers are located and what source they are using to find your eCommerce store.
5. Assisted Conversions
Assisted conversions summarize the roles and contributions of your channels. Your channels are your website, social, referring domains, email marketing and search. These channels "assist" with new customer acquisition and are key to developing a strong marketing strategy.
Assisted conversions report the number (and monetary value) of sales and conversions the channel assisted. If a channel appears anywhere along the sales funnel on a conversion path, it is considered an assist for that conversion. The higher these numbers, the more important the individual assist role of the channel. This metric also helps to track ROI and serves as a great starting point to determine which channels may need to be developed more.
Google Analytics is decent for technically savvy marketers but sans acquisition source analysis, it barely scratches the surface as far as monitoring your customer data. Marketers determined to get the richest data sources and advanced reporting on eCommerce metrics use smart data provided by Windsor Circle's Analytics dashboard combined within our customer retention software to make smart decisions.