When managing any type of eCommerce business, analytics are necessary to monitor. Without detailed analytics, you won’t gain the insights you need to make critical marketing decisions in the future. One of the main reasons so many eCommerce brands don’t get the data they need is a general lack of knowledge around analytics.
To give you a better sense of what analytics can do for you and help you track them, the following is a guide to get you started.
What Is eCommerce Analytics?
eCommerce analytics entails the collection of actionable data regarding how people interact with your eCommerce store. Based on this data, you can make the right decisions to improve your site’s performance and inform marketing efforts.
With in-depth data gained through analytics, you’ll ultimately be able to increase the cost-effectiveness of your advertising, generate more sales, and generally establish a stronger connection with your customers.
You can use many types of metrics to track analytics depending on your goals.
Why You Need eCommerce Marketing Analytics
There are several main reasons why your eCommerce business should harness the power of analytics using the right tools.
Gauge the Success of Marketing Efforts
With the help of the right marketing software such as Google Analytics, you can keep track of all of your marketing data on a centralized platform. You’ll gain insight into your marketing efforts, including social media marketing campaigns, pay-per-click ads, email, and more. This rich data would then be able to help you decide how to better invest your budget.
Make More Accurate Predictions for the Future
Another benefit of eCommerce analytics is the ability to more accurately predict the future of your campaigns’ performance based on certain patterns and trends that you identify. For example, you can see how many people visit your website because of marketing efforts and referrals. You’ll also be able to see the kinds of devices people use to access your store, some of the most popular webpages, and specific types of actions that people take. This data will help you anticipate future performance.
Decide on Pricing and More
Analytics will also help you make better decisions around pricing for your products, including base prices and upsells. Data such as cart abandonment rates and conversion rates will help you identify products that people aren’t buying because of deterring prices, which you can then optimize to generate more sales.
Make Use of Customer Data
Based on details such as customer clicks and sales, you can gain some insight into how people are interacting with your website. They might stay longer on certain pages, for instance, which could indicate that this content connects with them more effectively. They may also flock to a particular product, in which case you might want to offer and recommend another similar product. You can then offer more personalized experiences to specific types of customers based on their interests and engagement.
The Different Types of eCommerce Analytics
You can use different types of analytics based on what you want to accomplish. The following are some specific kinds of data you may want to collect.
This pertains to the acquisition of customers, which will let you know how people found your business online. You might discover that people come from search engines, while others discover you through social media. Leads may also convert to customers after reading certain content pieces on your website, indicating their effectiveness.
In turn, you can figure out which channels are the most reliable in acquiring new customers.
You must collect plenty of audience data to understand the types of people you attract and convert. You’ll be able to use this data to pin down audiences’ demographics, including their age, occupation, and location. You’ll also get a feel for their behavior based on the devices they use and when they’re most active on your site.
Conversion data is critical as it lets you know precisely how and when leads become customers. This data could reveal how long it takes for certain audiences to convert, how frequently they convert, the types of audiences most likely to convert, and the percentage of people who fail to complete their purchases.
User Behavior Data
When people visit your website, you need to understand their subsequent behavior. Data in this area could detail which pages people visit first after landing on the website, the product pages that attract the most attention but yield minimal sales, and many other behaviors.
Using this data, you can map out the buyer’s journey and further optimize website content to lead people to convert.
Use eCommerce Analytics to Fuel Your Brand’s Growth
With a deeper understanding of the value of tracking analytics, you can get the results you want from your marketing and branding efforts. Data around your audience, acquisitions, user behavior, and conversions can help you make the best choices for your business moving forward.
Looking for more information about the power of analytics and ways to grow your eCommerce business? The consultants at Gray Growth Logistics can give you the guidance you need for real success.