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| Name | Which Ecommerce KPIs Should You Focus On? | The Journey |
| Video Uploader | Video From GoDaddy |
| Upload Date | This Video Uploaded At 14-07-2021 14:29:47 |
| Video Discription | When considering what ecommerce KPIs to measure, don’t get distracted by vanity metrics that only serve to make your website look good. 🎯 Get your business online in minutes with GoDaddy Airo™: https://social.godaddy/airogodaddy. Focus on ecommerce KPIs that can drive your business forward and help you grow successfully. Check out more The Journey content at https://bit.ly/GDTheJourney. ✅ Read about it on our blog ➜ https://bit.ly/3h1aGMiGoDaddy 0:13 Which ecommerce KPIs should you focus on? 0:51 Average order value 2:29 Cart abandonment rate 4:16 Conversion rate 4:56 Cost per acquisition (CPA) 5:51 Customer lifetime value Average order value The average order value (AOV) provides information on the typical amount of money that customers spend per visit. AOV is an important ecommerce KPI to track because it can be manipulated by your marketing efforts. The coupons you develop, customers you attract, and products you promote will all impact your AOV, which reflects the success of your business. Cart abandonment rate The cart abandonment rate is an ecommerce KPI that tracks the percent of people who add items to their carts without completing the purchase. This number varies by website and industry, but the universal average for 2020 is 69.57%. Cart abandonment can shed light on issues in your ecommerce business such as a long, convoluted checkout process. Conversion rate Along with tracking abandonment rates, look at your conversion rate (CR). This ecommerce KPI considers the total number of people who purchase versus the total number of people who have the opportunity to purchase (i.e. web traffic). From a high level, you can look at CR out of everyone who lands on your site or drill down to specific product pages. You can also look at CR by the department, by AOV, and by position in the cart. CR is another ecommerce KPI where minor adjustments can significantly grow your profits. Cost per acquisition At the very least, your team can track the cost per acquisition (CPA) ecommerce KPI to understand how much it costs to bring people to your business and get them to convert. At the highest level, take your total marketing cost for the month and divide it by the number of sales over the same period. If your site spends $2,000 in marketing and attracts 100 customers, then your CPA is $20. Customer lifetime value Another ecommerce KPI to keep an eye on as you grow your ecommerce business is customer lifetime value (CLV). The easiest way to track this metric is to take your AOV and multiply it by the number of customer visits per year and their average time spent with your company. Once you have an idea for which ecommerce KPIs are most important to monitor the health of your site, develop a process to check them regularly. Some companies accomplish this through Google Analytics reports or develop their own reporting tools that provide windows into the information they need. Not only should your report be legible, but it should be valuable. The Journey is what everyday entrepreneurs, like you, need to follow in the pursuit of online success. Our experienced GoDaddy Guides are here to take you through all the steps, both big and small, that you encounter every day. Want to learn about more ways to grow your business? Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe GoDaddy links: https://www.godaddy.com https://www.youtube.com/user/godaddy https://www.instagram.com/godaddy https://www.facebook.com/godaddy https://www.twitter.com/godaddy #TheJourney #Business #GoDaddy #Entrepreneur #HowtoStartaBusiness #eCommerce #Sales yy4xibY9cRU |
| Category | Howto & Style |
| Tags | ecommerce marketing | ecommerce kpis | digital marketing kpis | digital marketing 2021 | ecommerce marketing strategies | digital marketing metrics | digital marketing metrics and kpis | godaddy | go daddy | godaddy.com | yt:cc=on | ecommerce marketing strategies 2021 | digital marketing kpi metrics | Cost per acquisition | Conversion rate | Cart abandonment rate | Average order value | content marketing | conversion rate ecommerce | improve conversion rate | conversion rate optimization ecommerce |
