@jamaicawinshipgmail-com @andreea-macoveiciuc-content-expert @danielisler1gmail-com
Track the revenue your top products are driving and increase performance metrics.
Identify the key performance indicators you need to track and determine how frequently you will review your product performance analytics.
Some important KPIs you can use to track your product performance include:
- Product page views
- Conversion rates
- Unique customers vs. returning customers
- Cart abandonment rate
- Average order value
Reviewing your product performance analytics on a consistent basis will help you spot increases or decreases over time so that you can identify potential issues and correct them. For example, you can adjust product descriptions and images or optimize your website’s layout to make the navigation of your products easier. It can also help you monitor the number of sales per product to manage inventory.
Set a consistent routine for reviewing your performance. It could be daily, weekly, bi-weekly, monthly, or quarterly depending on the size of your business and inventory demands.
Determine what platform you will use to track and measure your ecommerce store’s analytics.
Your ecommerce platform may have an analytics feature built in. Some popular platforms that include their own analytics are Shopify, WooCommerce, and Magento.
Alternatively, you can integrate a third-party analytics tool with your ecommerce platform. One of the most popular integrations for ecommerce is Google Analytics Enhanced Ecommerce. You can either set this up manually or install a plugin on your website if one is available for your platform.
Use your analytics platform of choice to review product performance data, and compare it to your marketing and advertising metrics to understand how your promotion efforts affect sales.
For example, you could compare your results from a product-focused ad campaign with your sales data for that product within the same time frame to determine how successful the ad campaign was in driving sales. You might consider looking at the number of impressions, CTR, and conversion rate of the ad campaign, as well as the sales volume for that product during and directly after the duration of the campaign.
Compare the sales metrics of that product to previous months to see how much the ad campaign increased the number of sales.
Review your product performance data to identify strategies that could be optimized to generate even more sales and revenue for your business.
Identifying which marketing and advertising methods are already working well creates an opportunity to zero in on those tactics and perfect them to generate even better results than the first time.
For example, you could implement creative ways to generate more buzz around your top products, such as promotional offers and sales, or hosting contests and giveaways on your social media channels to build brand awareness, expand your reach, and boost conversions.
Identify any areas where you are losing customers in your sales funnel by reviewing the bounce rate of product pages on your website and the cart abandonment rate.
Carefully review any product pages that are generating a high bounce rate, or any descriptions, images, and pricing for specific products that are frequently being abandoned in users’ shopping carts. Test and adjust features to improve the user experience and correct the bounce and abandonment rates those products and pages are receiving.
Competitor analysis can play a role here. For example, if you are unsure why a particular product keeps getting abandoned in customers’ carts, you can research similar products your competitors offer. You might find that another brand offers a less expensive alternative or a bundled product that provides more value to their customers. Identifying this kind of information gives you an opportunity to adjust your offering to more effectively compete within your market.
Consider implementing a retargeting strategy in your marketing efforts to recapture lost leads.
Retargeting can put your brand back in front of potential customers who previously showed interest in your products, by visiting your website or viewing a specific product page, for example. Although they may not have completed a purchase the first time, you can run a remarketing campaign to stay top-of-mind for those leads and recapture some of that business.