Gone are the days when doing business online was an easy affair as things and dynamics of business have changed now. With the rise in businesses and competition, it has become nearly impossible to uplift your e-commerce business. 

Uplifting and scaling your business demands plenty of effort, time, and dedication. Marketers need to work on well-directed e-commerce marketing campaigns and great customer service. 

But this is not all. In addition to this, other things that go into making a successful e-commerce business is data-driven decision-making. Analyzing your e-commerce business performance is a must at regular intervals. These Ecommerce metrics will also help you in retaining your customers. 

Let’s have an insight into the e-commerce metrics which you need to take note of for e-commerce business growth. 

Ecommerce Metrics 

Tracking e-commerce metrics will make you track e-commerce business. But this is something many businesses take for granted. Consequently, here are some crucial e-commerce metrics to track the progress of your e-commerce business. 

Shopping cart abandonment rate 

The foremost e-commerce metric is the shopping cart abandonment rate. It refers to the people who do add the products to their cart but leave the app or website without making the purchase. These are known as window shoppers who do not complete the purchase. 

Shopping cart abandonment is not something rare but quite common these days. Recent statistics indicate that nearly 69.82% of shoppers abandon their carts. No matter if your shopping cart abandonment rate is high as there are numerous ways to improve it. 

The best way to deal with the shopping cart abandonment rate is to simplify the shopping experience primarily the checkout process so that customers can shop easily. E-commerce businesses can also use remarketing to bring shoppers back to their stores. 

The remarketing can include targeted ads and follow-up emails. Practicing this can result in a lower shopping cart abandonment rate. 

Customer acquisition cost 

Customer acquisition cost is another important e-commerce metric used to measure the success of your e-commerce business. Most businesses are concerned about growing their customer base but this is not everything. 

For instance, if you are spending $30 on every customer but the average order value they are giving you is $25,  it simply means your business is at loss. Here, comes the customer acquisition cost. 

It measures the average cost of acquiring the customer from marketing, and sales to salaries of your staff and hosting your site. Some of the proven methods of bringing down your customer acquisition cost are improving your conversion rate, investing in organic marketing, and investing in referral marketing.

Customer lifetime value 

The next eCommerce metric is customer lifetime value. As the name indicates, it refers to the total amount you earn in a lifetime from a specific customer. For instance, if there are a total 6 transactions made by the customer, each one equals $30. 

This means that the total customer lifetime value is $180. Customer lifetime value gives you an insight into how much you can spend to acquire customers and to how much extent you can go to retain them. 

The businesses need to work on improving the average order value and fostering loyalty between the existing customers so that they can make repeated purchases. 

Bounce rate 

The next comes the bounce rate. Receiving good traffic from e-commerce marketing strategies does not mean drawing good conversions too. Fortunately, you can make out about your e-commerce marketing strategies by looking into the bounce rate and get to know if they are performing well or not. 

Bounce rate refers to the number of visitors who did not stay too long on your website and left too soon. It lets you know about the exact potential of your website and the things you need to work on. 

Conversion rate 

Another important e-commerce metric that no business should ignore is the conversion rate. The number of visitors who take the action on your website and convert out of the total visitors refers to the conversion rate. 

It means that businesses need to optimize for a high conversion rate to grow their e-commerce business. Emphasizing conversion rates will bring massive improvement to your business. 

Average session duration 

The businesses also need to see the average session duration of their customers. Looking into the average session duration will enable you to make informed decision making. Your website visitor visits plenty of website pages and this refers to the average session duration. 

If a visitor has a low session duration, it means he is less likely to convert. It means he has no interest in your product. Getting insight into this can give your e-commerce business the right direction. 

Website Traffic 

In addition to the above-mentioned, website traffic is another significant e-commerce metric. Businesses should look at bringing more people to their e-commerce store once they have tracked and optimized the conversion rate. 

Businesses getting 10,000 visitors to their website would also be able to attract tenfold sales. But not many businesses know how to increase website traffic and this prevents them from growing e-commerce businesses. 

Businesses need to promote their offerings on social media, optimize their site for search engines and grow the number of people subscribing to their newsletters. 

Email opt-in rate 

No matter how old it is, email marketing is still regarded as an important tool for e-commerce especially when it comes to remarketing and retaining customers. The main focus of the business is to get as many people on your email list. 

The people who sign up for your newsletter means they are interested in your brand, its products, or its services. It will slowly turn into paying customers in the long run. By offering something of value in exchange for the audience’s email address and contact information, businesses can persuade people to join the newsletters. 

Wrapping Up 

Besides the above-mentioned metrics, there are numerous other critical metrics such as product page abandonment, conversion by device, conversion by traffic and the list goes on. Every business or marketer should consider these points while crafting an e-commerce marketing strategy.