- Conversion Rate- Simply put, your conversion rate measures what percentage of people coming to the site are checking out and bringing you revenue. This is the most important metric that a site has as it is pretty all-encompassing. A good conversion rate tells you more than your traffic or pure revenue ever will.
- Average Order Value- This one is fairly self-explanatory. Your Average Order Value, or AOV, is the average dollar amount of your orders. When trying to increase your revenue, this is often one of the first metrics for a merchant to look at, and work to increase.
- Traffic- Your site can’t make money if people aren’t getting to your site. This one is hard to control without outside influences like working on your SEO. Social channels and paid advertising like PPC are game-changers for getting your site’s traffic up. It’s also important to note that search engines love unique content. This is one of the best free ways to increase your SEO rankings and in turn, up traffic to your site.
- Cart Abandonment Rate- This number is the percentage of people adding things to their cart and then jumping ship. These customers are often the most low-hanging fruit for a merchant to go after- they’ve already visited your site, found items they like, and put them in their cart. A highly-used tactic to go after them is to send out a reminder email offering them a discount code to complete their order.
Knowing whether or not your eCommerce store is doing well can feel like solving a puzzle. You might know that you’re making some money, but if you aren’t tracking the below metrics, you’ll really struggle to find areas of focus when measuring your progress. The first crucial step is to set up a Google Analytics account. Don’t let the name intimidate you, this free tool is the best out there to determine your site’s success. From there, a good starting point is to focus on the numbers you see in each of the four outlined categories below: