If you are a new Shopify store owner or have just started an eCommerce business, you might not know what eCommerce metrics to monitor for measuring success.
Th ese metrics are crucial as they are the decision-making factors that help you spot your weak areas and receive actionable insights on how to grow your Shopify store.
So. it would be wise to start tracking these crucial metrics from the very beginning of your business to measure your growth.
We have shared five vital metrics that you must monitor to achieve success. Continue reading the blog to learn about these vital metrics-
High conversion and low bounce rates
In eCommerce, conversion rate refers to the percentage of visitors who completes purchases and becomes a customer. It is natural that eCommerce every store owner would like to have higher conversion rates for revenue growth.
Bounce rates, on the other hand, are the percentage of visitors who visit a page briefly and leave shortly after. A higher bounce rate is bad news to the store owners.
Both these metrics are pretty important because conversions happen only when visitors stay engaged on content and product description pages.
Customer Acquisition cost
To increase conversion rates, eCommerce store owners invest in various marketing efforts. Customer acquisition cost is basically the amount of money invested in marketing efforts to acquire new customers.
Hence, this crucial metric must be monitored to ascertain the real value of the cost involved and the profit earned.
Average Order Value
It is yet another vital metric that allows store owners to get an idea of the amount a customer typically spends in one session.
Higher AOV means more profit against each customer. Knowing these values, businesses can invest in conversion campaigns and can accurately market their products to the customers.
Abandoned Cart rate
Abandoned cart rate is a major red flag you should not ignore. It’s a huge obstacle in retaining customers and earning their loyalty.
The abandoned care rate displays the number of potential customers leaving the store without completing the purchase.
This metric allows store owners to understand the flaws in their processes that result in incomplete purchases.
Customer Life cycle value
By using this metric, you can predict the total amount of revenue a customer will generate during their entire customer lifecycle.
The process of calculating the customer life cycle is quite complicated. Businesses should always aim for higher CLV to enjoy sustainable revenue growth.
Wrap up
We hope you liked this blog on eCommerce insights. Stay connected to us for more insightful blogs.
Also, if you haven’t connected your Shopify store with Salesforce yet, try the Sync Made Easy app today for a quick, errorfree, and effortless integration experience. Visit Salesforce AppExchange to install the app now!
