Metrices are the numbers that are used to understand the performance of any project. Your small business E Commerce software too needs to focus on certain metrices that will improve your sales efficiency and enhance the customer experience.
Large corporations track multiple metrices across their large landscape of E Commerce. For a small business, however, it might be quite difficult to track so many metrices as it can get overwhelming.
Here, we list a few top metrices that you can consistently check and evaluate your performance for your E Commerce project.
Visits to your website
The biggest problem for a small business E Commerce website is its discoverability. You have just entered the highly competitive landscape of E Commerce on internet, and you realize that you are not getting the traffic you were expecting even if you possess the most unique products. Increasing visits means your site is getting known and getting featured on search engines.
Conversions
The next most important question to ask is that what percentage of visitors are converting to customers or at-least signing up on your website. It is important for a small business to track it because the advertising resources are limited and you want a high conversion rate for the visitors. So, a good ratio to check would be Number of sales ( or sign ups ) done / Total number of visitors to the website.
Bounce Rate
Bounce happens when a customer visits your site and just migrates away. Bounce rate is also an important indicator for search engines to evaluate, if your website is providing the needed content for the traffic they are sending your way. If the bounce rate i.e., number of users leaving site upon visiting first page/ total number of visitors is high, then it may signal to the search Engine that something is not right with your website and it needs tweaking
Shopping card Abandonment
Shopping cart is considered abandoned when user adds the product to cart but does not move forward with intent to closing the sales. It can mean that either shopping cart to check out process is difficult or user finds out that the closing price does not guarantee the value that you are offering. Shopping cart abandonment leads to sales loss and affects conversions on a higher scale as customers have given up on your products just in the final stage.
Return rate
A major source of headache for business owners, small or large in E Commerce segment is the returns from the customer. High rate of return means either the customer has a mismatched expectation (in terms of colour, size, or weight) or the policy about return is too lenient allowing the customer to use and send the product back. High rate of return could also mean that customer is not satisfied with the quality of the product that they see online.
Website loading speed
The biggest source of frustration of a user and the most important factor for the search engine is website loading speed. Slow websites lead to higher bounce rate. They also mean that your shopping cart may be abandoned much more than a faster website. If you self-host your website, the loading speed is often your responsibility. You may use a number of online tools to help you increase your website speed. Remember, slow website is equivalent to money lost.
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