To maximise your revenue, you must always monitor your e-commerce site. Here’s where to get started.
Traffic indicates the performance of your website. If you have low traffic, it simply indicates that people are not looking for you. An e-commerce site in WordPress or in Shopify can boost your traffic. Talk to Shopify developers, get pay-per-click services and understand the basics of SEO.
This is the number of people that become your customers. You can calculate the percentage by dividing the number of people who purchase from your store by the total number of people who visit your website. If your conversion rate is low, you can increase it by growing your email list, advertising or through expanding your website. You need to spend time in creating strategies; otherwise, your online platform won’t serve its purpose.
Is your product more suitable for consumers or businesses? It’s vital to know who your audience is so you will understand their needs. Get a grasp of the audience age, sex, location and even the device they are using to access your page. Once you know it, it will be easier to engage and sell to them.
Shopping Cart Abandonment Rate
In a study conducted by Baymard Institute in 2015, it shows that the average rate of cart abandonment is 68%. Some reasons are because of the shipping costs, checkout login and lengthy and complicated checkout forms.
This is the percentage of customers who return to your site. Returning customers are profitable than the new ones as they already know the system. If you have a high retention rate, you still need to follow up on their feedback and suggestions.
Lifetime Value of a Customer
Obviously, if you have a lot of customers, the better. However, this must not stop there. You need to provide services and offers that will make them loyal to your shop, like gift checks, sales and discounts.