Only about 1 out of 51 online shoppers actually buy something when looking at an online store.
That’s a lot of missed sales. So what do you do to try and make it so more people actually make a purchase when visiting your site?
One of the best things you can do is use the data that your website collects to identify what does and doesn’t work for your site. Luckily, this doesn’t have to be a headache!
Using WooCommerce’s dashboard metrics makes it easier than ever to collect, evaluate, and put to work data collected from your online store.
Keep reading to learn more about the benefits of using WooCommerce’s dashboard metrics.
1. Organized and Easy-to-Understand
One of the biggest benefits of using WooCommerce dashboard metrics for your ecommerce store is how well organized it is.
The dashboard is made up of three sections: performance, charts, and the leaderboard. Each one contains critical ecommerce metrics for your store.
The performance section displays a snapshot of your store during a specific date range as compared to a previous period. The default is set to month-to-date performance, but you can choose any time period you prefer.
This shows you metrics like your total, net, and gross sales as well as items sold and returned. It displays the amount for the current month-to-date, the amount from the same month last year, and the percentage change between the two.
The charts section allows you to select different metrics and dive deeper than the performance overview. You can choose from KPIs like net sales, average order value, items sold, returns, gross sales, and more.
It also allows you to choose which kind of chart you’d like to see the data displayed in. You can even download the information as a CSV file from this section.
The leaderboard shows you your top-performing categories and products. This gives you great insight into which products you should focus on and which you could consider cutting from your catalog altogether.
2. Track Results of Different Strategies
Having access to all this data clearly laid out for you allows you to watch the progress of new sales strategies, new products, or new hires. You can track these things by looking at key sales and performance metrics from before you made a certain change, and then again after it has been put to work.
For example, if you begin running a “free shipping over X amount” kind of promotion to drive sales, you can look to see if there is an actual increase in sales at that time. If there is, and the increase in sales makes up for any loss in the shipping costs, you know that it was a successful promotion. If not, you know it may need an adjustment.
Just make sure to pay attention to the impact as a whole, not only to one area. If you begin working with a new supplier and save money on materials but you also begin having more returns, that is not a good sign.
Remember also that some changes take longer to take effect than others.
3. See Trends in Product Reception
As previously mentioned, the leaderboard section allows you to see which products or categories are your top sellers. This allows you to see when and where your sales are the highest and capitalize on it to boost your sales.
You will also be able to see different trends in your sales here. You could learn that a particular product is more seasonal, which allows you to know how to structure your marketing and advertising for that product, and when to push them the most.
It can also show you if different products or categories are more popular in a specific region, and you can again tailor your advertising to this.
You should pay attention to trends where maybe one year a product was your number one seller, but then the next year there is a steep decline. This could be a sign that the product may need an update or redesign to bring it back into relevance.
Knowing these trends is massively helpful for inventory management. When you know what is most popular in a particular season or area, it helps you to know how much product to order and when. This helps to eliminate common inventory issues like overstocking but also understocking which can lead to backorders and delays.
4. Check on Your Store’s Health
Having this ecommerce metrics dashboard can be majorly helpful in monitoring your store’s health and seeing if you have any areas that need to be addressed before they cause big problems.
One sign that you could have issues in the future is if most of your sales come from just one or two big customers. This is risky because then if you lose just one customer your business could take a big hit. Monitor this by checking on who your best customers are and how much they are typically spending.
Additionally, it allows you to see what your customer retention rate is. If you don’t have many repeat customers, there is probably something that is stopping them from coming back and it needs to be addressed.
You can also check metrics like your conversion rate, shopping cart abandonment rate, and the number of returns. All of which could indicate a problem.
Finally, one of the things that make WooCommerce so easy to use is that is so customizable.
Depending on what your business is, the metrics that matter the most will be different. With the WooCommerce metrics dashboard, you can pick and choose which metrics you want to be featured, as well as the time period they’re displayed for.
On top of that if you need additional functions you can add plugins for almost anything you need.
Start Using WooCommerce Dashboard Metrics Today
With the power of WooCommerce dashboard metrics behind you and your business, you will be able to take it to the next level. Start monitoring the metrics that matter and improving your business today!
If you want to go even further, check out our post on how to enhance your store using WooCommerce.