Knowing and understanding your WooCommerce KPIs is the key to fast, predictable growth.
We understand that the thought of getting stuck into “analytics” may give you headaches, but having a deep knowledge of the important metrics can be the difference between you doubling your sales or standing still.
So what metrics need to be tracked? And how do these metrics affect eCommerce marketing?
Well, if you keep reading, you’ll discover 10 eCommerce industry KPIs you must track now!
Table of Contents
1. Google Search Performance
To know how well your WooCommerce store is performing, it is important to track how many times your site is appearing when your audience is searching Google. This will show how many people your website is reaching.
You need focus on how many impressions you are receiving every month, and also how many of those impressions are turning into actual website visitors.
Google Search Console is the best way to track these metrics. All you need is to add your website to your Google Search Console account and verify it.
The data that Google Search Console collects for you will give you a good idea of the average click-through rate of your website, which will show you where you can improve.
Tracking your Google Search performance will give you important information that will help you figure out the changes that need to be made in order to boost your WooCommerce sales.
2. Traffic Source
Another important metric to keep track of where your traffic is coming from. This is vital to the continued growth of your eCommerce business.
Firstly, if you are running paid advertising on platforms like Facebook, you need to know how much traffic you are getting from those campaigns, and how much of that traffic is converting into sales for you.
If you notice that your ads are not providing a positive ROI, you can stop them and avoid wasting your money and focus on things that are working instead.
3. Top Products and Items Sold
One of the most important WooCommerce metrics you need to track is your top-selling products and items. This will give you the information you need to identify your biggest winners and potential new trends to capitalize on.
Knowing your top-performing products also offers you the chance to push greater advertising spend towards those products with the knowledge that they are converting well.
4. Conversion Rate
The average eCommerce company will convert 2% of its visitors into sales and customers. Knowing your conversion rate is critical for maintaining profitable advertising.
You see, if your website is struggling to convert at 2%, you may be leaving money on the table.
Here are four reasons why your conversion rate may be below average:
- Traffic is not pre-qualified or the right fit for your products
- Complex order forms
- No free shipping
- Messy landing and checkout pages
When it comes to checkout forms, make sure you require as little information as possible for your visitor to make the purchase.
Also, free shipping is one of the most popular and proven ways to get visitors to make a purchase, as it is considered the top incentive for consumers.
5. Average Acquisition Cost
Knowing how much it costs to generate a customer can highlight whether you’re investing your money into the right areas. Also, it will let you know when you need to change your customer generation strategy.
With the rules of digital and social media marketing forever changing and evolving, keeping track of your acquisition costs has become vital to staying alive in business.
6. Shopping Cart Abandonment Rate
Did you know that almost 70% of website visitors abandon the checkout cart before making a purchase? Here are a few reasons why this happens:
- Your checkout process is too complicated
- Inflated shipping costs
- Lack of payment options
- Late shipments
- No payment plans
Make sure your checkout process is simple, provide free shipping when you can, and provide consumers with payment plans to help spread the cost of your more expensive products.
7. Average Order Value
Knowing how much money your average customer spends on one order is vital information that you can use to advance your eCommerce business quickly. By increasing your average order value, you will increase your income.
A great way to increase your average order value is by offering discounts, cross-selling, up-selling, and down-selling.
8. Customer Lifetime Value
This advanced KPI has a few metrics that give you insight into how much each customer is worth to you over the lifetime of your business. This is absolutely critical, and here’s why.
When you understand exactly how much each customer is going to spend with you during their time as your customer, it gifts you the opportunity to create more successful marketing campaigns and customer acquisition strategies.
9. Refund and Return Rate
Every eCommerce store will inevitably get refunds and returns. However, if you find your refund and return rate is particularly high, you need to fix it quickly.
Your high refund and return rates could be as innocent as a customer purchasing the wrong item. However, you need to keep stock of your products and maintain the highest quality at all times.
10. Retention Rate
Pre-existing customers spend a lot more time browsing through your site than new visitors. If your retention rate is high, it generally means your customers were happy with their purchase and want to buy more from you.
If you find your retention rate is quite low, you may need to find ways of keeping your customers, like improving customer service or delivery times.
Need Help Tracking Your WooCommerce KPIs?
The importance of effective WooCommerce KPIs tracking is more important than ever. That’s where our WooCommerce Reporting Pro Reports Plugin can help.
You can now quickly and effortlessly access your KPIs and sales metrics with a click of a button, straight from your dashboard. Our five-star plugin lets you spot any sales patterns so you can capitalize on them.
Make your WooCommerce store more profitable today through our custom report service by contacting us today.