However, not all metrics are equally relevant, and some of them may even lead us to draw erroneous conclusions about the business’s good (or bad) performance.

Metrics For Ecommerce – Actionable vs. Vain

Before deciding which ecommerce metrics to focus on, we need to distinguish between actionable metrics and vanity metrics.

Let’s see it with an example: suppose that an online cosmetics store receives 100,000 monthly visits. A priori, this can lead us to think that the business is doing well and sales are high but are we taking into account how many of those visitors end up buying?

Or what is the same? What is the rate of conversion to purchase? While the number of visitors is a vanity metric, the conversion rate is an actionable metric that allows us to have a vision of what is happening in our ecommerce.

5 Metrics (Actionable) For Ecommerce

Conversion Rate (CR)

The conversion rate (conversion rate) represents the percentage of visitors who carry out a specific action on the website. When we talk about conversion rate, the most common thing is that we refer to the purchase, but the conversion rate of a form, a download page, etc., can also be measured.

The goal is to make this percentage as high as possible. In the case of ecommerce, the average conversion rate is usually between 1% and 3%.

Customer Acquisition Cost (CAC)

The customer acquisition cost is the cost of attracting a new customer, and we need to optimize it to be as low as possible.

For its calculation, we will add the expense made in Recruitment Marketing: direct investment in channels or advertising, Marketing agency fees, costs fixed attributable to the Marketing department, cost of the sales force, software, and tools, etc.

Finally, we will divide this sum by the number of clients captured during a given period.

Average Cart Value (AOV)

To calculate the average value of the cart (average order value), all we have to do is divide the total amount of sales by the total number of orders during a given period.

To maximize this value, it is interesting to use cross-selling strategies (offering complementary products or services) and up-selling (offering a higher quality product and, therefore, a higher price).

In addition, the value of the AOV will depend mainly on our type of ecommerce. For example, if we are dedicated to selling fashion, the average cart will typically be less than selling mobile phones.

Customer Lifecycle Value (CLTV)

The value of the customer lifetime (customer lifetime value) is the total amount that a user will spend throughout his life as a customer of our ecommerce.

To improve this figure, we can use strategies to increase the value of the average cart (cross-selling and up-selling) and loyalty systems to increase the frequency of purchase.

On the other hand, by making a simple comparison between CAC and CLTV, we can have a reliable indicator of the health of our business. In other words, if the CAC is higher than the CLTV, it means that the cost of attracting a customer is higher than the benefit it brings us.

Cart Abandonment Rate

The cart abandonment rate represents the percentage of users who added items to the cart but did not complete their purchase.

It is necessary to pay special attention to this indicator since a high value can alert us to any of these problems on our website:

• Slow loading
• Error in the payment process
• Little variety of payment methods
• Doubts with the shipping and return conditions

, form too long, etc.

We Must Never Stop Metering.

In short, the most important ecommerce metrics depend primarily on the type of business. However, these five are essential, and, conveniently, the Marketing department never loses sight of them.

In addition, we must bear in mind that measurement is a process that never ends. The objective will always be to continue measuring to optimize each of the indicators to the maximum and, therefore, to grow our business.

Also Read: eCommerce – Golden Rules For Selling Legal Services Online

The post 5 Ecommerce Metrics You Need to Master to Sell More appeared first on TechReviewsCorner.

Two thousand twenty-one is finally coming to an end, and the time is ideal for analyzing what is looming for the year to come!

This year, many companies have disrupted the marketing sector by a dazzling digitalization.

On this occasion and anticipate the coming months, the SaaS company Uberall takes stock of the marketing trends not to be missed in 2022.

E-commerce Hits New Records.

After a particular year that has shaken up the way millions of consumers buy, e-commerce is expected to reach 18% of total retail sales in 2022.

The Line Between E-commerce And Physical Selling Is Blurring.

If the two channels have been opposed for a long time, their complementarity no longer needs to be demonstrated.

The success of businesses depends on the careful integration of their online and offline activities.

Inventories produced in real-time or click & collect digital options to be favored.

It is also estimated that in 2022, around 40% of purchases made online will be collected in stores.

Conversational Commerce Is Increasing.

Virtual assistants, such as Alexa or Google Home, will exceed 100 million users in the United States alone.

The use of these “smart speakers” as a marketing channel for brands or a purchasing channel for consumers will develop significantly in the coming months.

At the same time, instant messaging (chatbot) will always represent a privileged sales and customer relations channel.

Social Commerce Is Essential.

In 2022, Facebook, Instagram, Pinterest, Snapchat, YouTube, and TikTok will represent major channels for e-commerce.

Already present this year in marketing strategies, their commercial use continues to rise and dramatically squeezes the conversion funnel.

Corporate Social Responsibility Must Be At The Heart of Their Identity.

Following recent protests and the COVID-19 pandemic, younger generations now expect brands to demonstrate specific social, ethical, or environmental values.

In addition to fostering the buying journey, engaged brands find it easier to recruit and retain employees.

Also Read: eCommerce – Golden Rules For Selling Legal Services Online

The Upsurge In Fake Customer Reviews Is A Problem.

The growing problem of spam and fake online reviews is increasingly bothering consumers.

The leading consumer platforms must therefore implement new reforms and guarantees to strengthen the credibility of their content.

An increasingly crucial issue, particularly for the giant’s Google and Amazon …

Google My Business Takes a Closer Look At E-commerce.

For several years now, Google has offered online reservation and food ordering services.

Google My Business is expanding its e-commerce offering to develop new ways to help local businesses combine consumers’ online and offline experiences.

In 2022, local merchants will sell products directly through their local business profile on Google.

The post E-commerce – 7 Trends To Watch Closely In 2022 appeared first on TechReviewsCorner.

Web Localization

To target international audiences in a way that resonates, all of your content, and the tone in which you present it, needs to be localized.

Without sufficiently localizing your content, your brand will likely come off as inauthentic at best, and at worst, culturally offensive or illegal.

A wonderful translation company like Global Voices can utilize their expertise and deliver a service that greatly supports your brand in this area.

A commitment to translation accuracy is crucial when trying to convince a new audience that your products are legitimate, so do not hesitate to contact the professionals for a little help.

Forming Business Partnerships

Sometimes, expanding your borders in business means forming valuable connections with other companies and organizations.
This can be especially true of online businesses wishing to expand globally, as establishing a dependable local network can bolster their presence to no end.
However, without a native understanding of the language, this can be exceptionally tricky. A great translation service will likely be able to offer dependable interpretation assistance for precisely this eventuality.

A More Accessible Website

If you are about to make a big online purchase of any kind, you will likely want to know what the website is saying and how to find that product in the first place.
A well-translated and localized website can be a joy to navigate and greatly increase your brand’s overall accessibility.
For an eCommerce website to grow successfully, customers need to be able to reach it and engage with it as easily as possible.
By reducing barriers and optimizing your site for international trade, you should be able to see the profit margins begin to widen before too long.

Targeted Marketing

Targeted marketing can be effective when it is not intrusive or annoying in any way. Many businesses rely on targeted email marketing to boost their sales figures across the board, but it starts to get a lot more convoluted when a language barrier stands in the way.

Imagine seeing an offer for a product in your inbox, and it was in a language you could not read – the chances of it avoiding the spam folder are slim to none.

If you want to engage in targeted marketing of any kind, translation services and an accurate and reliable one are of the utmost importance.

The world of eCommerce is always changing, and it often takes getting the right tools to stay ahead of the game.

Also Read: eCommerce – Golden Rules For Selling Legal Services Online

The post How Can Your Ecommerce Store Benefit from Translation Services? appeared first on TechReviewsCorner.