What statistics you should have an eye on while running prosperous e-commerce?
Every business requires good data tracking. An owner should know well what is happening in
his store, in order to react immediately, to improve things and just to be able to know they’re
in charge of the business and of the situation at the end of the day. Let’s have a closer look on
those data that should be tracked for every e-commerce and that are indeed rather simple to
track, using appropriate tools!
1. Conversion Rate
As a successful business owner that’s the thing that should interest you, perhaps the most! Conversion Rate or CR tells you the value of the entire movement towards your store. It can also tell you whether you should do something in order to change your visitors into regular clients. Conversion rate shows you how often a visitor buys something in your online store.
2. Big Data
While keeping an eye on data it is pretty obvious that ‘BigData’ is what you should be looking at. It allows you to understand your visitors and clients better. What products do they like? Why they entered your shop in the first place? What else might be interesting for them? What should you include as a suggested product underneath another specific product? When do they tend to go online shopping? This knowledge can help you know your visitors better, as you will know their behaviours. It will also allow you to create a specific marketing campaign that will answer those questions and will be more appealing for your visitors/clients. The result of that can later be seen in the conversion rate! Big Data is also something you might find in working with Labelcall, as you will know best what to look at while getting to know your clients!
3. Client Acquisition Cost
That’s another extremely important indicator, as it allows you to assess the scale of investment needed for expanding the number of your clients. Client Acquisition Cost (CAC) can be easily calculated by dividing all the costs spent on acquiring more clients by the number of clients acquired. So if your e-commerce is spending $100 on campaigns per month and it has acquired 1000 clients within that month, the CAC is $ 0.1, which is pretty good! By keeping track of the CAC you know well how much are you spending and are your actions profitable or whether you should consider changing the way you navigate throughout your marketing campaigns.
4. Customer Satisfaction
That’s an extremely important data for you, as you should always try to keep your clients as happy as possible. We’ve already mentioned on our blog that 87% of the clients who were given a personalized offer and a personalized customer service tend to buy more. And personalization is only one of the actions you can take to make your happy with. Another one is quick and professional customer service. You don’t want your clients to hang on their telephone waiting for you to answer, then for you to find them their order and then to help them with their problem. Labelcall allows you to know all that even before answering your call. It also gives you information if you’ve missed your call, so you can callback with a knowledge of what issue they might have been calling you with!
5. Client's Lifetime Value
This data tells you how the specific client has helped you grow your business. It also helps you understand what actions, such as bonuses or discounts work best for you and which ones are helping your clients buy more products from your online store. What’s worth remembering about is that gaining new clients is a lot more expensive than keeping the old ones interested in your offer. According to the study conducted by According to Bain & Co, increasing customer retention rates by just 5% can increase profitability anywhere between 25%-95%. Clients Value can easily be connected with their satisfaction. in other words: in order to keep your customers valuable for your e-commerce you need to keep them happy!
Thinking about your e-commerce and tracking the necessary data, it is important to keep in mind that your numbers will get better when your customers will feel more satisfied with your services. Personalization and delivering a great customer experience is one of the steps Labelcall is ready to help you take to make your clients more satisfied and your e-commerce more prosperous