You will have an interactive reporting analytics dashboard integrated into your store and there are a number of reasons why looking at the figures is crucial.
Firstly, analysing the numbers can help you to ultimately track the performance and monitor the success of your store – whether it’s week-on-week performance or for a specific campaign, this is vital. You can cut the data in a multitude of different ways e.g. by product range, by date, by customer (new/returning) and so on. Now you have this data, you can make comparisons to contextualise the performance against your own historic figures. You can also identify trends in your data and ensure you react quickly where required, to either maximise the opportunities presented or resolve potential issues.
Additionally, reviewing the store’s performance allows you to identify focus areas for improvement and therefore take meaningful action – the data is empowering you to better your business and drive more revenue. In addition, you can utilise this data to your advantage in terms with actually engaging with customers. If your customer has browsed a certain item but not purchased, then why not retarget them with the product again via email to encourage the conversion. Not only will this help to drive purchases, but if that customer has a great experience then they are likely to be retained and shop again – win win.
Although these reasons may seem obvious, it’s extremely rare that anyone in business truly uses all the data at their disposal. In fact, only a few people would confess to loving data and analysing the figures, however many would rather not look at all. The clever layout and design of your reporting metrics dashboard displays the KPIs that matter, in an engaging, intuitive and intelligent way.
If we take Bounce Rate for example, this statistic looks at how many visitors leave after visiting only one page. Analysing this can allow you to identify any issues in the customer journey that are stopping the customer from completing the purchases with you. Not only can we compare this rate to other similar competitors, but we can see if there is a certain aspect to the process that isn’t working, and efficiently make changes.
Reporting isn’t just about figures. It’s about driving the correct actions to improve your business and selling online means data is much more readily available and intelligent.
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