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When you are conducting an online business, you must have several key performance indicators (KPIs) which you will use to track your sales, revenue, business growth, inventory and turnover, and profit. An E-commerce business can get overwhelming, especially when dealing in essential products or fast-moving consumer goods (FMCGs) with massive orders and steep delivery schedules.
Since it is an online business or product service, using traditional tools to document or track your success or deliverables is nearly impossible. Still, several software and apps have been developed to track and measure KPIs for e-commerce businesses. To remain in the eCommerce business, stay competitive and achieve your goals, you need the right tools and data aggregator to analyze and measure your success, sales, growth, customer retention, marketing strategies, and user experience. Here is a highlight of the top tools that will be beneficial to your eCommerce journey.
Google Analytics
This is one of the best eCommerce analytics tools that you can get for FREE, with varieties of features that help you measure your product reception and customer retention. Google Analytics allows you to track the traffic coming to your site when the user or potential customer visits your page. Though it needs fine-tuning to suit your preferred KPI, you can rest assured that you will get real-time data on on-site traffic once you have that figured out. Which page on your platform has the most visitors, the device where the traffic is coming from, drop-off points or reasons why potential customers abandon their carts, and the customer’s lifetime value. You can use all these metrics to plan your business growth or measure your success.
Crazy Egg
This is a PAID eCommerce analytic tool, but it is worth every penny of your money to help you customize the online experience for your potential customers. Crazy Egg keeps site recordings showing your user experience from the moment they get to your website landing page till they leave. This is a good tool for setting KPI goals to measure conversion rate, revenue per visitor (RPV), bounce rate, and cart abandonment rate (CAR).
Optimizely
If you want to know if your site optimization tactics are yielding results for your sales turnover or driving more traffic to your eCommerce platform, then you need the Optimizely tool. Though it is a PAID tool, this is the go-to tool if you want to explore new techniques or get customer-focused data on new additions such as simplified checkout to your website. Also, it has a trial chatbot for swift customer service and complaints.
Glew.io
This is the perfect tool to help you measure your eCommerce business turnover rate, average order value (AOV), total sales return on investment, inventory level, and site traffic. Glew.io can be used to track your sales from multiple retail platforms, review your top-selling product and differentiate it from others, target specific customers segment for conversion, and review your site’s marketing performance through social media ads.
Supermetrics
For eCommerce platforms, running ads is a given, and you would need to measure how some of these promotions are helping your customer retention rate or boosting revenue. This is where Supermetrics comes in. The analytics tool pulls data from Facebook ads, Google Adwords, and other ad platforms. As a PAID data aggregator platform, it helps you streamline data collection to focus on analyzing them and developing new marketing strategies.
Matomo
This is one of the best tools for metrics on conversion rate, average order value, reasons for cart abandonment at checkout, and sales breakdown. Matomo is an eCommerce tool that gives you simplified data on the location where your sales are emerging from so that you can use it in structuring or planning targeted ads to people in that specific location. Also, the FREE tool helps determine customer retention and what they are buying more.
Woopra
If you want to improve sales or get better customer feedback on your eCommerce platform, this is the tool for you. Woopra helps you analyze your forum to see how long it takes an average customer to buy from you, identify drop-off points for each completed sale and review what causes cart abandonment rate from payment to shipping option. This is a FREE tool with limited use.
Clicky
This is one of the best tools to measure where your site traffic is coming from in real-time. Clicky provides data on bounce rate, total time spent on your platform and helps you compare your metrics to that of your competitors so you know how to scale up.
There you have it, the essential tools to help you measure, scale up, and develop strategies to increase your sales and revenue.
