According to Forbes, 79% of consumers engage in online shopping on a monthly basis. We're in the middle of an explosive surge in ecommerce, steadily securing a significant portion of the global retail market. For this reason, optimizing your online enterprise is nothing short of an imperative.
In this blog, we'll look at essential ecommerce KPIs and outline five focus areas that can be fine-tuned through insight-led strategies powered by ecommerce analytics.
The 5 focus areas:
Diving deep into product performance data can unearth key insights like best-selling products, which can then support decisions on products to highlight on the website, product bundling, product marketing, and more.
Modern BI platforms offer advanced capabilities that help unearth granular insights on data. One of these powerful capabilities is dynamic drill-down, which enables exploratory analysis. Try it out yourself by diving into the monthly sales trend report embedded below and exploring the best-selling products for each month.
Just follow these steps:
Click on a data point on the Monthly sales trend report.
Monitoring metrics that reflect on website performance is crucial to understanding visitor behavior. The cart abandonment rate is a metric that's directly influenced by website performance. For example, a high cart abandonment rate can indicate complexities in the checkout process.
Augmented BI capabilities today enable users to keep a meticulous watch on data. In the demo video below, we explore data alerts, an AI-powered capability that tracks changes in KPIs like cart abandonment rate, and alerts users in case of anomalies.
To learn more about how to closely monitor key online business metrics, watch our webinar on optimizing online businesses with ecommerce analytics.
Effective marketing determines how motivated visitors are to shop from an online store, given the abundance of choices that exist online. Hence, online businesses heavily depend on key marketing metrics—like the monthly ROI and conversion rates—to thrive in competitive digital landscapes. For this reason, marketers often look to track these metrics proactively, as it can highlight future marketing trends, enabling them to align their efforts accordingly.
The advanced forecasting capabilities of today's BI platforms empower users to predict future trends confidently, leading to better informed data-driven decisions. In the following demo video, we gain insights into the likelihood of success of an ad campaign based on the forecast of the overall monthly ROI.
Monitoring key customer metrics like aquisition cost or lifetime value can provide powerful insights, allowing businesses to personalize offerings and facilitate smooth customer interactions that are quick and impactful.
Generative AI capabilities brought forth by AI bots are taking the BI space by storm; these bots enable faster data analysis that can be performed by users with even minimal tech know-how. Using this feature, all your frontline agents interacting with customers on a daily basis can quickly perform analysis to drive faster data-driven decisions while interacting with customers.
In the demo video below, we explore Ask Zia, the AI bot powered by Zoho Analytics. Here, we explore the customer lifetime value to gain insights into the long-term value of customers for a business.
Optimizing shipments can reduce delivery time, minimize the risk of order cancellations, and contribute to the overall profitability of the business. With the many operations involved in shipping, it's crucial for businesses to gain a well-rounded, but also in-depth, view into their operational health.
Automated insights is a BI capability that can facilitate holistic, deep insights into data. In the following demo video, we explore the monthly refund rate, a key shipment metric, using Zia Insights, Zoho Analytics' automated NLG interface.
The dynamic ecommerce environment demands continuous adaptation and a strategic approach to thrive. As we've explored in this article, leveraging modern BI tools can help make data-driven decisions to excel in the competitive ecommerce space. Embracing ecommerce analytics enables businesses to anticipate trends, streamline operations, create personalized shopping experiences for customers, and stay ahead of the curve!
Watch our complete webinar on optimizing online businesses to learn more about ecommerce metrics and how to enable 360° insights in BI platforms.