You’re an e-commerce business owner. How can you make sure your analytics strategy is on point?

Instead of using the prebaked KPIs in Google Analytics and in the e-commerce platform. Try to find the most relevant KPIs for your business plan, although it is not always the easiest to measure... Some KPIs like "conversion rate" is very risky to assess isolated. Those should always be put into perspective with a group of other relevant KPIs like organic traffic percentage, basket size etc.

It's easy to get overwhelmed by the amounts of data available. Start big, and drill down. From my experience, ecommerce comes down to three key metrics. 1) How much traffic is coming to your site. 2) How many people are buying on your site. 3) How much are they buying (Average Order Size). If you have a problem with traffic you can start to look at the types of traffic. If it's with conversion rate you can begin to look at where people are falling off. Once you master those data points you can start to look at the combinations of data. That is, how is a certain type of traffic converting? Or how much are they buying. Starting off high level will help you build the right foundation for further exploration.

Ensuring that your analytics strategy is on point is crucial for maximizing growth and profitability. Firstly, define clear objectives and KPIs that align with your business goals. These could include metrics like conversion rates, customer acquisition costs, and customer lifetime value. Next, leverage advanced analytics tools to gather and analyze data effectively. Platforms like Google Analytics and Adobe Analytics offer robust features for tracking website traffic, user behavior, and sales performance. Additionally, invest in customer segmentation and analysis to gain deeper insights into your audience's preferences and behavior patterns.

Goals & KPIs: 1) Ensure these are continuously trackable, so progress can be measured on monthly, quarterly and yearly basis 2) Align on goals/KPIs in the team, so everyone is working towards the same objective 3) Benchmark your KPIs against averages in the industry. Are they ambitious enough?

KPI's,KPI's,KPI's... Set them right and use your analytics to analyse what's going on on your website. I also love using Hotjar to identify the pain points at the launch. Enjoy !

When you create an ecommerce business, it is very important to know where you are going to be, the strategy depends on that. Woocommerce, Shopify, Prestashop even Amazon all have different costs, UI and UX. In my experience, if you want to grow fast and you don't have experience building an ecommerce go with Shopify, it will make your life easier although the cost is higher than creating it in Wommerce. On the other hand, if your strategy is to position yourself in a marketplace, you have to take into account the logistics and sales costs that selling there may involve. Whatever your strategy is, you should know where you are now, where you want to be and what tools and platforms will help you and facilitate you to reach your goals.

If you are running a relatively small business try to use standardised reporting tools tailored to your shopping platform, there are plenty of tools for e.g. Shopify. If you want to make a step forward be aware that less standardisation means more effort on your site for integration and KPI definition.

Utilize advanced analytics tools: Invest in robust analytics tools that provide detailed insights into customer behavior, website performance, and marketing effectiveness. Google Analytics, Adobe Analytics, and Mixpanel are popular options that offer a range of features for e-commerce businesses, including tracking customer journeys, segmenting audiences, and measuring the impact of marketing campaigns. Implement e-commerce tracking: Ensure that your analytics tools are properly configured to track e-commerce-specific data, such as product sales, revenue, transaction details, and shopping cart activity. This will enable you to accurately measure the performance of your online store and identify areas for improvement.

Start small and scale - Shopify or WooCommerce are fine and can be fine up to £100ms of revenue. You need to think about not only the platforms but also the data you want to measure and report on. You need to ensure you have end to end e-commerce tracking set up. And that you are capturing and storing all your data in a GDPR-compliant way. With the walled garden / black box nature now of Meta and Google, I would also recommend a third-party reporting platform - I am biased, but I'd recommend ASK BOSCO® 😃 Also, invest time into looking at platforms like TikTok and Facebook shops - plus also other marketplaces. As you might find a cheaper CPA their.

Selecting the appropriate tools and platforms is important for effective data management in your e-commerce venture. With various options available, such as Shopify, WooCommerce, and BigCommerce, it's essential to align your choice with your specific requirements and financial considerations. Integrating these tools with complementary platforms like email marketing, CRM, and social media enhances your ability to organize the entire customer journey.

Your data paints a picture of consumer behavior. Regular tracking and reporting allow you to prune away ineffective tactics and cultivate the strategies that resonate most with your audience. For instance, if your product listing page is the garden bed, how you sort your products can affect their ‘growth’. Employing a Collection Sort Theory might be your experiment. By showcasing more expensive items first, you create an anchor, making subsequent items appear more affordable, much like positioning a robust plant in the center of your garden to draw attention. This continuous cycle of hypothesis, observation, and adjustment keeps your business thriving.

Every touch needs to be tracked for looking at the health of the network. Of course, one needs to keep reducing the touches to improve speed and cost, but knowing exactly where the package at all point in time for a customer ensures viz and reduces anxiety and obviously It improves CX. Making sure the scan events and quality are 99.5% and that gets measured through data and then transpired across network would be important.

Implementing tracking and reporting mechanisms is the next crucial step in harnessing the power of e-commerce analytics effectively. Once ecommerce store is setup ensure that your ecommerce store is equipped with the necessary codes, tags, pixels, and events to capture relevant data accurately. Consider segmenting your data based on various criteria such as source, products, categories, or customer segments to gain deeper insights into your performance and identify areas for optimization.

Define sources of truth. If your marketing data (Meta, Google, etc) is not tracking well to your ecom platform, work tirelessly to fix it. Its can work, it just takes work. Sources of truth allow you have anchor level data to which all measurable outcomes are bounced against.

Conduct regular analysis: Regularly analyze your analytics data to identify trends, patterns, and opportunities for optimization. Look for insights that can help you understand customer behavior, identify pain points in the purchasing process, and uncover areas where you can improve conversion rates and revenue. A/B testing: Experiment with different strategies, designs, and content using A/B testing to determine what resonates best with your audience. Test variations of product pages, pricing, promotional offers, and checkout processes to optimize conversion rates and maximize revenue.

Having the best goals, KPIs and the most accurate data is only 50% of the job done. To understand and analyse trends and changes of the data on a daily basis and comparing to historical data and deriving conclusions of possible issues and opportunities will be the next step. Once those conclusions are identified, then comes the fun part which is to execute changes and optimize for performance. This is alot on trial and error hence keeping track and monitoring the performance with every change is important. This step will continue its cycle as the economy and business changes over time.

Para asegurar una estrategia de análisis efectiva en un negocio de comercio electrónico, primero defina objetivos claros y KPIs específicos. Utilice herramientas como Google Analytics para rastrear el tráfico del sitio, las conversiones y el comportamiento del usuario. Implemente etiquetas y eventos personalizados para capturar datos relevantes. Realice análisis regularmente para identificar tendencias, oportunidades de mejora y problemas potenciales. Ajuste estrategias en función de los hallazgos y manténgase actualizado con las últimas herramientas y técnicas de análisis.

Seu posicionamento de negócio precisa considerar a definição de métricas a serem analisadas, a partir desta definição, uma série de estratégias podem ser adotadas para monitorar o desempenho, desde tempo de tela até social listening.

Stay agile: Continuously monitor and adapt your analytics strategy based on changing market conditions, customer preferences, and business goals. Be prepared to pivot quickly in response to new data and insights to ensure that your e-commerce business remains competitive and successful.

New customer growth is the most important leading indicator for an e-commerce business. You need to have a good understanding of what channels bring you new customers and the costs in each of these channels. By measuring these costs against your customer's lifetime purchases (LTV) you can make data-based decisions on growth vs. profitability.

Know your market, your customer and your competitor landscape. Don’t just rely on what you know. Be curious. Stay up to date with what everyone else is doing. Learn from their mistakes and successes. Join conversations, ask questions and never think you know everything or know best.

There are many blogs and forums sharing best practices and case studies. Also, events can be great to attend to learn and network. Also, several online tools such as SEMRush, Similarweb, and ASK BOSCO® - track online performance across multiple markets and channels and can provide up-to-date competition benchmarking and dashboarding.

Learning from case studies is a valuable strategy to refine your analytics approach in e-commerce. By exploring online resources, you can gain insights into how successful e-commerce brands leverage analytics and data to boost sales, improve conversions, and foster customer loyalty. Engaging with case studies provides practical examples and inspiration for implementing effective strategies tailored to your business goals.

Follow other digitally native and Ecommerce leaders. By following these steps, you can ensure that your analytics strategy is aligned with your business objectives and provides valuable insights to drive growth and success for your e-commerce business.

S'inspirer des meilleures pratiques et études de cas d'autres acteurs du e-commerce est clé pour affiner votre stratégie analytique. Explorez ressources, blogs, et forums en ligne pour voir comment les marques réussies utilisent les analyses pour booster ventes et fidélisation. Rejoignez des communautés en ligne pour échanger conseils et réseauter. Utilisez des outils comme SEMRush pour suivre performances et obtenir des analyses concurrentielles. L'apprentissage via des études de cas apporte exemples concrets pour améliorer votre approche, alignant ainsi votre stratégie analytique sur vos objectifs d'affaires pour stimuler croissance et succès.

Learn to do your own analytics and create your own custom dashboards in an inexpensive application, such as PowerBI. Take some online classes and watch YouTube tutorials to learn this valuable, business-essential skill.

Customer acquisition channel testing is a crucial part of growing an e-commerce business. You should always be testing new channels in a disciplined way and have a process internally for coming up with new tests, executing them, and reporting the results.

Always keep an eye on current trends in the eCommerce universe. Also consider markets that are moving on. For example, in Asian eCommerce, live shopping has been a trend for years, and it is now trickling over into our eCommerce world.

The e-commerce industry holds a unique advantage in its ability to harness data. Website visits to navigation patterns and even the timing of these visits, offers unparalleled insights. The most accessible starting point lies in descriptive analytics. Delving into why sales have declined over the past three months can unveil critical insights. As proficiency grows, the natural progression leads to predictive analytics. Imagine forecasting next month's sales based on patterns observed in the preceding three months. Finally, reaching the pinnacle with prescriptive analytics. Picture uncovering actionable steps to boost sales based on data. With each stage, merchants gain knowledge and power to drive immense change.

Leverage the expertise within your digital agency to help you to be agile and respond to changing trends in the sector and technology. Allow for agile testing of new concepts in your digital product roadmap. And of course ensure you have sufficient budget to implement new innovations besides BAU.

As an eCommerce business owner, you must treat every touchpoint of your customer journey is an opportunity for : 1) brand awareness 2) commercial interaction 3) customer relationship building In short, you must focus on surrounding your customer with values. Getting a new customer requires time and commitment, hence focusing on keeping your customer is even more critical for any eCommerce business.

Here is a playbook: First, know your destination. Set clear, achievable goals – think "increase conversion rate by 10%" rather than "make more sales." Next, pick the right tools. Whether it’s Google Analytics or something more niche, ensure it can track what matters to you. Then, concentrate on what drives your goals, like cart abandonment rates or page views before purchase. It’s about finding the signal in the noise. Regularly check your course. Analytics isn’t set-and-forget. Review your data often to spot trends, dips, and peaks. It’s like adjusting your sails to the wind. Lastly, experiment and adapt. Try new approaches based on your data, test what works, and refine your strategy.

Use these 2 measurements of effectiveness:- 1) Marketing Efficiency Rate (MER). This is a simple metric that is worked out by your total revenue/total marketing spend. The reason why its a valuable metric to assess performance is its taking into account the how the combined channels are impacting overall revenue. Now we know overall revenue is influenced by many factors...but this is a good start. 2) Return on ad spend. Use ROAS as a way to manage and optimise each channels individual performance. Expect higher ROAS in channels that are bottom funnel converters like Google ads, and expect lower ROAS from introducer/upper funnel channels such as Facebook or Tiktok.

Simplify and streamline your tech stack. Every new pixel, tag, and tracking tool makes your data exponentially messier. Prioritise an analytics setup that integrates seamlessly with the handful of key platforms driving your business.

Just lay down the user journey like below and enable the data points to measure the same and it should be defined based on different cohorts 1. Discovery (off-app/website) - Traffic source 2. Discovery (on-app/website) - Merchandising 3. Engagement (on homepage / different landing pages) - Good users who open a product page 4. Engagement (product page) - How do users on product page interact with different elements on a product page 5. Transactions 6. Post transaction satisfaction Based on this we need to have following slice and dice 1. Geography 2. Age, Gender 3. New, Repeat, Dormant 4. Tx frequency basis