E-commerce Analysis Procedure
Set Some Goals to understand what to actually focus on
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- Acquisition (Channels): sources of how you get your visitors
- Activation: when the user takes some action related to your product or service.
- Attracts New Customers by ensuring the website is search-engine friendly.
- Revenue: when you make the sales
- Increases Sales: Streamline sales process to increase conversion rates & average ticket prices
- Reduces Costs and Increases Efficiencies by maximizing process automation
- Retention: keeping the customer attached to your business, service, or product
- Boosts Customer Loyalty by providing an enjoyable, comfortable shopping experience
- Improve customer service through user communities and online support.
- Referral: are your customers recommending you to their friends & family
Collecting the Right Data
- Mouse tracking: Home Page Mouse Tracking Data, Click map, Scroll map
- User testing
- Live chat
- Customer Surveys
- Website & Exit Intent Polls
- Usability Evaluation
- E-commerce On-page SEO audit
- Accessibility evaluation
- E-commerce sales funnel audit
- Browser & device conversion rate audit
- Internal search audit
- Compass KPI benchmark
- Shopping cart abandonment audit
Laying the groundwork to collect the above data the tools we need to implement
- Implement Google Analytics
- Implement Google Search Console
- Implement Google Optimize
- Implement Hotjar
- Implement Conversific
- Implement Google Analytics Ecommerce Tracking for the website
- Implement lead captures for new visitors or on exit intent
- Implement KissMetric Marketing Funnel
- Implement Buzzsumo
Use the e-commerce data to create meaningful reports that help with the following
- Allow marketing teams visualize reports in a way that’s easy for them to understand
- Create & deliver a personalized experience for the user
- Based on their purchase history we should offer specific products that they might like.
- Delight and reward your returning visitors
- Figure general tendencies of the target audience that will further make it easier to make the right business decisions
- Find out customer issues so a business can take pro-active steps to fix them.
- Find the best marketing channel from channels like organic traffic, referral, direct traffic, Ads, Social media, etc
- Remove or Revamp a marketing channel that is not performing.
- Invest more in channels that have higher returns.
- New product opportunities by analyzing website search history.
- Improve Website Conversions, high traffic but less buying? Implement a different conversion strategy to target cases like
- No Cart Addition Rate: Percentage of users who viewed a product but did not add to cart.
- Cart Abandonment Rate: Percentage of users who added to cart but did not check-out
- Checkout Abandonment Rate: Percentage of users checked-out but did not make payment.
- Improve Product Performance by checking data for individual products
- Cart-to-Detail Rate: Ratio of the times a product was added to the cart to a number of times the product details were viewed.
- Buy-to-Detail Rate: Ratio of times a product was purchased to the number of times it was added to the cart.
- Product Portfolio Optimization
- Which products to feature
- Which products to stop listing
- Which products to bundle together
- What & when discounts to create
- Improve User Retention by checking google Cohort data to see who returned to your online store for the nth time
- Finding Social Influencers that will act as a brand ambassador to advocating a positive impact on your store.
Competitor Analysis in E-commerce
- Define your E-commerce Business by considering Inventory & Customer needs,
- Categorize your Main Competitors into Primary, Secondary, and tertiary.
- Examine Competitors website & customer experience
- Identify the Market Positioning Of Your Competitor
- Consider their Pricing Strategy
Measure Customer Acquisition Costs in e-commerce
- Aggregate data: Visitors, Transactions, Revenue, AVG Order Value, Unique purchases, Conversion Rate, Customer Acquisition Cost, Return On Advertising Spend
- Analyze channels: Google Ads, Facebook Ads, Display Ads, SEO, Social Media, Email Marketing, Referal and Direct, Onsite & Offsite Retargeting