E-commerce Analysis Procedure

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Set Some Goals to understand what to actually focus on 

  1. Acquisition (Channels): sources of how you get your visitors
  2. Activation: when the user takes some action related to your product or service. 
    1. Attracts New Customers by ensuring the website is search-engine friendly.
  3. Revenue: when you make the sales
    1. Increases Sales: Streamline sales process to increase conversion rates & average ticket prices
    2. Reduces Costs and Increases Efficiencies by maximizing process automation
  4. Retention: keeping the customer attached to your business, service, or product 
    1. Boosts Customer Loyalty by providing an enjoyable, comfortable shopping experience
    2. Improve customer service through user communities and online support.
  5. Referral: are your customers recommending you to their friends & family

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Collecting the Right Data

  1. Mouse tracking: Home Page Mouse Tracking Data, Click map, Scroll map
  2. User testing 
  3. Live chat
  4. Customer Surveys 
  5. Website & Exit Intent Polls 
  6. Usability Evaluation 
  7. E-commerce On-page SEO audit 
  8. Accessibility evaluation
  9. E-commerce sales funnel audit
  10. Browser & device conversion rate audit 
  11. Internal search audit 
  12. Compass KPI benchmark
  13. Shopping cart abandonment audit

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Laying the groundwork to collect the above data the tools we need to implement

  1. Implement Google Analytics
  2. Implement Google Search Console
  3. Implement Google Optimize
  4. Implement Hotjar
  5. Implement Conversific
  6. Implement Google Analytics Ecommerce Tracking for the website
  7. Implement lead captures for new visitors or on exit intent
  8. Implement KissMetric Marketing Funnel
  9. Implement Buzzsumo

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Use the e-commerce data to create meaningful reports that help with the following

    1. Allow marketing teams visualize reports in a way that’s easy for them to understand
    2. Create & deliver a personalized experience for the user
      1. Based on their purchase history we should offer specific products that they might like.
      2. Delight and reward your returning visitors
    3. Figure general tendencies of the target audience that will further make it easier to make the right business decisions
    4. Find out customer issues so a business can take pro-active steps to fix them.
    5. Find the best marketing channel from channels like organic traffic, referral, direct traffic, Ads, Social media, etc
      1. Remove or Revamp a marketing channel that is not performing. 
      2. Invest more in channels that have higher returns. 
    6. New product opportunities by analyzing website search history. 
    7. Improve Website Conversions, high traffic but less buying? Implement a different  conversion strategy to target cases like
      1. No Cart Addition Rate: Percentage of users who viewed a product but did not add to cart.
      2. Cart Abandonment Rate: Percentage of users who added to cart but did not check-out
      3. Checkout Abandonment Rate: Percentage of users checked-out but did not make payment.
    8. Improve Product Performance by checking data for individual products
      1. 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.
      2. Buy-to-Detail Rate: Ratio of times a product was purchased to the number of times it was added to the cart. 
    9. Product Portfolio Optimization
      1. Which products to feature
      2. Which products to stop listing
      3. Which products to bundle together
      4. What & when discounts to create
    10. Improve User Retention by checking google Cohort data to see who returned to your online store for the nth time
    11. Finding Social Influencers that will act as a brand ambassador to advocating a positive impact on your store.

Competitor Analysis in E-commerce

  1. Define your E-commerce Business by considering Inventory & Customer needs, 
  2. Categorize your Main Competitors into Primary, Secondary, and tertiary. 
  3. Examine Competitors website & customer experience
  4. Identify the Market Positioning Of Your Competitor
  5. Consider their Pricing Strategy

Measure Customer Acquisition Costs in e-commerce

  1. Aggregate data: Visitors, Transactions, Revenue, AVG Order Value, Unique purchases, Conversion Rate, Customer Acquisition Cost, Return On Advertising Spend
  2. Analyze channels: Google Ads, Facebook Ads, Display Ads, SEO, Social Media, Email Marketing, Referal and Direct, Onsite & Offsite Retargeting

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