Ecommerce | Anurag Gupta | Updated: 2019-05-16
The online marketplace is ballooning and a majority of merchants and vendors have already expanded the scope of their business to the online marketplace. Getting an e-commerce website design service and expanding the roots of the brick and mortar store in the realm of online commerce is the just foundation of your e-commerce business. And getting success in the e-commerce industry not just a matter of luck; it requires a lot of strategizing related to marketing, promotions, product catalog, quality analysis, etc., to ensure they stand out from the crowd. But that's not all! An e-commerce vendor also needs to measure various e-commerce metrics to know how his/her business is performing. Measuring the performance is imperative to scale the business to new levels and these e-commerce metrics would help you do the same.
One of the key metrics for e-commerce players is the conversion rate. Every advertising and marketing tactic they deploy is to boost the conversion rate. This is the king of all metrics as the main fight among e-commerce players is to get more conversions; the more conversions they get, the higher would be their revenue. Conversion rate in e-commerce is the number of browsing visitors that convert into paying customers. If your traffic flow is good but your sales targets are still not being met, there are high chances your conversion funnel is blocked. Estimating the conversion rate can help identify how many visitors are actually buying things from your online store and what percentage of your web traffic is simply escaping away. There are many tricks like push notifications, discount offers, and email tricks for conversion rate optimization.
Getting a visitor to browse through the products, select the desired one, add it to cart, and then abandon the cart is one of the scariest nightmares for any e-commerce vendor. Shopping cart abandonment rate is the number of visitors who abandon an e-commerce portal and do not complete sale despite putting an item in the shopping cart. This last minute change of mind could be because of extra details asked, a payment page that seemed unsafe, longer delivery period, complicated checkout, or high shipping charges.
Estimating the shopping cart abandonment rate can help in analyzing the factors leading to the abandonment and working on them to get more sales.
Improving e-commerce business is based on getting more customers, getting them to place orders of larger quantities, and getting them to make purchases again. The metrics discussed above are directly or indirectly related to this and by calculating and studying these metrics, one can ensure that their e-commerce revenue grows stronger.
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