In a time when companies utilize a variety of tools to measure their performance data dashboards have been vital for delivering the most crucial numbers to your employees and to your clients fast and easily.
A dashboard for e-commerce serves the purpose of. It provides your team of ecommerce experts with a complete overview of the most important KPIs for your website and financials anytime. It also allows monitoring and analysis of the most important aspects of your e-commerce business on a daily basis.
Be vigilant about your dashboard for e-commerce will allow you to track how your store in real time and most importantly, make sure that every customer’s journey is documented, including customer experience events.
What KPIs and Metrics should e-commerce business dashboards include? What are they, and where is the Data Coming from?
Modern online businesses understand the importance of keeping track of key performance indicators. They assist you in making the best decisions for your business and make adjustments to your marketing and sales efforts in real-time , ensuring that your goals have been set.
1. What Metrics and KPIs Do You Need to Include?
There isn’t an answer that is universal. What you put in your ecommerce dashboard will depend on your goals for business and what you intend to achieve with the information.
Remember that in order to maximize your online store, you require access to relevant and actionable information, and preferably in real-time. If you’re able to access a numerous indicators at your disposal it can be difficult to decide where to start. can be a difficult task.
If you’re unfamiliar with this, going for an already-built ecommerce dashboard template could be the best idea. For a start. The majority of times, they include the following metrics –
Average Order Value – the average value for transactions that occur within a specific time period.
Ecommerce Conversion Rate: the percentage of sessions which led to an online purchase within a specific time frame.
Revenue is the amount of revenue earned from online commerce or app transactions within a certain time period.
Channel revenue – similar in concept to previous metrics but broken down by channels.
Transactions – the amount of purchases that you have completed on your website within a specific time frame.
Visitors – those who have started at the very least one session within a time frame.
Here are some of the possibilities you may be considering when making a decision on which metrics to include in your e-commerce dashboard. It is crucial to note that the metrics and KPIs you decide to monitor depend on the source you obtain the data.
2. Different Data Sources to Use for your Ecommerce Dashboard
The information that you display on your e-commerce dashboard comes from somewhere. It can come from one source, or several sources, dependent on the tool you are using to collect the data and present it.
You probably already know that you can utilize a range of tools to gather and display the data you have gathered including Google Analytics to Shopify, WooCommerce and HubSpot. It is possible to utilize a single one or have the data from several sources compiled into a single dashboard for e-commerce in order to provide you with an even more detailed analysis of the growth and the success for your store online.
What are some of the Most Important Information I can get From the Ecommerce Dashboard?
One of the biggest advantages that measuring KPIs and ecommerce metrics can bring to companies is more insight into the ways that people use their websites for e-commerce.
After you have selected the source of data and the KPIs and metrics for ecommerce you’d like to track then it’s time to look at these data sources and discover information that will to improve the performance of your ecommerce and assist you in developing efficient marketing strategies.
Let’s look at this in a little more detail.
1. Find the root of the problem and fix the problem quickly
Here are some of the indicators that your dashboards on ecommerce warn you about:
Website downtime
Support queries are grouped into build-ups.
Low inventory
Problems with fulfillment of orders
If you’re monitoring your dashboards every day you are able to react to these notifications, determine the source of the issue and correct the issue in real-time. Thus, ensuring customer satisfaction rate stays high.
2. Learn to recognize customer behavior better and adjust your efforts accordingly
The primary goal of every eCommerce store is to sell as many items as it is possible. In order to increase the number of products sold it is essential to know how customers who browse your store behave , and then adjust in a way that they stay longer and returning again to purchase more.
For instance optimizing the number of conversions for each number of visits is one method to ensure that your online website is running smoothly. Another way to find out the way your store does in this aspect is to observe the sequence of events leading up to the point of a conversion.
What makes tracking this pathway so important? In reality, those who are about to convert are usually impatient. And when they decide to buy they want the purchase procedure to be easy and quick. By monitoring the steps leading directly to conversions, it is possible to eliminate any problems which could prevent the outcome you want.
In this case, you must ensure that you’re following at a minimum the following:
Funnel
Checkout procedure
Testing with variable variables
Form testing
You can ensure the growth and success for Your Online Store
Take a look. At present, there are approximately 12 million to 24 million online stores all over the world and new online stores are launched each day.
Yes, less than 1 million of these sites are selling more than $1,000 per year, however it’s still a extremely competitive market and you’ll need all the assistance you get to make sure that you are able to grow and succeed that your website can achieve.
This is where dashboards for ecommerce are useful.
A well-designed eCommerce dashboard will give you a better understanding of the performance of your online store in real-time , and which areas require adjustments or a complete overhaul eventually helping you achieve the sales targets you’re seeking to reach.
