Google Analytics Ecommerce Tracking and Other Metrics that Matter for your Online Store
Google Analytics is an amazing and a must have tool for any website. And for an online store owner the most important and resourceful tool of Google Analytics is the ecommerce tracking. Let us see how ecommerce tracking along with Google Analytics helps you streamline your online business.
Why Google Analytics?
In Google’s own words: Google Analytics not only lets you measure sales and conversions, but also gives you fresh insights into how visitors use your site, how they arrived on your site, and how you can keep them coming back.
As a store owner, what Google Analytics metrics do you need to keep a close eye on?
- Ecommerce Tracking
- Conversion Rate
- Bounce Rate
- Traffic Sources
- Multichannel Funnels
Let’s get into the details and know more.
1) Ecommerce Tracking: A feature in Google analytics which when enabled on your account starts to track and collect 3 vital data from your online store.
- Products: When a product is added to the shopping cart, all the related product data like Product SKU id, Quantity, Price etc. is tracked and collected from the product page.
- Transactions: All the data held in the order receipts page post transaction, like Tax Amount, Shipping Charges and Quantity, Overall Revenue etc. is collected.
- Time to Purchase: The time and number of visits before a customer complete the purchase.
2) Conversion rate: A conversion happens when a visitor makes a purchase, subscribes or spends a considerable time on your store. These metrics, known as goals can be defined by you, based on your business needs.
For example: As an online retailer, your goals could be:
- A customer completes a purchase.
- A customer enquires about your product.
- Certain number of product pages a customer visits before leaving your store.
- The time a customer spends on a product page.
3) Bounce rate: Bounce rate for an ecommerce site is usually closely associated with conversion. A ‘bounce’ occurs when someone visits your store but without having reached your pre-defined conversion goals (making a purchase, subscribing etc.) leaves the store.
For example: You are selling apples but keywords on your store are mostly about grapes. This increases the bounce rate because people searching for grapes end up coming to your apple store when they infact wanted to buy grapes and so leave immediately. Make your store richer with keywords about apples to increase conversion and reduce the bounce rate.
4) Traffic sources: Traffic sources on Google Analytics lets you know from where the traffic to your online store is coming in from.
5) Multichannel funnels: Multiple things play on a customer’s mind before they visit your store. They might have seen your social media page, read your company’s blog, received your newsletter or seen your ad. All these channels over-time, collaborated and created a positive impression which pushed him/her to visit your store. Now with Google Analytics multichannel funnel feature you can view this data of last 30 days and understand the flow your user went through before arriving on your online store.
How does all this data help your online store?
Improves Marketing Campaigns:
- By knowing which products are selling and which are not, you understand what your customers are looking for and their behavior. With this you can tailor your marketing efforts to increase sales at a product level.
- Traffic source and multichannel funnels help you improve your marketing campaigns by letting you know what campaigns worked and what did not.
- With a detailed picture of quantity and revenue per transaction, come up with innovative selling strategies like discounts, cross-selling and up-selling to increase them.
- It gives information on how many products were almost purchased. We are talking about the products which came onto the shopping cart but never made it to the checkout; Understanding the reason behind this data, helps reduce cart abandonment.
Improves Store Performance:
- Time to purchase data helps you forecast revenue when you compare the last sales drive and the time it takes for purchase. Come up with ways to reduce this number by letting customers know why they should buy from you on their 1st visit or improve the checkout process for returning customers.
Helps Understand your Customer Requirements:
- Google Analytics tracks the keywords which lead a customer to your online store - That is basically what the customers are looking for. When you know what people are looking for through a search engine, you can further customize your keywords to lead to a conversion and reduce the bounce rate.
To sum it all up Google analytics generates a powerful and a detailed data which you can use to improve upon your online business. The best part, it is free.
This post was originally posted in WATblog.com