How can you possibly know how your business is performing if you’re not tracking and measuring very specific metrics? Without them, it’s like navigating a desert without a compass. If you can’t measure it, you can’t manage it. And it’s in the online world, where consumer behavior data is so readily available, that metrics can really shine.
So how can you measure your e-commerce metrics?
Most online retailers use Google Analytics as the first step to measuring and tracking their metrics:
Step 1: Determine your top metrics
Step 2: Set it up in Google Analytics
Step 3: Monitor your results on a regular basis
Related: How Google Analytics Help Small Business Owners to Make Better Business Decisions
But this data is limited in that it doesn’t explain why the user is behaving in a certain way, it just provides the quantitative data -— the what. A useful tool to delve deeper and better understand your user behavior is a heatmap, which shows the user’s journey in a visual, intuitive way.
As such, a hybrid metric measurement strategy will help you understand not only what your users are doing on your site, but also why they are behaving in such a manner. This ultimately can help you improve your user’s experience, resulting in more sales and increased profits.
If your business is at the stage where you can budget for an in-house or outsourced data analyst, this expert insight and analysis can prove invaluable for your online business, whether it’s product or service-based. We do that in my business — we employ a full-time data intelligence officer to analyze user behavior at frequent set intervals and provide qualitative insights and advice, to help consistently optimize and improve our user’s experience, based on these