The Metrics Every E-Commerce Store Should be Tracking to Drive Growth

The most successful online stores winning at e-commerce are doing so because they’ve become absolutely obsessed with metrics. They swim in data.

Every marketing and promotional decision is driving by the data. Because without data you have virtually no chance at making improvements. You don’t know what’s working, what’s failing, or even what success looks like.

Driving growth in your e-commerce business requires a few key components:

• Setting measurable goals (key performance indicators)
• Identifying the metrics necessary to track those KPIs
• Monitoring performance and making adjustments as necessary

While there are numerous metrics that can be tracked, I’ve listed the ones most commonly tied to the growth of your store.

Segmented Conversion Rate

Your conversion rate is a pretty cut and dry metric. It’s the percentage of the visitors on your website who decide to make a purchase.

It’s calculated by taking the total number of website visitors who make a single purchase and dividing that number by the total number of people who visit your site.

For example; 14 customers made a purchase among 150 visitors, so the conversion rate (14 divided by 150) is 9.3%.

Your conversion rate is a good overall indicator of success, but don’t stop there.

If you break it down and segment your conversion rate you can get a lot more granular with the data, giving you tremendous insight into individual campaigns you’re using to grow your business.

A few ways to segment your conversion rates include:

1. Conversion by traffic source

Reviewing how (Google, Bing, Facebook, Reddit, etc.) can tell you where you should be investing in driving traffic, or what channels to focus on improving the targeting or message you’re using for campaigns.

2. Conversion by device type

Mobile devices accounted for 19% of US retail e-commerce in 2014, and that’s expected to climb to 27% by the end of 2018.The traffic coming from mobile is much higher, mobile accounts for more than half of all e-commerce traffic.

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