The Most Necessary Ecommerce Metrics For Your Online Store

The Most Necessary Ecommerce Metrics For Your Online Store

You know what your eCommerce business needs to achieve desired results? You need to work on E-COMMERCE METRICS.

To become the best eCommerce entrepreneurs or as the best eCommerce solution, you need to focus on the metrics. In fact, entrepreneurs obsess to measure and optimize the metrics giving them better sales results.

However, if your business has reached a certain point then there is no need to focus on every single metrics.

Instead, optimize and correct the right metrics.

Need to know what are correct e-commerce metrics?
In the post below I have listed the 5 essential eCommerce metrics that will have a huge impact on your business and bring it on the right track.

1. Sales Conversion Rate
Sales Conversion Rate

As an entrepreneur, you may know that there is no single formula for success.

According to dictionary Conversion Rates can be defined as the percentage of customers who take a specific action you want.

It is the percentage of website visitors who fill out the form, call your company and actually make online purchases.

No matter what your current conversion rate is you can actually increase it. Some of the ways are-

Customer’s Safety- The consumer must feel safe while buying anything from your store. Provide with SSL certification to your website to protect their transaction.

Privacy Policy- Consumer information is very sensitive, so it becomes necessary for you to build trust and state clearly your privacy policy.

Check For Errors In Content- Wrong Spelling and incorrect grammar can lower down your site’s impression. Always double check content before publishing.

User-Friendly Gestures- Try to include buttons that make the whole buying process simple. Add Buy Now button on product pages to avoid the buyer to scroll down the whole page.

Product Images- What is an eCommerce site without a picture? Include proper pictures of your products. They must be technically clear and taken from every angle.

Trust Factor- Live chat or the chatbots help you gain a lot of trusts. It helps you win loyalty and give your customers real-time support.

Alternative Payment Options- Trust me buyers feel secure if you give them cash on delivery options. Multiple payment options like PayPal, Credit Card and Net Banking make the buyer feel secure about the website while shopping.

2. Average Order Value
Average Order Value

Average order value in an eCommerce Metric that measures the average of a total order placed over a period of time.

  • The average amount of money each customer spends per transaction
    Figured out by dividing your total revenue by the number of orders.
  • This is one of the important metrics for any online store to focus on and drive key business decisions like advertising, store layout, and product pricing.

How To Improve Average Order Value

Split up your customer bases like Low, Medium and High Spenders. Also, you can categorize them on the frequency of orders made and type of products they are purchasing.

Once this is done your customers can be targeted with advertising according to their group.
High spenders can be awarded free coupons and low spenders can be targeted with discounts and offer to improve their value.

Other methods include

  • Cross-selling additional products and services.
  • Adding free shipping on higher orders
  • GIve timely discounts

3. Repeat Customer Rate
Repeat Customer Rate

The repeat customers spend 33% more than a new customer.

Repeat customer rate is the percentage of customers who returned to your website to make a second purchase from your eCommerce store.

You actually need 9 first time shoppers to get real conversion of 1 repeat customer!

If someone gets happy with their first purchase and with your customer service they are likely to come back to your online site.

Why Repeated Customers matter?

  • Repeat customers are the crux of most successful businesses.
  • They are the easiest customer segment to target.
  • They are your brand ambassadors
  • A repeat customer has 60%-70% chance of converting
  • They are easier to sell to.

How to improve it?

  • Provide great customer service
  • Offer special prices, rates and offers to your repeated customers.
  • Maintain database of such customers and send the relevant and timely content of offers and discounts.
  • Evaluate the use of loyalty program.
  • Personalised email content

4. Website Traffic
Website Traffic

Website Traffic Is Important.

Do You know what should be your 2018 Resolution? To increase traffic to your website.

Website traffic is defined as all visitors coming to your site. You can easily get the count of traffic at your website by adding up all the visitors to your website from every source.

Website traffic still remains important in 2018, as digital marketing is at its stake, it becomes important to analyze website’s performance. It actually determines how many new customers you received and how many sales you made.

How can you improve it?
Invest in the non-paid source of traffic such as organic search results, content marketing, video promotions and email marketing to existing clients.
Also invest in paid marketing and ad campaigns such as display ads, search ads and other ads aiming to target your potential customers.

Also invest more and more in SEO – Search Engine Optimization

It is the practice of making your website as accessible as possible to reach the target customers through search engines.

While looking for traffic on your website, not only ask “How many people visited” but do check the following parameters-

  • How longer your users stay?- Get the measure of metrics such as bounce rate and time on page as bringing huge traffic is easy but is useless if the traffic leaves the website within seconds.
  • What percentage of visitors actually made purchases? Getting large audience is not enough if they are not right. Determine how many purchases are actually made on your eCommerce site by checking out the conversion rate.

5. Revenue By Traffic Source
Revenue By Traffic Source

Revenue by Traffic source is breaking down the total revenue of your website from organic searches, paid search, referrals etc. This eCommerce metric highlights all the sources of direct traffic for your eCommerce site.

You can view the highlights by properly tracking your eCommerce store’s activities through Google Analytics.

To Improve Revenue By Traffic Source

  • Identify and stop spending the channels that don’t work

If you find out any channel that is not yielding any traffic and not delivering any results then stop spending time and money on it.

  • Double your investment on the channels that are profitable

Scale up the channel that gives you traffic and invests more in it. Go this is your chance.

Okay! Keep an eye on every end that brings traffic to your site, grow comfortable understanding your business, read all the metrics and work to improve them.

Author Bio – Arpita Gupta
Content writer at ThemeJungle and BuildaBazaar.

The best ecommerce solution in India. BuildaBazaar has been the best ecommerce website builder since 2011 and can help you create online store website in just 24 hours.

Source: SaaSGeek

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The Effective Video Advertising Strategy For Your Ecommerce Store

Effective Video Advertising Strategy For Your Ecommerce StoreWhile video marketing can be effective, there’s no denying it can also be a challenge. Then there’s the cost issue with video, plus the need for smart strategy. Your videos need to get on the right sites, in the right formats, in front of the right people. Here, we can take you through a lowdown on how to create an effective video advertising strategy for your ecommerce store:

Multiple Formats For Videos:

You’ll need this for distribution, and it needs to be planned upfront. For example, videos on YouTube can be a bit longer, like up to 3-5 minutes. Make sure that text is big enough to be read on a phone. Most videos on social media will be viewed on mobile devices.

Product Pages:

Think carefully about which how-to videos you decide to create. You can also make a video for a particular product line or brand you sell. Then use that video on every individual product page.

Email Marketing:

Email MarketingAdding videos in emails can double click-through rates. You can increase that even more if you use an animated gif for the video image. Once you’ve got some videos on hand, you can also weave them into some of the more advanced email marketing tactics. It’s even possible to personalize the videos you send in emails combined with automated marketing techniques.

Search Engine Traffic:

Search Engine Traffic:
Include a video sitemap on your site. Add a transcript of each video to its individual page. Include comments function on your video pages. Include links back to the products mentioned in the video. Optimize each pages’ title and meta description tags – just like you would for any other piece of content. Add social sharing buttons and an email opt-in form.

Blogging:

BloggingVideos can fit into almost any other content marketing format you’ve been using – not just emails. They can be used on your blog, in webinars, and linked to in ebooks, whitepapers, and case studies. And a way to diffuse the cost of those videos.

Author – Pragyan Sharma
Content Writer at Buildabazaar – Best Place To Build Online Store & Sell Products Online in India.

Best Platform For Online Marketing And Advertising For Your Online Store

Advertising is an important part to promote and market your online store. Without marketing, how would people come to know that your business even exists? Every online business looks forward to offer best marketing of their store to reach out to maximum audiences.

There are many modes of marketing and advertising to promote your business. Nowadays, people often take the platform of social media channels to reach their audiences. Some resort to their online store builder for these ecommerce solutions for their store.

There are many store builders which have these in-built solutions. BuildaBazaar is one such ecommerce software which offers great online marketing and advertising solutions.

BuildaBazaar offers end to end cloud based theme park ecommerce solutions – including ticket and add­-ons configurations, online booking solution, promotions. You can sell anything and everything with BuildaBazaar. Whether these are just tickets, passes as well as fun filled combos , add­-ons like Park tickets plus food vouchers, Park tickets plus bus tickets, merchandise vouchers and many more.

As far as online marketing solution and advertising solutions are concerned – BuildaBazaar configures it easily with the integrated marketing and promotion feature. It also allows you to create and manage your network of agencies easily. Set custom prices, commission structure, yield management, view complete audit trail on real time basis.

As going the “mobile-way’ is the new “thing” for every online business out there. BuildaBazaar has an aesthetically designed mobile responsive website and mobile app too for better advertising. The website and app – both are ecommerce enabled and secured.

How To Boost Traffic Of Your Online Store With SEO

After the launch of various online stores, the owners soon start wondering “where are the sales?” And they would always get an unsatisfactory response. They sure have seen a steady growth earlier – but now it all seems to be a little stagnant. Now they must be setting their sights on a bigger goal.

Whether it’s your first day or you have been in the business since quite long – generating more traffic to your online store is a crucial part of growing your business. If your site is properly optimized for conversions, a jump in traffic could mean more customers and more sales. Many business owners may be unaware that their Ecommerce platform might not be equipped with the features needed to make their online shop search-engine-friendly.

It’s not that difficult to boost up your traffic of online store. One of the best online shopping portals is BuildaBazaar which provides the SEO techniques and ways to help boost traffic of online stores. BuildaBazaar helps you create a store and get it boosted on the omnipresent internet world. It enables you to Increase traffic to your store by running online marketing campaigns, featuring several optimizations to enhance search engine rankings and discoverability of the store.

Search contributes more than 40% to the discoverability of a website, so it becomes imperative that sites are on the top of the search engines and click throughs happen. BuildaBazaar and it’s team helps you optimise your site from a code, content, performance, links and mobile perspective helping you achieve that #1 ranking on SERP.

4 Open Source Email Marketing Solutions to Connect With Customers

Ecommerce business owners have many choices when it comes to shopping carts or ecommerce platforms — almost all of which claim to be easy to deploy and manage.

Email marketing is a valuable tool for any ecommerce business. You can tell your customers about your latest in-store promotions or offer tips and advice to improve your brand image. These four free open source email marketing programs are worth a look. You will need your own server, though.

Here are some best email marketing solutions which help to create online store of yours:

OpenEMM: OpenEMM is a Web-based enterprise application for email marketing, newsletters and service mails. Features include an easy interface, bounce management, link tracking, a CMS module and real-time analytics tracking.

poMMo: An open source mass-mailing software which adds a mailing list to your website, though it can also be used for standalone mailings. It installs in two minutes and is compatible with all common Web hosts. Features of poMMo include flexible mailing management, the ability to create subscriber groups, subscriber base import and export, and WYSIWYG HTML email creation.

MailChimp: An email marketing tool which helps you target your customers, all at once. It is integrated by one of the best ecommerce platform – BuildaBazaar to track all your email marketing campaigns, whether it’s your e-commerce newsletter or any kinds of promotional emailers. This bulk email marketing tool allows to customize your display with a widget or designed templates.

phpList: This one-way email announcement delivery system uses a Web interface that makes it easy to write and send messages. Features include support for more than 100,000 subscribers, message delivery management, click tracking for links and URLs, templates and bounce processing.

Ways to start new business without putting yourself under debt

How exciting a thought it is to start a new business, enter the world of entrepreneurship – be one’s own boss! But as enticing as this idea is, it is equally daunting.The biggest question a budding entrepreneur would ask himself would be, “but what about money?” Leaving a comfortable job, a steady paycheck – and instead choosing a risk, however calculated one it might be – can be frightening for anyone.

Plus, kickstarting your business requires funding, notwithstanding the losses that your business might incur in its first few phases – requiring you to take care of your venture from your own pocket, or taking a loan.

Loan is probably the easiest way to get started, and ironically the easiest way to put a damper on your business. The repayment of the loan has to be personally guaranteed by the entrepreneur against a collateral which increases the risk factor by many counts.

So, instead of downright quitting your day job, you could try some of these ways and start your venture while keeping your job going on the side.

Create an Online Store


If it’s products that you’re looking to sell, then your best bet would be a SAAS-based ecommerce platform like BuildaBazaar, Shopify, Zepo etc. Without having to worry about handling the technical aspects of both creating as well as maintaining the web store, you can create a store at an extremely reasonable price.One of the major benefits that this option offers, is that you won’t be forced to leave your current organization. Not just cost-effective, but eCommerce Software are exceptional with its team and makes your workload minimum, hence this option, a time-effective one.

Whether it’s an online florist or a baker that you’d like to be, or whether it’s books, electronics, etc. that you’re selling; whether it’s something that needs immediate delivery, or something that isn’t as keen on a shorter shipping time as it is on the number of locations covered by the shipping solutions – BuildaBazaar with its in-house shipping partner Shipdroid remains the best choice.

So, you’re not just able to effectively focus on the core competencies of your startup, including business development, customer acquisition, ecommerce digital marketing, and so on – but also target on your present job. Plus you are also able to spare some time for your own self.

Be a Freelancer

If it’s software development that piques your interest, or if it’s an author that you’ve always wanted to become, or whether it’s graphic designing which is your calling, you’ll find absolutely no dearth of people or organisations in need of someone like you.The upsides of course are that you wouldn’t have to leave your full-time job and that you’d be able to earn some quick money on the side. Also, you would be able to choose the kind of work you would like to do, depending upon the nature of the work, and the amount of time that you can spare for it.

Plus, there’s no accounting for the experience that you’d be getting from working this way, and then who knows – you could eventually end up working full time in that exact field, and be able to do away with your current job.

Teach an Online Course

One of the other ways to both learn more about a field or a specific topic, would be to impart the knowledge you have to others who are keen on learning about it. While teaching someone in person is definitely time consuming, and would be difficult for you to keep up with an already going on full time job, there are always online courses that you can teach.You just need to make yourself a profile, get registered at one of the websites that provide virtual classrooms, or simply make your YOUTube channel and upload your own video tutorials on it, and ultimately have live videos to interact with your students in real time.

This is again the kind of option that allows you to decide on your own schedule, as you can plan your lessons according to your timetable, or keep the video tutorials recorded and post them as per your calendar.

Dropshipping

There are some things that are very important for running an online store – Having a physical location to store the products or a warehouse, packaging and shipping the products or logistics, and knowing whether there is a market for your products or not. The biggest advantage Dropshipping offers you is that it allows you to do away with these things.

With Dropshipping, you can work from anywhere you like – your house, a cafe – anywhere. You don’t have to worry about the inventory – because as soon as someone makes a purchase on your website, you make an order for the same product on the source website. So, you don’t have to worry about maintaining a warehouse to store your products. Also, it is that source web store that has to take care of logistics and fulfillment of the product to the customer – so that’s another thing that you don’t need to distress yourself about.

These are just a few examples of how you could go on setting up your business without risking a job, and a debt. Until it’s a job that you’d better quit than be in; unless you have already decided that leaving your current job would be the best course of action for you – the best advice for a budding entrepreneur would be indulging in their venture on the side. After you have tested your business idea; after you have actually started earning revenue and then making some profit on the top of it – you can go on to become your own boss, full time.

Source: SaaS GeeK

How Buildabazaar store can help your business reach Sky Heights?

BuildaBazaar is a SaaS based platform which lets you build your store. Now having your e-store is no more an impossible task. You can just log into BuildaBazaar and make a proper e-store all by yourself. For setting up an e-commerce store with BuildaBazaar, you don’t need to know any coding. The process of making an e-store is so simple that you can just set-up your basic store in just a matter of few hours and you are good to go!

Apart from sales, Digital Marketing is the most important aspect of running an e-commerce store. You can barely go ahead without digital marketing. Digital Marketing helps you to create awareness amongst your potential consumers. Digital marketing includes SEO as well as social media marketing. You can make your accounts on various social media channels like Facebook, Twitter, Instagram, Quora etc. These mediums you will help you to market your e-commerce store as well as its products.  With regards to ecommerce digital marketing we can help you bring your store in people’s notice by promoting them on our social media platforms.

omnichannel

Ecommerce email marketing is the most effective marketing method for your e-store. A lot of people check their emails everyday. So much so that they even have access to their emails on their phones. So there are maximum amount of chances that a lot of people will open your mails which will lead them to your store. The BuildaBazaar platform allows reports i.e. Customer Reports which can be used as base for email marketing. Those reports will help you know your customers and their liking as the reports will show you their orders. You can enable Automatic Order Notification and with the help of the software you can send an automatic email regarding the customer’s order just after he places the order. Emails are also triggered by enabling Shopping Cart Reminder service. The apps which you can use for email marketing are Mailchimp, Dropifi, StoreYa and many more.

Conversion rate optimization is the process for the betterment of your sponsored search ads, landing pages, and overall website design to raise the conversion rate of your website. In other words, the goal is for the highest possible percentage of visitors to your site to convert, or complete your desired action. Basically you can use conversion rate optimization to improve the performance of your website. BuildaBazaar offers you applications like Markerly which will help you in conversion rate optimization.

Source: SaaS GeeK