Throughout the 21st century, we have seen major global growth and transformation in our society, which has led to a change in the way our society works. There have been numerous transformative elements in our civilization in the past two decades, and one of the most important facets has been the alteration of the modern economy. Our economy has changed significantly due to the rise of the Internet and other types of technological advancement, and this has created a new and more advanced business sector. Technology has helped to forge a variety of new fields, such as IT, web development, social media, and much more. While all of these changes have been immense, the most instrumental new industry in the 21st century is eCommerce. A large portion of eCommerce business is done by major companies like Amazon and Alibaba; however, there are many other smaller eCommerce stores run by small companies and individuals. Running your own eCommerce enterprise is not simple and requires the use of the best technologies on the market. One of the most important tools that an eCommerce company has is eCommerce analytics. Ecommerce analytics are extremely important for smaller eCommerce businesses, as they help to understand customers and boost sales. Learning about analytics will prove to be extremely advantageous for your enterprise.
Understanding Ecommerce Analytics with Google
When building up your eCommerce infrastructure, you will come to learn about the many types of eCommerce analytics programs that exist. One of the most pertinent of these programs is Google Analytics. This tool aids eCommerce stores by helping companies to learn about how they are getting the traffic to their sites. Google Analytics provides a myriad of different statistics and has an even more in-depth feature for eCommerce stores called Enhanced Ecommerce. Enhanced Ecommerce helps businesses dive deeper into site metrics that are imperative for increasing marketing and helps with development. There is a multitude of statistics that you can find from this tool, such as how you acquire site visitors, understanding who your audience is made up of, conversion rate, customer behavior, and much more.
Increasing Sales with Ecommerce Analytics
Enhanced Ecommerce can give your company the edge it needs against your competitors through the multitude of metrics this tool offers. Some of the provided metrics include total transactions, the average price of products, number of days leading to a transaction, total revenue, purchases and refunds, initiating the checkout process for a product, and more. All of these analytics are extremely important, but the most important facet is learning how to convert these into sales. By having the data in front of you, you can make alterations to your business model to build a better system. You can use the information that is readily available to help with customer engagement, increase your customer retention rate, and advance your customer acquisition.
Having your own eCommerce store requires immense amounts of hard work, as well as the best analytics tools to boost sales. Understanding these tools and using them to your advantage is necessary for the growth and development of your eCommerce company.