The internet has an infinite amount of benefits, but one in particular that has wholly disrupted business operations. See, the “WWW” allows for equal and fair access to websites, which means that startups and small businesses are essentially on an equal playing field with their big box competitors when it comes to ecommerce.
This makes for a monumental advantage when it comes to smaller ecommerce shops. Through an easy checkout process, excellent customer service and a smooth delivery experience, startups and small businesses can oust competitors who have long been household names.
Below, the top metrics these retailers are using and how you should be using them, too.
- Cost of Acquiring a Customer (CAC)
- Conversion Rate
- Shopping Cart Abandonment
- Average Order Value
Understanding your customer behavior and working on your website make perfect for the end user always brings you more and happy customers. Above are the major areas which will help you to identify what exactly your customer is looking for. Accordingly you need to work on these metrics to succeed in e-commerce business.
We will explain briefly about the above mentioned metrics in our next blog, once you start measuring your store performance and using the collected information to drive your business decisions & strategies, you’ll be well on the way to enterprise-level success! No big box retailer takes action without measuring the impact and neither should you. Monitor your metrics, pivot when and where necessary and make the most of your both your time and money in order to build a successful brand.