eCommerce Metrics: Turn Customer Data Into Actionable Insight

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A common challenge for online merchants is what to do with all your customer data, and what it really means for your business. Feeling overwhelmed with all the metrics at your disposal? Not sure where to start? Or more importantly, what really matters when it comes to measurement? Check out this presentation from Vantage Analytics on how to analyze key metrics, what that means for your business and how to act on this data with marketing campaigns. The guys from Vantage shared some key learnings from analyzing data from hundreds of online stores over the past year.

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eCommerce Metrics: Turn Customer Data Into Actionable Insight

  1. 1. Tweet us with your store name to @VantageAnalytic for your chance to win a Free Campaign! #eComTO
  2. 2. WHERE DO YOU GO FOR METRICS/INSIGHT? 1
  3. 3. AGENDA 1. Some Top Metrics - Repeat Customer Rate - Abandon Rate 2. Turning Insight into Action 3. Discussion 2
  4. 4. REPEAT CUSTOMER RATE 3
  5. 5. WHAT IS REPEAT CUSTOMER RATE? The percent of customers who have purchased more than once. This value varies widely across store categories: • Clothing: 8% • Gifts & Souvenirs: 6% • Smoking Products: 23% 4
  6. 6. WHY IS REPEAT CUSTOMER RATE CRUCIAL? • This is the easiest customer segment to target with marketing campaigns • They are your brand ambassadors • Average Repeat Customer rate across our merchants: 8% 5
  7. 7. WHY IS REPEAT CUSTOMER RATE CRUCIAL? Repeat Customers tend to spend more than first time purchasers Store Category Percent Increase Electronics/Appliances 56% Hobby/Toy/Sporting Good 50% Health and Personal Care 22% Furniture/Home Furnishings 34% 6
  8. 8. TIMING OF REPEAT PURCHASES Anonymized Store X 7 Optimal Time To Re-engage
  9. 9. ABANDON RATE 8
  10. 10. WHAT IS ABANDON RATE? • The percentage of all checkouts that were started but never completed • For the average shop, approximately half the checkouts that are filled out, will be abandoned. • A cart can be abandoned once, a customer can abandon multiple times • Abandon Rates in the last 90 Days across store categories: Clothing: 32.9%, Jewelry: 26.9%, Furniture: 42.2% 9
  11. 11. WHY IS ABANDON RATE IMPORTANT? • Unique to ecommerce - take advantage of this! • Rethink how your customers abandon carts – the customer lifecycle. 10
  12. 12. Customer: Paula Checkout 1, Monday: Abandoned Carts: 100% (1 of 1) Abandoned Customers: 100% (1 of 1) 11
  13. 13. Customer: Paula Checkout 2, Wednesday: Abandoned Carts: 100% (2 of 2) Abandoned Customers: 100% (1 of 1) 12
  14. 14. Customer: Paula Checkout 3, Friday: Abandoned Carts: 100% (3 of 3) Abandoned Customers: 100% (1 of 1) 13
  15. 15. Customer: Paula Checkout 4, Saturday: Abandoned Carts: 75% (3 of 4) Abandoned Customers: 0% (0 of 1) 14
  16. 16. HOW DO I DECREASE MY ABANDON RATE? • Find these customers and reach out to them post abandon • Consider different types of abandon rates – Customer Abandon Rate vs. Cart Abandon Rate 15
  17. 17. TURNING THESE METRICS INTO ACTIONS 1. Target the right PEOPLE 2. Target those people with the right CAMPAIGN: CHANNEL, OFFER, CALL TO ACTION 3. Target those people with a campaign at the right TIME 16
  18. 18. ACTION YOUR INSIGHT 17
  19. 19. MEASURE YOUR RESULTS Revenue – Return on Investment, Average Order Value Orders – Average Order Size Customers – Number of New Registrations Click Through Rate, Reach, Impressions…. 18
  20. 20. THANK YOU FOR COMING! @VantageAnalytic www.VantageAnalytics.com Info@VantageAnalytics.com 19

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