Key Performance Indicators (KPIs) are key metrics that help your business understand where your successes are coming from. They also help you determine what changes you need to make to build your customer base and generate more revenue. Sounds simple, right? That is, until you realise there are literally hundreds of metrics you could analyse and hundreds of tools you can use to measure them.
Demographics, devices, browsers, keywords, goal values, conversion rates, bounce rates, exit rates, acquisition, behaviour, time… the list goes on! As does the list of tools available to help you analyse them. From Google Analytics to Salesforce to KISSmetrics and more in between, each one offers you something different.
But which of these metrics are most relevant for eCommerce brands? Today, we’re discussing which metrics eCommerce brands should be keeping a close eye on and why.
Kate Butler12 KPIs Every eCommerce Brand Should Be Measuring
Last time, we discussed how selling on Amazon can open many new doors for brands and help them to increase sales. We also discussed the first four ways clever brands can get ahead within the Amazon Marketplace. They included:
Building a recognisable and trustworthy seller profile
Getting the basics right and showcasing your product at its best
Working hard to encourage positive customer feedback and product reviews
Not ignoring negative feedback or reviews if you receive them
Today, we’re continuing our list and exploring four more ways to ensure your beat your competitors in the race for Amazon supremacy.
Melanie Fitzgerald8 Clever Ways To Win In The Amazon Marketplace (Part Two)
About 44% of shoppers immediately visit Amazon when they’re interested in making a purchase, making it go-to resource for people all over the world who are looking to buy products. In fact, there are 304 million active Amazon accounts. Yes, selling on Amazon can be quite lucrative. Can open many new doors for brands and help to increase sales. Thankfully, Amazon doesn’t restrict who can sell products on their site. In fact, they’ve made it easy for individuals and companies of all sizes to get in on the action by introducing the Amazon Marketplace.
However, it is important to keep in mind that simply listing your products on this platform probably won’t be enough to bring in significant new business. There is A LOT of competition in the Marketplace. So, if you truly want to attract new customers and increase sales, you must keep up with the competition and learn quickly what works and what doesn’t.
We’re here to make that task just a tiny bit easier. Here’s our 8 tips to help you become an Amazon Marketplace success:
Melanie Fitzgerald8 Clever Ways To Win In the Amazon Marketplace (Part One)
Emotive language – If you want to encourage your audience to convert, you need to create desire. Which for many etailers means creating and selling a lifestyle that customers can buy into.
Relevancy and clarity – Your content needs to appeal to your customer’s needs and concerns.
People not pitches – Great content doesn’t just explain why your product/service/company is the best, it resonates with the audience because they can see themselves in it. In other words, it gives them a credible and relevant reason to use your product/service/company.
A strong call to action – Make CTAs stand out visually by using buttons rather than linked text and use compelling copy to urge the customer to take an action.
We also gave you several examples of global companies who have used content to enhance their eCommerce offering. But as it’s St. Patrick’s Day tomorrow we wanted to take a moment to celebrate those Irish companies who are utilising content marketing to its fullest. Here’s our list of the five best Irish eCommerce content marketing efforts:
Kate Butler5 Of The Best Irish eCommerce Content Marketing Efforts
Consumer packaged goods, everything from laundry detergent to snack bars and pet food, have long been a dark spot in the eCommerce world. However, this is starting to change, as CPG players are at an eCommerce tipping point.
According to McKinsey, in 2013 online accounted for less than 1 percent of total sales in packed food and about 3 percent in non-food areas. However, with the rise of digital, those days appear to be over. In the past year alone, Amazon launched ‘Amazon Pantry,’ which let its users fill a box with a selection of more than 2000 products. However, it’s not just Amazon jumping on the bandwagon, thousands of grocery stores are experimenting with ‘click and collect’ and ‘home delivery’, to help cater for the changing needs of the market in aligning to busy consumer lifestyles.
D2C retailing has gone full circle, from the milkman delivering to our doors, we moved on to love supermarkets and are shifting back to direct to the door models once again.
So what is driving the sudden move in CPG to eCommerce?
Melanie FitzgeraldThe Rise Of Consumer Packaged Goods In The Ecommerce Landscape
The internet has given us the power to sell our products far and wide. It’s empowered us to reach new markets, to target our customers more directly, to communicate with our customers anywhere at any time, and to engage them at the most opportune moments. It’s enabled our customers to search for and gather information about products and services quickly and easily, and it’s opened a more convenient way for them to shop.
However, as wonderful a tool as the internet is for selling our wares, one of the most cited reasons for consumers not choosing to purchase online is a lack of trust.
In a brick and mortar store, physical clues like the appearance of the store and direct contact with staff members greatly contribute to making consumers feel safe and happy to hand over their payment and personal details. In a faceless (online) environment, it can be much more difficult to give consumers the same reassurance. But while we’re not able to directly control how much our customers trust us, there are steps we can take to build an online environment that encourages them to feel trust:
Kate Butler8 Steps to Building Customer Trust to Maximise Online Sales
In a season eight episode of The Simpsons, the super-rich Mr Burns loses his entire fortune through bad investments. Having lived a charmed life, Mr Burns ventures outside to do his own shopping for the first time – and he’s faced with walls of confusing products.
Mr Burns’ shopping scene is a solid gag – but it also works to retrospectively illustrate the nature of online shopping. It underscores how you can frantically order products without ever stepping into the real world. Which begs the question: is eCommerce actually primed to replace traditional retail?
Global eCommerce sales rose 23 percent to $2.290 trillion in 2017. Without context, that’s a massive number. In real terms, it actually relates to 10 percent of total global retail sales. By 2021, it’s estimated that online sales will hit $4.479 trillion and 16 percent of global retail share.
While a slew of confused, bug-eyed, Mr Burns-inspired shoppers are highly unlikely, consumers are going increasingly digital and ultimately it will affect physical stores. But to what end?
Melanie FitzgeraldWill Digital Brands Spell The Death Of The Physical Store?
“If you break it, you pay for it.” That used to be something you’d only hear in brick and mortar stores. Soon, a similar warning could apply to any eCommerce business that collects or handles consumers’ personal data. We’re about to enter a new era of data responsibility.
ECommerce businesses deal with a lot of data: they process everything from customer data to locational and behavioural data. Personal information is shared with retailers or service providers every time a customer or user goes online.
So it was perhaps inevitable that new data privacy laws like the General Data Protection Regulation (GDPR) would be introduced to deal with the consequences of all this data sharing. GDPR is an EU regulation that comes into force on May 25, 2018. It will introduce more transparency, strengthen existing data protection requirements and introduce greater penalties for data security breaches.
Here’s what marketers in the eCommerce industry need to know.
Melanie FitzgeraldGDPR Is Just Around The Corner: What Does This Mean For ECommerce
Forget Romeo and Juliet, if you want a real example of true love look not to rom coms or soppy dramas, but to the brands who are using an omni-channel approach to retail to ensure their customers feel loved at every step of the buyer journey.
These brands are building a relationship with their customers that is unparalleled in the world of retail. They’re listening to their needs, they’re giving them what they need, and they’re working to ensure the customer always has a great experience. As a result, their customers are more engaged, they spend more both in-store and online, and they’re easier to retain.
But what is the omni-channel retail approach and how does it work in practice?
Niall O'GormanThe Omni-Channel Approach: A Love Story Like No Other
The internet is full of stats about why content marketing works. As per Demand Metrics, 70 percent of consumers feel a closer connection to a brand as a result of content marketing. 72 percent of customers believe they form a relationship with a brand as a result of custom content.