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<h2>How to track KPIs and measure ecommerce success</h2><p><a href="https://neilpatel.com/blog/e-commerce-store-should-be-tracking/">You need to gather, store, and analyze your data effectively</a> to get the most useful insights for your online business. It all starts with choosing the right KPIs to track.</p><p>Three things matter when it comes to ecommerce metrics:</p><ol><li>Choose the key performance indicators (KPIs) for your business</li><li>Set up analytics tools to track and measure with accuracy and reliability</li><li>Establish a regular cadence of analyzing your metrics</li></ol><p>This cycle will need to be repeated continuously to make adjustments and improve tracking efforts. Each time, fine-tune your process to gain more actionable information from the data you are collecting.</p><h3>1. Main business objectives</h3><p>All of your analytics efforts should serve your main business objectives. The metrics that you choose to track should be <a href="https://www.klipfolio.com/blog/beginners-guide-to-ecommerce-kpis">directly related to your core business goals and bottom line</a>, helping you achieve main objectives.</p><h3>2. Set short and long term goals</h3><p>Your immediate goals will always need to take precedence, but short-term goals should build towards longer-term goals and objectives. More importantly, don’t dismiss long-term needs for short-term gains. Consider scalability and future needs to ensure you measure metrics that may matter in the future.</p><h3>3. Have an accessible and navigable ecommerce metrics dashboard</h3><p>Access and organization of your analytics is essential to get the most value out of your data. All team members should be able to access analytics when they need it, with the ability to organize and manipulate data to draw insights using an accessible, navigable, and manageable <a href="https://www.omniconvert.com/blog/ecommerce-kpis-metrics-dashboard.html">ecommerce KPI dashboard</a>.</p><h3>4. Data visualization</h3><p><img src="https://res.cloudinary.com/dugcmkito/image/upload/v1671220752/data_visualisation_3cf148e05d.png" alt="data-visualisation.png" srcset="https://res.cloudinary.com/dugcmkito/image/upload/v1671220752/thumbnail_data_visualisation_3cf148e05d.png 245w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220754/small_data_visualisation_3cf148e05d.png 500w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220754/medium_data_visualisation_3cf148e05d.png 750w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220754/large_data_visualisation_3cf148e05d.png 1000w," sizes="100vw"></p><p>Always <a href="https://blog.apruve.com/the-importance-of-data-visualization-in-ecommerce-marketing-strategies">consider how your display statistics for your teams</a>, ensuring that the data visualization is accessible and actionable for various stakeholders. When planning the metrics to measure, you should have an idea of how this data will be displayed for it to be valuable to your business.</p><h3>5. Current performance at point in time</h3><p>Analyze the current performance of your store against averages. Looking at a specific moment in time and your current performance is essential to know where you are now so you can poise and pivot to get you where you are aiming to be.</p><h3>6. Strategize areas for improvement</h3><p>Identify trends in the data collected to <a href="https://crealytics.com/blog/choose-best-kpis-ecommerce/">develop strategies that will improve your ecommerce performance</a>. Find ways to improve the site that will achieve the main objectives you’ve set for yourself. These can include marketing campaigns, social media engagement efforts, and reducing abandoned checkouts through secure fraud protection.</p><h3>7. Channel and platform selection</h3><p><img src="https://res.cloudinary.com/dugcmkito/image/upload/v1671220794/channel_and_platform_selection_38b611bb71.png" alt="channel-and-platform-selection.png" srcset="https://res.cloudinary.com/dugcmkito/image/upload/v1671220794/thumbnail_channel_and_platform_selection_38b611bb71.png 245w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220797/small_channel_and_platform_selection_38b611bb71.png 500w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220797/medium_channel_and_platform_selection_38b611bb71.png 750w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220797/large_channel_and_platform_selection_38b611bb71.png 1000w," sizes="100vw"></p><p>Improvements are often subject to the platform or channel, as they function differently and give customers different features. Segment data by channel and platform, and<a href="https://productsup.io/blog/ecommerce-channels/"> identify which channels and platforms are best for the strategy you are trying to deploy</a>. Use a combination of social media engagement, email marketing, online advertising, and website content to provide users the right channel or platform to get the most traction.</p><h3>8. Establish time period</h3><p>Determine clear time parameters for employing your strategies. Test performance over this time, and compare it to your analytic averages. Measuring over specific periods of time is essential for tracking how email or marketing campaigns are performing, as well as the impact service updates and upgrades have on your site.</p><h2>How to choose the most impactful ecommerce KPIs</h2><p>Key performance indicators give you meaningful user behavior insights that allow you to improve on your store and enhance your ecommerce experience. Choosing KPIs will vary depending on your business, industry, niche, and much more, so there is no one-size-fits-all answer.</p><p>For general KPI guidelines, we recommend the SMART approach:</p><h3>S. Specific</h3><p>Identify the metric precisely so you know what you are tracking - don’t use general terms like ‘traffic.’ More than that, be aware of the reason you are tracking this metric, and how you plan on using it; this will help ensure you target metrics in a meaningful way.</p><h3>M. Measurable</h3><p><img src="https://res.cloudinary.com/dugcmkito/image/upload/v1671220844/measurable_6ae0170d20.png" alt="measurable.png" srcset="https://res.cloudinary.com/dugcmkito/image/upload/v1671220844/thumbnail_measurable_6ae0170d20.png 245w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220846/small_measurable_6ae0170d20.png 500w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220846/medium_measurable_6ae0170d20.png 750w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220846/large_measurable_6ae0170d20.png 1000w," sizes="100vw"></p><p>To analyze and improve your site from data, you’ll need to use metrics that are measurable. Be sure that you can <a href="https://www.phocassoftware.com/business-intelligence-blog/five-characteristics-of-an-effective-kpi">track the metric accurately</a>, collect the data and store it securely, and display data in a structured way to draw insights that you can use to improve your ecommerce website.</p><h3>A. Actionable</h3><p>Choose metrics that will allow you to make adjustments, pivot, and improve your site. To act on an insight, the data should allow you to evaluate your ecommerce stores performance and identify areas of improvement. Ensure that the KPIs you select are <a href="https://www.betterbuys.com/bi/6-effective-kpis/">metrics you can use</a> and apply to your business in a meaningful way.</p><h3>R. Relevant</h3><p>The data you collect needs to related to your goals, business, and industry. Only then will you be able to make the necessary improvements. Track a variety of metrics and <a href="https://smartkpis.kpiinstitute.org/kpi-101/characteristics-of-good-kpis">prioritize those that are most associated with your objectives</a>.</p><h3>T. Time-sensitive</h3><p><img src="https://res.cloudinary.com/dugcmkito/image/upload/v1671220890/time_sensitive_0b63b7c6ff.png" alt="time-sensitive.png" srcset="https://res.cloudinary.com/dugcmkito/image/upload/v1671220890/thumbnail_time_sensitive_0b63b7c6ff.png 245w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220894/small_time_sensitive_0b63b7c6ff.png 500w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220894/medium_time_sensitive_0b63b7c6ff.png 750w,https://res.cloudinary.com/dugcmkito/image/upload/v1671220894/large_time_sensitive_0b63b7c6ff.png 1000w," sizes="100vw"></p><p>Monitor analytics over time to identify trends and patterns. And when it comes time to act, quickly capitalize on present opportunities. <a href="https://entrinsik.com/5-characteristics-effective-kpis/">Make the right adjustments at the right time</a>; scale and be proactive so you have your next steps ready (without jumping the gun).</p><p>Some metrics may not pay off right away, but if a metric meets most of these characteristics, it will be valuable at some point.</p><p>Once you<a href="https://blog.apruve.com/top-7-ecommerce-metrics-and-kpis-you-need-to-be-tracking"> identify the best metrics for your business</a>, we can create a list of KPIs to track. Make sure the metrics you choose meet these standards and will be useful for you after you make the effort to track them.</p><h2>Ecommerce KPI benchmarks: where do I stand?</h2><p>Use internal and external benchmarks to determine how you are performing compared to your past performance and industry standards. Internal benchmarks are company metrics that you are comparing your analytics to. External benchmarks include industry and ecommerce analytics outside your company performance that serve as guidelines for your own performance.</p><p>The analytics you collect are not just useful when compared to your own metrics. You’ll want to <a href="https://moz.com/blog/ecommerce-benchmark-kpi-study-2017">compare your performance to how competitors in your industry</a> and ecommerce shops in general are performing. These benchmarks help you determine how you are performing compared to others and isolate areas to improve.</p><p>Many of these metrics are the same ones you would measure for your own business. Looking at this data alongside industry data shows how you stack up against the competition.</p><p>Make the most of your ecommerce platform by applying the analytics you gather to your checkout process. Decreasing your checkout abandonment rate can help you capture potentially lost sales and revenue, gaining profit that were turned away for <a href="https://blog.bolt.com/better-fraud-detection-with-bolt/">false positive fraud indications</a>.</p><p>As a <a href="https://www.bolt.com/checkout/">checkout solution</a> that overlays on your current platform, Bolt works with your current ecommerce platform. With a 100% fraud protection guarantee, you can let Bolt worry about fraud and focus developing great products.</p>