KPIs for ecommerce assistance and building dashboards
KPIS are the Key performance indicators. They are same as milestones to online retail success. They assist ecommerce entrepreneurs in identifying progress towards marketing, sales and customer service.
A performance indicator is a quantifiable measurement to gauge performance and works as Analytics for marketers. KPIs are the measurements that accurately show if a business is progressing or not toward its goal.
Selecting KPIs starts with stating goals and understanding the areas of business impact helps Google Analytics. Of course, KPIs should differ with each online retailer’s goals, thus help in promoting sales, improving customer service or in streamlining marketing.
Few examples of associated KPIs:
- Goal 1- Promotes sales to 10% and this include conversion rate, daily sales and site traffic.
- Goal 2-Increases 2% conversion rate. KPIs include shopping cart rate, competitive price trends, conversion rate and associated shipping rate trends.
- Goal 3- Grow 20% site traffic and KPIs include traffic sources, site traffic, bounce rates, social shares and promotional click through rates.
- Goal 4- Reduce service calls from customer as KPIs include classification of service call, identifies page prior to the call and the events leading the call.
It is easy to notice performance indicators and it is tied to the goal progress. KPIs differ depending on the goal it is to be measured. Thus, considering common performance indicators is suitable for ecommerce. A few ecommerce key performance indicators are:
Key Performance Indicators Sales: Weekly, daily, hourly, quarterly, monthly and annual sales, average margin, product affinity, conversion rate, product relationship, competitive pricing, etc.
Marketing Key Performance Indicators: Time on site, traffic source, site traffic, new or returning visitors, texting subscribers, newsletter subscribers, Blog traffic, pay per click, and more.
Customer Service Key Performance Indicators: Customer service phone count, email count, chat count, average resolution time and more.
Performance should convey business decisions, and using KPIs you can drive actions. The Dashboards are designed to ensure KPIs are in the front and to eliminate unwanted information. The ROI is compelling of a Dashboard application. It is used to offer visibility to users, to connect to multiple data sources and to take meaningful action. Dashboards save time, streamline workflow, maintain records accuracy and there is positive outcome.
Why businesses need KPI dashboards?
KPI dashboard reveals the key performance indicators of an organization. The real time information can be provided to the modern business dashboard and this is the greatest value. Thus, ensure businesses to make goal-oriented and informed decisions. Managers using KPI dashboards daily know where to focus their energy and work on poor performing process.