Google Analytics: How to Track eCommerce Business Performance
Google analytics is the secret weapon for your business to measure website traffic and audience, metrics like bounce rate, conversion rate and much more. Here is a take on how your eCommerce development business can benefit.
eCommerce tracking is an impressive Google analytics feature much useful for eCommerce web development businesses of all sizes. The analytics helps track shopping activities on your website along with offering valuable information on transactional data, revenue, increase and decrease in the number of audiences, and much more.
The Google analytics metric can also offer specific insights into:
- Sales figure of products with high as well as low sales
- Insights on the average revenue and the number of products per transaction
- Insights on eCommerce conversion rate
- Cart abandonment rate
- Average order value
- Changes in transaction and revenue
Along with so many benefits, the tool helps you identify eCommerce reports under conversions section.
Ways to Use eCommerce Tracking in Google Analytics
Enhanced eCommerce tracking adds an added layer of analytics, which helps check out important metrics that could help in better measuring the reports related to sales, and conversion.
Here are some ways for eCommerce website maintenance service providers to use Google analytics in their businesses.
1. Tracking Important KPIs
With eCommerce tracking, website owners can easily track the pulse of their business. Important KPIs like revenue, average order value, and number of sales figures is easy to find with the right use of Google analytics.
This tracking helps find out metrics like:
- Significant increase and decrease in the sales
- Weekly, monthly, quarterly, and yearly revenue
- Revenue month-to-date and year-to-date
Image source: medium.com
2. Increase Conversion Funnel Success
User behavior analysis shows how they progress through sales funnel. Having information on this particular metric is very much important for every eCommerce website development company. It initiates with “All Sessions” and gradually progresses through product view, product addition to the cart, check out, and finally making the transaction.
The analytics also provides information on new visitors, returning visitors, along with number of shopping activities. The graph also helps to find out the pain points in the customer journey. You can get more granular data on different segments.
Image Source: Advance Metrics
3. Sales and Revenue Tracking from Multiple Channels
Google analytics offer useful information that helps drill down to specific channels and their contribution in providing sales to the business. This helps get precise information on the channels that are bringing views and customers to the business.
Information on specific insight will help double down the investment on the channels that are bringing more sales to the business.
4. Information on Individual Product Performance
Google analytics also helps to find out crucial information on product specific details including how much sales each product brought to the business. This insight can further be analyzed to find out if users are interested in buying more than one unit of a product.
Details on users viewing each product, adding the same to their cart but not making the transaction can also be sourced from this segment. eCommerce development businesses can also have information on users making it through the sales funnel.
5. Tracking Shopping Cart Abandonment Rate
It is the most crucial information for the business to know about the number of users adding products to their carts but not making the final transaction.
This specific analytic will help to find out store’s cart abandonment rate and how frequently users are doing the same. To track this analysis, you need to track shopping behavior rate.
Planning eCommerce Growth with Google Analytics
Understanding the fundamental metrics of the business is an absolute necessity to learn the ins and the outs of the business. The metrics listed above if measured and used correctly can help gain valuable insight about the business and offer it growth.
For eCommerce development company, the right information on product, audience, sales, and finance can help to provide growth in the right direction.
There are model comparison tools available in Google analytics, which can help compare different metrics to find out crucial business information. For example, if you want to compare two segments of audience (regarding those who made a purchase and those who didn’t in order to get granular report), you an do the same through the same tool.