Are you a digital marketing agency striving to propel your clients Shopify stores to greater heights? If so, you know the importance of data-driven decisions in today’s e-commerce landscape. This post will uncover the six crucial Shopify KPIs you should track for e-commerce business. Plus, we’ll explore how to utilize Swydo to enhance your Shopify reports. Let’s get started with these key e-commerce metrics.
1. Online Store Sessions
Sessions represent the number of visitors to your Shopify store over a specific period. To access this metric, navigate to your Shopify dashboard under “Analytics” and click ‘Online Store Sessions’. By analyzing this data, you can discern which days drive the most traffic to your store, identifying trends, spikes, and dips.
How Digital Marketing Agencies Can Use It: When managing Shopify stores for clients, monitor sessions to understand traffic patterns and identify what’s working and not in your marketing efforts. Pay attention to the quality of traffic and assess the conversion rate simultaneously.
2. Online Store Conversion Rate
The second metric on our list is the conversion rate, a vital indicator of your store’s ability to turn visitors into customers. This is hands down one of the most critical metrics to track in e-commerce. You can find this metric in your Shopify dashboard under “Analytics.”
How Digital Marketing Agencies Can Use It: A low conversion rate could indicate sales funnel problems or user experience problems. Marketing agencies should analyze this rate to optimize strategies and help clients improve their conversion rates.
3. Average Order Value (AOV)
Average Order Value is the third metric. It signifies how much a customer typically spends per visit to your store. Increasing the AOV is essential for boosting profits without acquiring more customers.
How Digital Marketing Agencies Can Use It: Marketing agencies can work with clients to implement strategies that encourage customers to spend more per purchase. Techniques like upselling and cross-selling can help increase the AOV.
4. Store Total Sales
Tracking your store’s total sales is a fundamental metric that reflects your business’s revenue. It indicates how well your Shopify store is performing in generating income.
How Digital Marketing Agencies Can Use It: Marketing agencies can assess the effectiveness of their campaigns and strategies by monitoring changes in total sales. If you’re driving more traffic and optimizing conversion rates, your total sales should reflect these improvements.
5. Returning Customer Rate
The returning customer rate is the final metric on our list and one of the most critical for long-term success. It reveals how satisfied your previous customers are and if they’re returning to make repeat purchases. You can calculate this metric by analyzing your customer data in Shopify.
How Digital Marketing Agencies Can Use It: To boost the returning customer rate, digital marketing agencies should implement retention strategies like email marketing, SMS campaigns, and retargeting efforts on platforms like Facebook.
6. Sales Conversion Rates
Sales conversion rates, the heartbeat of your e-commerce success, are essentially the number of orders or sales divided by the total number of sessions on your online store. It’s the pulse that tells you just how effective your store is at turning visitors into loyal customers.
You can’t just look at this number as a whole; you need to get granular. Here’s how to dissect and understand your conversion rates effectively:
1. Break It Down by Channel: Take a closer look at your conversion rates by different marketing channels. Whether it’s AdWords, SEO, Facebook, or other avenues, understanding which one’s performing well and which needs a boost is crucial.
2. Categories Matter: Not all products are created equal. Some categories have a knack for higher conversion rates than others. Identify the winners and allocate your resources smartly.
3. Campaign-Specific Insights: If you’re running campaigns with affiliates or influencers, break down your conversion rates by campaign. This will help you see which partnerships are hitting the mark and which might need a little TLC.
How Digital Marketing Agencies Can Use It: Your goal? Constantly fine-tune your sales conversion rates. If you spot a channel or category that’s doing well, convince your clients to invest more in it. But if something’s underperforming, don’t just cross your fingers and hope for a miracle. Sometimes, you’ll need to roll up your sleeves and figure out how to boost those rates. And, if all else fails, don’t be afraid to pull the plug on a campaign.
How to Boost Your Shopify Conversion Rates
Now, let’s look at how you can skyrocket your Shopify store’s performance and increase your conversion rates. We will delve into the essential steps and techniques to disrupt your market and captivate your audience.
Optimizing User Experience: The Critical First Impression
The first step in boosting your Shopify conversion rate is simplifying the user experience. Did you know a customer takes just 0.05 seconds to form their first impression of your website? That’s less than one second for them to decide if they like your site, trust it, and want to shop. To capture their attention immediately and encourage them to explore your store further, consider these essential elements:
1. Feature Products on the Homepage: Ensure that your product listings are visible on your homepage. A whopping 86% of website visitors want to see information about your products right on the homepage. If your products are buried deep in your site, it’s hindering your performance.
2. Leverage Customer Reviews: Online reviews are crucial for building trust. In fact, 88% of consumers trust online reviews. Include them on your website to instill confidence in potential buyers.
3. User-Generated Content (UGC): Sites with UGC experience a 29% higher conversion rate than those without it. Encourage your customers to share their experiences with your products on your website.
4. Conversion Rate Basics: Your conversion rate represents the percentage of visitors who purchase on your website. While Shopify’s average e-commerce conversion rate is around 2.86%, new stores typically start with a 1-2% conversion rate. However, you can significantly increase these numbers by implementing the strategies recommended by expert Chase Chappell.
Key Elements for Optimizing Conversion Rates
Here are the strategies and elements you should implement to enhance your Shopify conversion rate:
1. Top Banner: Utilize the top banner for important call-outs, such as free shipping offers or limited-time discounts. Free shipping is a practical incentive to increase conversions.
2. Product Reviews: If you have them, display product reviews prominently to build trust and help customers make informed decisions.
3. User-Friendly Product Selection: Make product options, sizes, and colors visually appealing and easy to understand with clear sizing guides and color swatches.
4. Concise Product Descriptions: Provide concise and clear product descriptions that include all necessary information to help customers make purchase decisions. Additionally, include relevant details, such as size guides, shipping information, return policies, and refund policies.
5. Special Offers and Email Capture: Capture emails by offering special deals through pop-up forms on your website. Building an email list is crucial for future marketing efforts.
6. Consistent Branding: Maintain a consistent brand image throughout your website, from color schemes to logo placement. Inconsistent branding can deter potential customers.
7. Automatic Geolocation: If you sell to different countries, ensure that your website automatically detects visitors’ locations to display the correct language and currency.
Unlock the Power of Swydo Reporting for Your Shopify Store
As an e-commerce entrepreneur or digital marketer, you understand the importance of data and insights in making informed decisions that can significantly impact your bottom line. With the integration of Shopify into Swydo, you’re poised to take your Shopify store to new heights, harnessing many benefits that will elevate your e-commerce game.
1. Comprehensive Reporting for In-Depth Insights
The Shopify integration in Swydo empowers digital marketers to generate comprehensive reports that provide an extensive view of their e-commerce performance. But it doesn’t stop there. Swydo’s holistic reporting approach extends to Klaviyo and Mailchimp campaigns, simplifying the monitoring and assessment of crucial e-commerce metrics. Now, you can quickly gauge the effectiveness of your email marketing efforts and align them with your overall e-commerce strategy.
2. Financial Clarity for Informed Decisions
Swydo’s integration with Shopify goes beyond standard reporting by offering a deeper understanding of your e-commerce store’s financial health and profitability. By gaining clear insights into your financial data, you’re better equipped to make informed decisions to improve your bottom line. Whether you need to adjust pricing strategies, reduce operational costs, or explore new revenue streams, this financial clarity will be your guiding light.
3. Performance Optimization at Your Fingertips
Shopify data within Swydo allows e-commerce businesses to access valuable insights into their products’ performance. This data-driven approach aids in identifying top-performing products, optimizing sales channels, and targeting the most profitable customer segments for improved performance. You can now perfectly fine-tune your product offerings, sales strategies, and customer targeting.
4. Strategic Focus for Enhanced Business Strategy
With Shopify integrated into Swydo, you can shift your focus strategically toward sales channels and customer segments that deliver the best results. These insights guide resource allocation and marketing strategies, enhancing your overall business strategy. Say goodbye to guesswork and hello to a well-defined path to success.
5. Data-driven Marketing for Optimal Results
In today’s competitive e-commerce landscape, data-driven marketing is not a luxury but a necessity. Swydo’s Shopify integration is your valuable asset for data-driven marketing. It empowers marketers to make informed decisions based on accurate, real-time data. With this data, you can allocate resources effectively, refine marketing strategies, and achieve optimal campaign results.
6. Time-Saving Automation
Managing multiple e-commerce platforms separately can be daunting, consuming valuable time and resources. Swydo’s integration with Shopify comes to the rescue by automating and centralizing e-commerce reporting. This automation saves marketers and business owners time, allowing them to focus on strategic activities and efficient execution. Let technology handle the data crunching while you concentrate on growing your business.
In a world where data rules, the Shopify integration in Swydo empowers e-commerce businesses to thrive. From comprehensive reporting to financial clarity, performance optimization to strategic focus, and data-driven marketing to time-saving automation, the benefits are clear.
Are you ready to take your Shopify store to the next level and unlock its full potential? Create your free Shopify report here or sign up for a walk-through with our experts. Try Swydo – it’s not just a reporting tool; it’s your gateway to e-commerce success.