“Don’t expect smart people to listen to you without proof. Learn the basics of analytics and people will love you. If you don’t have time to learn, hire someone.”
Aptly quoted by W. Edwards Deming, the need for analysing the data has become very crucial for the growth of any company. Be it a normal lead generating website or an e-commerce store, data plays a key role and after the data is analysed, prudent action must be taken in the same direction. For e-commerce stores, e-commerce analytics is highly important. When I say ‘highly’, I mean to say that it is of great importance for:
- Increasing profits
- Increasing up-sells, repeat sells and cross sells
- Improving the user experience
- Analysing the user behaviour pattern for specific products or the whole e-commerce store
- Digging into details of user performance and product performance
The aforementioned points tell you why you must analyse your e-commerce data. Now, let us consider few facts about e-commerce which are important for taking prudent action for the growth of your e-commerce business.
- If you do not build a great user experience and customer service, it may cost little extra to you. According to a report from Right Now, 89% of the users stop buying from a particular online store if they experience poor customer service. (Source: http://www.slideshare.net/RightNow/2011-customer-experience-impact-report)
- According to a report from Social media today, 83% of the online consumers need some type of support during their online shopping. Digging deeper into the same, 31 % of the users require immediate online support while 40% of them require it within five minutes. For your e-commerce store, the data might differ. If you analyse the user behaviour pattern then you might end up on facts and patterns which may ask you to take prudent action. (Source: http://www.socialmediatoday.com/content/need-know-online-customer-service-statistics)
- After understanding whether your consumers need online support or not, you may go for adding a customer support service or an online chat option on your store. As per a report by Boldchat, 31% of the online shoppers from USA & UK said that they would be more interested in a purchase activity after a live chat with the e-commerce store representative. (Source: https://econsultancy.com/blog/10644-stats-do-consumers-appreciate-live-chat-on-websites)
The next question which may arise in your mind after reading the above-mentioned facts is how do we track and analyse the e-commerce data? The answer is provided by the Enhanced ecommerce analytics tracking feature of Universal analytics.
A brief introduction of Enhanced eCommerce Analytics Tracking
Enhanced eCommerce analytic tracking feature by Universal analytics (google analytics) basically works by installing the enhanced eCommerce plugin for analytics.js. The tracking feature enables the measurement of user interactions or the behaviour pattern on the eCommerce store across the complete shopping process. It tracks the user interactions including product impressions, product clicks, viewing product details, checkout behaviour, add to cart behaviour, transaction process, refunds, etc. This provides the admin data about the consumer behaviour and complete picture of the conversion funnel.
Now, let us understand the reasons why enhanced eCommerce analytics tracking is a must incorporate feature for e-commerce stores.
#1. It provides you with a complete picture of user shopping behaviour
The enhanced e-commerce platform gives you a complete picture of the shopping behaviour of your users on your e-commerce website. It provides you with all the data including the revenue generated, average order quantity, average order value, total number of transactions completed and e-commerce conversion rate.
#2. Helps you analyse the shopping behaviour
Nothing can be more helpful than the recorded data about your e-commerce store. If you analyse the conversion funnel properly then it would be easy for you to make required modifications on the website. If you are losing users at a particular segment of the conversion funnel, then you will be able to understand the importance and urgency of the change in the e-commerce store. If a large number of users are leaving the website at a certain step, then you need to build an appropriate strategy to not to let them go.
#3. It provides you with a number of users who left just before the final transaction
The checkout behaviour of users is a representation of the data about the users as in how many of them left the website just before filling in the details, just after seeing the final price step etc. It gives you a very important insight into the user behaviour. For instance, a few number of users might be leaving the checkout page after seeing the final price or extra taxes/shipping charges added automatically. Thus, you need to ensure that the process is as seamless as possible for the users without any new surprises or shocks. The enhanced e-commerce analytics tracking also records the users who left the funnel in-between and re-entered conversion funnel after a while.
#4. Shows you how your products are performing
The enhanced e-commerce analytics tool not only counts the number of users and records their overall behaviour but also keeps a track of the behaviour of users on a particular product. It tracks the user engagement per product including views, clicks, add to carts etc. Similarly, the sales performance is also tracked by this plugin. In sales performance, the total revenue generated, total sales made, number of products sold, average order price, average order quantity during a day and time is tracked.
#5. Gives you an insight into how your marketing efforts are performing
This plugin also tracks how different marketing strategies are performing like internal promotions, order level coupons, product level coupons and affiliate sites. This gives an insight about how many views and clicks were achieved due to those marketing efforts. It also gives the click through rate of each marketing effort. Also, how much revenue got generated, how many products got sold, total transactions and average value of the order is also recorded by this plugin. This would definitely help you on how to go about new marketing strategies. Also, it would help decide what kind of efforts are working well for the e-commerce store.
The enhanced e-commerce provides us with a sea of data. How we use that data is completely on us. Using the e-commerce data, rigorous conversion analysis can be done which can be used in the decision making process related to the e-commerce store.