Whether you are new to e-commerce market or are working from so many years; it is always necessary to use some quality performance indicators to analyze progress of your business. So many factors contribute toward popularity and profitability of business and they must be measured using some quality tools.
Key Performance Indicators or simply called as KPIs are most useful terms that contribute in business management as well as development; these indicators help business owners to achieve their goals with deadlines and one can use them for every type of industry including healthcare, social media, finances, SEO, marketing as well as sales. Let’s take a look at some Key Performance Indicators for Successful Online Business.
Following KPIs are most popularly used in global e-Commerce market:
- Conversion Rates:
Conversion rate specifies that how many website visitors are actually turned into customers; it can be checked using various tools such as rates of carts, checkouts, buyers and orders etc. Try to use some analytical approaches to compare various elements and check whether all landing pages are perfectly optimized or not; place content on right locations to improve traffic.
- Exit pages:
Check for how much time visitors usually visit your website; if they are leaving quickly it is good to find out the reason as soon as possible and correct it. Try to make your website page so interactive that users love to explore it for longer time.
- Average value of orders:
This is one of the most popularly used KPIs in e-commerce market that defines cash flow and store profit level for your business. Use some effective tools to check average order deliveries by your team to evaluate total flow.
- Social interactions:
Millions of people are using social media sites nowadays; it naturally becomes biggest asset for growth of your business. Try to post about your store, get likes and shares; this process will boost people to visit your store and naturally traffic on your terminal will get increased.
- Site traffic:
How many people at an average use to visit your store; it makes a big difference. Use some effective stats for calculation of site traffic and if results go low try superior SEO techniques for improvement.
- Net profit:
Run a check for effectiveness of your business profit; business owners are advised to keep perfect track of their net profit and loss details because it will help them to take financial decisions time to time.
All these tools help business owners to analyse performance of their online business and you will likely be able to make some improvements for further growth. These effective indicators monitor some important goals of business that includes: time-bound, realistic, achievable, measurable and specific needs.
KPIs are effective enough to keep perfect track of incoming goods at store level and customer deliveries. Other than this you must monitor market place sales, email marketing results, social media reviews and advertising performance.
Actually all measurements work as KPIs and they ensure target based growth of your business in all situations. Some other important KPIs are Customer satisfaction, back order rate, return rate and visit value.