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E-Commerce Analytics for BeginnersNovember 24th, 2016 by conepay conepay
Running an online business without analytics is just like driving in the dark. Like driving the better the visibility outside the better you are in a position to make calculated decisions.
When you analyzing the data for a week on a daily basis it feels that you have turned on the headlight and can view the path clearly leading to you goals and objectives.
A small and medium store owner your resources are limited. Without having an idea about which marketing activities is working you will be wasting time and money. There are also chance that you will be missing a part of your profit as well.
Knowledge is Power
Having access to statistical information of you online marketing activities gives you an edge over your competitors that are unaware of these stats. Understanding trends and about which marketing channels are not valuable enables you to maneuver as a business before damage is done.
Gateway to Higher Conversions
Having the most relevant stats at your hands is the first step in building foundation for experimentation on your website
Understand Activity in Terms of Funnels
The basic concept of website analytics is funnels. All the online marketing activities shall be seen in terms of funnel. The idea of this concept is that your target audience will o through funnel till they make purchase on your site.
An example of marketing funnel may look like this:
- A fan on your business’s Facebook page sees one of your posts.
- The fan clicks on the post.
- The fan arrives on a landing page advertising a specific product and clicks on “add to cart.”
- The fan clicks on checkout.
- The fan enters their personal information and finalizes the purchase.
Another classic example of a marketing funnel is that of an email campaign, let’s look at an example:
- You send 1,000 of your past customers an email promoting your summer sale.
- Out of the 1,000, 970 are delivered by your email service.
- Out of the 970, 350 are opened by past customers.
- Out of the 350, 50 click on one of the product links in the email.
- Out of the 50 that clicked, 45 add the product to their shopping cart.
- Out of the 45 that added one or more products to their shopping cart, 10 finalize their purchase.