Measure Your Success With Right Mix of eCommerce Metrics & KPIs


Metrics & KPI – Introduction 

Business pay attention to how its eCommerce channel is performing as soon as they launched it and wants to track, measure, and improve sales and customer experience. The business and IT teams pick the right analytics tool to measure performance and shortlist the objectives. With each analytics tool, businesses can conduct comprehensive analysis and gain insights for monitoring, planning and improving. These tools provide information about how the system is performing, how customers interact with it, the number of visitors, their behavior, etc. Implementing SAP Commerce Cloud gives SAP an edge over its competitors.

  • Performance analysis and user experience analysis ( Digital Experience Monitoring – Paid Add-on) are integrated into the SAP Commerce Cloud.
  • SAP Commerce Cloud platform also provides the flexibility to integrate with third-party analytics tools.

Please refer our webcast  for more information  Measure Your Success with the Right Mix of eCommerce Metrics & KPIs

Gone Live… What’s Next

  • IT team usually monitor and streamline the buying journey and business process
  • IT team Measure and improve performance to give the best experience
  • Business team  always like to measure the success, ease of buying journey and the ROI etc.
  • Business team get feedback and act on this to improve customer experience and increase the revenue

Type of  Business Analytics

Application Performance Monitoring   SAP Commerce Cloud Dynatrace monitoring tool is part of the Commerce Cloud environment. Dynatrace provides full stack monitoring and visibility – from commerce front end to the back end, to the infrastructure. Dynatrace seamlessly brings together infrastructure, application performance, and digital experience monitoring into an all-in-one automated solution that’s powered by artificial intelligence.

Dynatrace Application guide

Dynatrace Documentation

Digital User Experience Monitoring  

Digital Experience Monitoring- synthetic monitoring displays the results of simulated user experiences, including site availability, responsiveness, errors, and site breakdowns.

Digital Experience Monitoring- Real User Monitoring (RUM) and Key Performance Indicators (KPI) dashboard summarizes the real-time user activities, user behaviors, and user experiences on your site

Digital Experience Monitoring

Web Analytics

 

Web analytics mainly track customer interactions with web channel, such as page views, URL parameters, clicks, events, and conversions. Business tracks certain parameters and adapts the site design, product search, buying experience and marketing, then again evaluates eCommerce storefront performance. google academy

Business Analytics- Data Visualization and Dashboarding

 

Business analytics tool collect data from various sources (including web analytics platforms and back-office business systems) and aim to present the data in a clean and easy-to-understand format. This can be done using visualizations (such as graphs and tables), aggregations (totaling sales for the year), or providing comparisons (this year over last year) SAP Analytics Cloud 

eCommerce Analytics

The purpose of this article is to discuss web analytics or eCommerce analytics. KPIs and metrics are abundant in web analytics tools like Google Analytics. Identifying which ones to measure, track, and improve may require discussion and decision-making. When analyzing KPIs, businesses categorize them in five broad categories and choose from them. The approach is generic across the eCommerce industry.

eCommerce Analytics  – Goal Based approach 

Business and marketing need to evaluate the customer experience, behavior, revenue, and sales after the Commerce storefront goes live. During this stage, a business can measure KPIs based on its goals

  1. Align on business goals & outcomes
  2. Agree on KPI metrics to measure
  3. Confirm solution focus areas
  4. Define and enable solution and process

Goals and KPI Sample

How do we decide on this? Once the goals are decided by the business, they can follow the exercise as shown here.

(please note this is an example, not the complete list)

Goal KPI Solution Enablers Tools for measurement
Increase average order value Average order value
    • Product Search
    • Configurable bundles
    • Cross sell  / Up sell
    • Promotions 
    • Buy online pickup from store
    • Wishlist
    • Personalization
    • Intelligent selling services
    • Dynatrace –Ecommerce Insights
    • Google Analytics
    • ISS Reporting

Business can measure each goal with one or many KPIS. To achieve these goals and measure KPI, business may need to consider function or business features. They need to plan for the implementation and tracking the KPIs

Google Analytics

Google Analytics is a leading web analytics platform employed by many companies to track, collect, and analyze customer behavioral data on their web sites and mobile applications. It offers a basic free version and has a simplistic user interface that is tailored towards business users

Prerequisites for Commerce Clod and  Google Analytics integration

Resources

Webcast to watch for more information

Thank you for reading this article. Please refer webcast  Measure Your Success with the Right Mix of eCommerce Metrics & KPIs (on24.com)