Do you want to increase sales and revenue on your eCommerce website?
To generate more revenue, you need to know which eCommerce metrics to track, and understand them so you can make improvements.
In this guide, we’ll explore some crucial eCommerce KPIs (Key Performance Indicators) to track in Google Analytics that will help you boost your revenue.
How to Enable eCommerce Tracking in WordPress
To see most of the KPIs we’ll go over here, you need to make sure that eCommerce tracking is enabled on your site. With the MonsterInsights eCommerce addon, you can easily enable eCommerce tracking on your WordPress site without having to touch any code.
Read our easy-to-follow guide on how to enable eCommerce tracking in Google Analytics.
MonsterInsights also allows you to effortlessly enable Enhanced eCommerce for even more data and insights into the shopping behavior of your visitors.
9 Top eCommerce KPIs to Track and Measure
Now that you’ve got tracking set up, what are the best eCommerce metrics to track for measuring the performance of your eCommerce store?
Let’s take a look at the eCommerce KPIs you should be tracking.
1. eCommerce Conversion Rate
Your eCommerce conversion rate is the percentage of your visitors who completed a purchase.
To find it, go to Conversions » Ecommerce » Overview:
If you’re using MonsterInsights, simply navigate to the eCommerce tab to find your conversion rate at the top of the report:
The higher your conversion rate, the better your website is at taking users and converting them into buyers. You want it to be as high as possible!
There are many different factors that influence your conversion rate. It’s great to keep tabs on, but keep going down our list to find more KPIs that you can work at on more of a micro level.
2. Average Order Value
One of the best ways to increase the revenue you make from your store is by encouraging your customers to spend more when they make a purchase.
To persuade customers to spend more on your store, you can focus on tracking and improving your Average Order Value (AOV).
This is a metric you can also find right at the top of your MonsterInsights report:
The higher the AOV, the more income your store gets from each order. The basic calculation is the total sum of money made divided by the total number of orders.
There are multiple ways you can raise your store’s AOV. Here are 3 of the biggest ones:
#1 Suggest Popular Products
Have you ever bought something you weren’t planning to buy because it popped up in a popular products area? You can easily show popular products too on your own site with MonsterInsights Popular Posts. Just set up a few simple settings under Insights » Popular Posts » Popular Products:
Then, you’ll be ready to show your most popular products to your users:
Upselling is persuading your customers to buy more products, or something more expensive.
For example, a company that’s great at this is Best Buy. When you add a product to your cart that has an available protection plan, the offers are right there when you’re choosing your product options:
Then, during checkout, they offer their setup services as additional addons:
#3 Set a Minimum for Free Shipping
Offer free shipping at a certain amount, like Old Navy does here:
3. Shopping Cart Abandonment
According to Baymard Institute, on average, 69 out of 100 orders are abandoned before being completed.
You can view your shopping cart abandonment rate in Google Analytics if you have enhanced eCommerce enabled. Just navigate to Conversions » Ecommerce » Shopping Behavior to view a chart of your site’s shopping activity, along with the percentage of shoppers that complete or abandon each step.
A few reasons customers abandon their cart are:
- Seeing unexpected costs at checkout, such as high shipping rates
- Slow shipping
- No security badges or trust seals
- Form is too long or there’s forced account creation
Want more on how to improve your cart abandonment rate? Read 11 smart tactics to reduce shopping cart abandonment.
4. Website Speed
According to an Unbounce study, nearly 70% of consumers admit that a website’s speed influences how likely they are to buy, and how likely they are to return to the website again later.
What good are all these other metrics if your slow website is causing would-be buyers to leave?
Plus, Google’s page experience update gives a bump up in their search results to webpages that are faster than others.
You have to make sure your website is running fast enough. With MonsterInsights, you can access your speed report right from your WordPress dashboard. See all the most important site speed metrics, along with tips for how to improve them.
5. Revenue on Advertising Spend
Return on Advertising Spend (ROAS) tells you how well the money you’re spending on online advertising is working. If you’re wanting to make your advertising campaigns more effective, you need to raise your revenue on advertising spend.
You can find your revenue on advertising spend by looking at the cost analysis report in Google Analytics. Navigate to Acquisitions » Campaigns » Cost Analysis.
Simple ideas to improve ROAS:
- Disable or improve low-performing ad campaigns
- Run more ads to higher-cost products
- Refine keyword targeting and use geo-targeting where relevant
- Optimize your landing pages and overall site user-friendliness
6. Customer Lifetime Value
Customer Lifetime Value (CLV) is the total amount that an average customer might spend at your store during their lifetime.
Calculating your customers’ lifetime value helps you decide how much to spend on marketing to them.
You can find the lifetime value report in Google Analytics by navigating to Audience » Lifetime Value.
Once you know your average customer lifetime value, you can make good decisions on how much you should spend to bring in new customers (and keep them coming back) to make your business profitable.
Learn more about how to find your lifetime value report in Google Analytics.
7. Newsletter Form Conversions
Your email list is one of your biggest assets.
Growing an email list helps you connect with your leads and customers, drive repeat sales, improve your onboarding experience, and engage customers with your brand.
Keeping track of how many people are submitting your forms and getting added to your email list is important. That data can help you make better decisions that’ll increase your revenue.
Using the MonsterInsights Forms addon is the easy way to track form submissions in Google Analytics. With the Forms addon, you don’t have to create a separate Google Analytics goal for every form on your site.
When you activate the addon, it automatically tracks form submissions as a Google Analytics event without any further setup. Open your report to see impressions, conversions, and conversion rate for each form:
Read more on how to track form conversions.
8. Top Conversion Sources & Paths
Which referral sources are bringing in revenue (conversions)? Is social media sending buyers to your site? Find out how much revenue you’re making from each source in your MonsterInsights eCommerce report.
Now, how are all of your users making it to checkout? Do they check out on their first visit via referral? Do they find you via organic, then come back via the direct channel to make a purchase? Find out in your Top Conversion Paths report.
Navigate to Conversions » Multi-Channel Funnels » Top Conversion Paths in Google Analytics to access the report:
For more on this report, read How to Reveal Your Path to Conversion in Google Analytics.
9. Customer Retention Rate
It’s cheaper to keep a customer than to get a new one, but many customers won’t return to make another purchase.
Most customers are in the process of filling a need and aren’t interested in a long-term relationship with your brand. If you have a retention strategy in place, you have a better chance of nurturing your first-time buyers and persuading them to make repeat purchases.
By using the Google Analytics Shopping Behavior report that you get by navigating to Conversions » Ecommerce » Shopping Behavior, you can analyze the performance of your first-time and repeat customers.
Use MonsterInsights for Quick, At-a-Glance eCommerce Reporting
It’s important to keep tabs on your analytics daily when you’re running an eCommerce website.
But really, who has time to be scouring Google Analytics every day?
MonsterInsights puts your most needed reports right there inside your WordPress dashboard, so you can see at-a-glance how everything is performing every day.
Plus, it sets up eCommerce reporting for you with a few simple clicks. No coding needed, and no messing with the code on your website. Set it up for easy access to some of your top eCommerce KPIs, such as conversion rate, revenue, top products, average order value, adds and removals from cart, and more.
If you enjoyed this article, you may also want to check out The Most Important Google Analytics Metrics Every Business Should Track.