As a small business owner in 2018, there is a good bet that you will be focused on e-commerce of some kind. This is one of the easiest and most effective ways of starting a business and enjoying some level of success. The signs showing the growth of this industry are obvious, and Nasdaq estimates that by the year 2040, 95% of all purchases made will be done via e-commerce. This shows the power of this sector, and why you need to be getting involved.
If you are serious about running a successful and developing e-commerce business, you have to look at what this entails. This means monitoring your success and understanding the way the process works moving forward. If you can assess what contributes to your success you are going to find it much easier to be more successful in the future. Check out these 5 great ways to monitor and understand your success in the world of e-commerce.
1. Check Your Conversion Rate
Conversion rate is one of the biggest indicators of the success you’re having, and this is something you have to monitor closely. Conversion rate is the total number of purchases vs. visitors to your site, and you need to know what yours is. As an average, conversion rates globally are thought to range from 2.5% to 3.25% quarterly. Figure out and understand your rate, and you can work toward trying to improve it.
2. Reduce Cart Abandonment
Cart abandonment is the thing that can be the death of e-commerce, and it’s this that you need to look out for. Figure out what volume of missed opportunities you are facing and that way you will be able to focus on improving your conversion in the future. There will always be a reason for cart abandonment and trying to understand this is the best way forward as it will help make you more successful.
3. Look at Your Site Traffic
Web traffic is crucial because this is how you get visitors to your site – you can’t convert sales with no visitors! So, the important thing to do is to make sure you assess site traffic and focus on how you can make it better. There a lot of things that you can do to increase your site traffic, and making full use of SEO is one of the best ways to drive more traffic.
4. Improve Customer Retention
The cornerstone of success in the e-commerce world is customer retention. Too many businesses are focused on securing new customers instead of looking after existing ones, and this can be detrimental. Did you know, the average cost of a lost customer globally amounts to close to $250? This may not seem like a large amount, but if you multiply that by the thousands, it’s clear what a loss this is. Focus on keeping the customers you attract, and e-commerce success will follow.
5. Get the Right Platform
The right platform for your e-commerce store has a much greater impact than you might imagine. If you want to make money online with your e-commerce website, it is important that you get the platform right. Pick the platform that works for you and provides a wide range of different reporting options – that way, you can monitor your e-commerce success and see which areas may need improvement.
These are some of the best things to consider when it comes to boosting your e-commerce success. There are a lot of different elements that play a role in taking your small business forward, and being as successful as possible is really important for the future. If there are any key points you feel we’ve missed, please let us know in the comments section.