Every eCommerce brand has its own unique needs, but the eCommerce metrics are almost the same for each of them. That’s why using eCommerce marketing analytics tools can take your brand to the next level! So at some point, you should consider using marketing analytics tools for eCommerce just to achieve your business goals.
Marketing metrics without meaningful context do not make any sense for any business. In this fast-growing and developing eCommerce ecosystem making this data more convenient can put your brand a step ahead of your competitors. While marketing analytics tools enable you to understand your weaknesses and strengths, at the same time they give you insights into online marketing and sales activities.
Understanding trends and measuring your key performance metrics in real-time gives you actionable insights to see the bigger picture of your brand. Not only limited to this, marketing analytics software for eCommerce also allows you to see which marketing strategies perform best or worst for your brand. If you be aware of all these components, you can take strategic actions at the right time to optimize your brand performance.
What is the relationship between marketing analytics and eCommerce?
Driving growth is only possible if you measure and analyze customer behaviour properly. Collecting data from any area related to your eCommerce business and using it for understanding existing or upcoming trends will help you make data-driven decisions to drive more online sales.
This is where getting help from marketing analytics tools comes in.
Customer Lifecycle Stages and Essential eCommerce Metrics
Having a piece of statistical information about how your eCommerce brand is performing will enable you to answer important questions like how many times a customer has checked your site, which channels are bringing the highest ROI and much more. As each eCommerce brand is uniquely shaped, an important metric for one brand might be different for another. In the first stage, it would be more accurate to understand the main metrics that have the equally same priority for each business.
So, before we get into the essential metrics, we would like to mention 5 of the customer lifecycle stages:
- The discovery stage covers reach, impression and engagement rates,
- The acquisition stage covers some of the key metrics such as CPA, CTR and CPL,
- The conversion stage covers sales conversion, average order value (AOV) and card abandonment rate,
- The retention stage covers customer lifetime value (CLV) and churn rate,
- Lastly, the advocacy stage covers the net promoter score (NPS) and newsletter subscription rate.
If we have covered all essential eCommerce metrics, we can move on with the best analytics software for eCommerce brands to measure these metrics and turn them into meaningful data.
What are the best eCommerce analytics tools?
Over the past years, there has been a massive growth in using marketing analytics tools in the eCommerce world. Brands that have seen this growth, want to get benefit from the increased traffic and online sales. As they do not want to miss out on any single opportunity, they keep a close watch for the eCommerce analytics tools.
We have gathered up the best analytics software for eCommerce brands and their key features below:
- Google Analytics
Let’s dive into the world of top e-commerce analytics tools!
Adverity is a complete platform for eCommerce brands. The platform offers a comprehensive dashboard to track all of your marketing data to understand better your customers. The dashboard enables you to see all your KPIs and give detailed information about your eCommerce performance in real-time. While Adverity monitors your marketing ads spend, you can have full control over your marketing budget. So, it helps lower the customer acquisition costs.
As the dashboard shows your marketing and sales performance, you can always keep track of all your activities. If there is a drop in your overall performance, Adverity’s AI-powered proactive marketing analytics tool catches it right away and focuses on how to optimize it. For further underperformance points, the analytics system creates automated workflows to prevent them. Also, thanks to the AI-powered module, it gives smart suggestions for improvements.
One of the best parts about Adverity is to integrate well with almost each digital marketing tool. If we consider today’s highly competitive situation, this diversity lets every business, especially eCommerce ones, make the most of their profits.
Google Analytics is a go-to tool for almost every eCommerce business. It tracks and reports important eCommerce metrics such as sales conversions, product performance, customer acquisition, customer behaviour, interest insights and much more. As it is a free and easy to use analytics tool, no doubt that Google Analytics is loved by everyone.
The tool lets you create custom reports, flow visualization graphics, comprehensive audience reports to deeply understand both your existing and potential customers. Another great feature is Google Analytics comes with Google Search Console which is free and easy to use. This duo can provide eCommerce brands with in-depth metrics that can be used for the decision-making process.
As Google Analytics integrates well with almost every eCommerce platform, you can always keep on track of your sales and marketing activities.
An intuitive solution, Hotjar is not specifically designed for e-commerce brands, but it analyzes important metrics to turn them into actionable insights. The platform focuses on understanding customer behaviour, forecasting their needs and serving satisfying customer experiences.
The heatmap feature lets eCommerce brands see which categories, pages or products are getting the highest impressions. By doing that, online store owners can maximise their conversions. On the other hand, Hotjar shows how your customers interact with your online store. So, you can get an instant report performance of CTAs. While it monitors your customers’ interaction, at the same time it records them to make customers feel valued.
Lastly, with Hotjar’s ready-to-use survey templates, eCommerce brands can get their customer feedback in a fast and accurate way.
Another fantastic solution takes its place in this comprehensive marketing analytics tools list. Kissmetrics offers a detailed analytics tool alongside with advanced reporting feature. The platform covers all essential metrics of your eCommerce brands such as total sales, total revenue, average revenue per person, new visitors, conversion rate and much more in a more customized way.
The detailed reports cover information about your most viewed, added to cart, and purchased products, most viewed categories, most popular discount offers, the percentage of searches ending in a purchase and revenue that range from category to traffic.
Kissmetrics also allows you to segment eCommerce funnels by marketing channel, source, and campaign. So, being able to see the whole funnel enables you to monitor both purchasing and checkout behaviours.
For accelerating business growth, eCommerce brands need to analyze trends and opportunities. This is where Klaviyo comes in. The platform mostly focuses on email marketing, as eCommerce is closely related to email automation. Klaviyo analyzes your email data, automate audience segmentation, tracks email open rates and clicks.
In-depth email marketing analysis is a must to carry out campaigns effectively. Klaviyo enables you to analyze and report the key metrics, campaigns, flow, product performance right from the dashboard. So, you can easily see which emails or texts drive sales.
A good part about Klaviyo is the ability to built-in and personalized benchmarks that specific to your industry, growth rate, and other business characteristics.
Woopra focuses on visualizing and optimizing every step of the customer journey. It also deeply analyzes sales funnels to avoid dreaded abandoned carts. Simply put, when a customer visits your online store Woopra’s analytics system starts working. It reports how long it takes a customer to make a purchase, which area a customer decides to drop out, how long users continue to take any action or how often they come back to make another purchase etc.
The customer journey module helps explore each customer’s unique story and respond to their behaviours, drive engagement and increase retention. With the comprehensive reporting feature, eCommerce store owners can identify which metrics mostly affect abandoned cart rates. So, that provides a basis to optimize the ratings.
As you can see, the market provides excellent eCommerce analytics tools that appeal to all unique priorities. Although it is vital to gather and manage the data for every business in this competitive world, the most important thing is how we can transform it into a meaningful form. That is why getting help from marketing analytics tools remains the top priority.
The best analytics solution will be reshaped by each business’ requirements. So, it is better to understand your needs at first. Then, you can check out the best analytics software for eCommerce that mostly matches your business needs, strategies and goals.
In addition to the eCommerce analytics tools we have mentioned above, there is more here that is waiting for you to be discovered!