You must wear multiple hats if you own a business. You have to manage inventory, sales, and customer service in addition to making crucial choices about how to grow your company.
What is the most straightforward strategy to gather all the info you want to begin expanding your business? Utilizing eCommerce analytics tools is the solution. Making the best decisions for your organization will be simpler with the aid of these tools, which will assist in gathering all the data for you in one location.
In this post, we outline the advantages of conducting eCommerce analytics as well as some of the top tools for data analysis.
Uncovering the Goldmine of E-Commerce: Understanding Analytics?
The act of collecting data for your online store’s analytics is what allows you to make data-driven decisions and boost sales there. Businesses may better price and sell their products by using this data to analyze changes in client behavior.
Data for every stage of the consumer experience is provided by analytical solutions for eCommerce businesses. They may assist in finding data analysis on user experience, cart abandonment, customer acquisition, and many other topics.
You may utilize your analytics data in a variety of ways to expand your company.
From Window-Shoppers to Buyers: Strategies to Boost Conversion Rates
Data most critically aids in increasing conversion rates. You may acquire data-driven insights into how people use your website by examining your stats. In-depth knowledge of the sources of sales and average order value will also be gained.
Alison Lancaster, CEO of Pressat.co.uk, says “The utilization of data for conversion rate optimization is possible with the help of programs like Google Analytics. You can monitor significant data points, such as the effectiveness of your marketing funnel, by examining your customers’ activity.”
You may also find out how many customers leave shopping carts empty and how many customers only browse things.
Know Thy Customer: Crafting a Holistic Audience Segmentation Plan
After that, you can start better segmenting your audience and sending them offers that are more tailored to them. Based on a user’s behavior on your site, browsing patterns, or other personal characteristics, you may build segments.
According to one research, ads sent to specific client categories increased conversions by 150%. Any marketing channel, including email and paid advertising, may benefit from this technique.
Beyond Clicks and Swipes: Elevating User Experience with Analytics
Not least among these is the user experience. A better online shopping experience would make 50% of consumers eager to pay extra, according to research.
And the more satisfied your customers are, the more likely they are to make more purchases and recommend your business to others.
Utilizing analytics data may provide you with the knowledge you need to create a better user experience for visitors to your website. You may utilize data, for instance, to provide different site content to each person.
David Green, CMO of Classy Women Co says, “To provide a more individualized shopping experience, our shopping website displays product recommendations that are based on each user’s behavior.”
Now that you are aware of the advantages of data analytics, let’s look at some of the best tools for your eCommerce company.
The Digital Retailer’s Toolkit: Must-Have Tools for Online Success [Backed by Expers]
- Google Analytics
- Crazy Egg
Google Analytics: Unleashing the Power of Data-Driven Insights
Google Analytics is one of the most used data analytics tools for e-commerce. By dispensing a wide range of insightful information, it offers an excellent starting point for every eCommerce organization.
Additionally, it contains a component called Google Analytics Enhanced E-commerce that offers comprehensive analytics to eCommerce business owners. A marketing team can easily keep track of visitors at each level of the sales funnel thanks to this.
Anthony Milia, Author and Award-Winning Digital Marketer at Milia Marketing says, “Google Analytics can be used to learn more about the visitors that visit your website and how they behave.” Recognize the areas where drop-offs occur, such as shopping cart abandonment. Learn which pages have the greatest bounce rates and which pages keep visitors on the page for the longest, Anthony further added.
Optimizely: Elevating A/B Testing to Drive Online Sales
Want to make shopping more successful by personalizing the experience? The functions of Optimizely are a good place to start. For a more genuine purchasing experience, this eCommerce analytics software focuses on A/B testing and optimization.
Bruce Mohr, Vice-President at Fair Credit says, “You can build up A/B tests to enhance the content of your website using the no-code editor provided by Optimizely’s Web Experimentation tool.” Utilizing Optimizely’s Full Stack tool, you can roll out new features more quickly. Gather client information to learn which variants are doing the best. To lower your cart abandonment rate, experiment with chatbots and checkout routines.
Depending on your requirements, you may buy Web Experimentation and Full Stack individually or subscribe to both. The only drawback of Optimizely is that using it might take some time.
Hotjar: Visualizing User Behavior for Improved Customer Engagement
A visual tool called Hotjar uses heatmaps to show you how people interact with your website. It enables you to gather visitor comments and identify the “hot” and “cold” locations on your website. You may also record individuals in real time to improve conversion rates and conversion metrics, says Katie Holmes, Digital Marketing Expert at Onsite First Aid Training.
It is a great tool to analyze:
- Which text and CTAs have the best conversion rates?
- Look for places on your website that want upgrading.
- To raise your eCommerce KPIs, identify the weak areas of your website and sales funnel.
Crazy Egg: Heat Mapping Your Way to a Better User Experience
Crazy Egg began as a heatmap tool but swiftly developed into a very well-liked Shopify software that features all you want to increase your site’s conversion rate.
View the website clicks of visitors in different colors to identify the source of their traffic. You may see critical client behavior on your website in more detail because of this.
You can also check to see if your CTA buttons are placed correctly and use scroll map tool to determine whether your CTA buttons are located correctly.
Mark Valderrama, CEO and co-founder of Aquarium Store Depot add, “Crazy Egg is an effective tool for analyzing how visitors to your website interact with it. You may use this information to inform adjustments and A/B experiments that will increase your eCommerce conversion rate.”
Matomo: Your Comprehensive Open-Source Analytics Solution
If you are tech-savvy, Matomo is a fantastic alternative to Google Analytics. The benefit of using this technology is that you may maintain control over your data and safeguard the privacy of your users, says Jonathan Faccone, Managing Member & Founder of Halo Homebuyers.
E-commerce systems like WooCommerce and Shopify are easily integrated with Matomo. eCommerce KPIs, such as your average order value and conversion rate, is simple to examine.
Additionally, you may configure an automated to notify you each time a user leaves their shopping carts empty. Additionally, it offers thorough sales data broken down by product, marketing channel, and geography.
Seeing is Believing: How Heatmap Tools Help Analyze User Behavior
The graphical representation of data known as a heat map uses colors to indicate values. A straightforward heat map offers a visual snapshot of the data. This article will discuss using heatmaps to increase the conversion rate of your website.
It is clear why someone would require CRO.
If your points of conversion are not optimized, website visitors won’t convert into leads or customers since they won’t take any action.
Sumeer Kaur, Founder of Lashkaraa.com, “CRO is cost-effective because it makes use of the traffic that is already flowing to your website, which increases conversions and, eventually, revenues.”
You may use many sorts of heat maps on your website, depending on what you’re attempting to track. Here are a few well-known examples:
- Click heatmap
- Scroll heatmap
- Mouse tracking heatmap
Click maps specifically highlight the areas of a page where people clicked the most. They can be used to eliminate page distractions and improve user experience.
It provides answers to queries like: Are there design distractions that divert consumers from the primary conversion objectives? Or, because it’s hard to see, are people missing the CTA?
According to Liza, a Digital Marketing Expert at Digital Silk, “Scroll maps are a great tool for tracking user engagement and interest on your page. By utilizing this heatmap, businesses can gain insights into how far users engage with their content and whether important elements like CTAs are being missed due to placement.
A scroll map is an effective way to understand where users are on a page and how they engage with content as they scroll down. By folding the web page into multiple configurations, businesses can analyze user behavior and optimize their website’s layout and design to improve user engagement. This is particularly useful for longer web pages with a lot of content, like blog articles.
By implementing a scroll heatmap, businesses can make data-driven decisions about their marketing strategies and ensure that important elements like CTAs are placed in the right location to maximize user engagement.
Mouse Tracking Heatmap
All users’ mouse movements are monitored by mouse-movement tracking technologies, which subsequently visibly display the data on the website. It indicates the trends in page navigation and reading behavior.
Hamza G. Digital Marketing Expert at Outreaching.io says, “On an e-commerce website, you may use this kind of heat map to confirm your A/B testing to determine if customers are accessing the add to cart or purchase now section or if they can see the free delivery offer or not.”
Tools for commerce analytics may assist you in finding answers to problems that affect every aspect of your company, from continuing marketing initiatives to customer experience.
You now know which tools offer the information you’re looking for if you’re in a position similar to that of fashion eCommerce business owner Steve, who we described at the beginning of this post.
Additionally, you’ll be aware of the technologies that can provide data that can help you increase conversion rates, enhance user experiences, or segment your audience.
Abigail Clemente, Chief Editor of Your House Your Garden, concludes “Create a growth strategy for your company using the information from the aforementioned eCommerce analytics tools. In order to ascertain if you achieve these company growth goals, set targets based on the data you acquire and continuously evaluate your metrics.”
The most crucial step is to test repeatedly. You’ll be more effective if you establish an experimental culture on your marketing team quickly.