Digital commerce website owners may find it challenging to effectively grow their online store. Oftentimes owners hope that the target audience will somehow find their business naturally. The other reason is simply not having any growth plans. So businesses are likely to end up with an ever-changing list of tactics hoping that something will eventually work out.
Utilizing various tactics without having a plan and waiting for a miracle to happen is a definite recipe for failure. To avoid this, you need to understand what steps to take, at what stages to implement changes, and what the expected results should be.
Below you can find an overview of customer acquisition and retention tactics. It was devised to aid you in writing a checklist of the most important things to have in mind when creating a roadmap for scaling your eCommerce business.
90% of product owners admit making bad decisions because of their inability to make sense out of their data in relation to their goals!
The ultimate objective for your business is to set the right goals and choose meaningful metrics to track. For example, you want to grow your website’s traffic by 50% by the end of the next year. Accordingly, the metrics to track this should include: the number of daily visitors, most valuable traffic sources, context and display ads performance, and YouTube channel views. Other online stores may choose to focus on growing sales as the most valuable strategy. In this case, they need to monitor their daily sales, conversion rates, and site traffic.
These are the three basic steps you need to take to improve your eCommerce business:
– Understand what business areas need to be improved
– State relevant and attainable goals
– Develop a set of metrics correlating with those goals
Keeping in mind that KPIs should vary based on the overall goals, we can consider the corresponding set of metrics and indicators:
By having these key metrics rack OrbitLift can crunch your data to find the best opportunities to grow your revenues