What gets measured gets better. And God knows, there’s a world of statistics that can be gathered to help your eCommerce efforts. Being clear about what your key success measurements are will help you avoid becoming a spreadsheet slave.
Balance Internet have developed an eCommerce guide for our online retail and eCommerce customers across Australia and the Asia Pacific called AddAlltocart . We have customers through our offices in Melbourne, Brisbane, Sydney and Singapore that use Addalltocart to assist in asking the right questions around “KPI’s & Conversion”.
Below is an extract from Addalltocart which outlines 3 of the questions you should consider when addressing these challenges.
1. Does each KPI sit within a job description?
Consider clarifying who has ultimate responsibility for measuring and delivering the project KPIs, and then the operating KPIs once the online store is live. Build these into job descriptions and recognition/reward structures.
2. Will conversion be a strong KPI for your online store?
Your conversion ratio (commonly measured as unique visitors divided by number of completed sales) is likely to be a key online store KPI.
3. How often are you going to measure your online store KPIs?
Monthly board reporting is common in many businesses, however, the retail landscape tends to be particularly fast changing, volatile and reactive. Many retail businesses we know of run sales reports three times a day, and these are cross-checked against same-time-last-year sales and this year’s budget. For other KPIs, however, consider if it makes sense to report them either daily, weekly or monthly. Ensure these reporting requirements are captured in your requirements document.
Want to see all the questions?
Contact us www.balanceinternet.com or call us on 1300 624 368 or if International -61 3 9415 1463 for more information