Retail ecommerce sales worldwide revenues in 2021 were 5.2 trillion US Dollars and are projected to grow by 56 percent over the next years, reaching about 8.1 trillion dollars by 2026. E-commerce is booming, therefore it’s essential to have the necessary tools to assess your business’s success and potential areas for improvement in order to optimize your reach and stay competitive and select the right products.
However, with so many possibilities, it can be difficult to sort through all the features and determine which tool is best for your online business.
This article will help you in selecting the best ecommerce analytics tools for your business.
What are eCommerce Analytics Tools?
eCommerce tools for analytics provide data for all parts of the consumer journey. They can assist in finding data on user experience, cart abandonment, customer acquisition, and many other topics.
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 can better price and sell their products by using this data to understand changes in client behavior.
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How can eCommerce Analytics Tools benefit your Business?
Businesses today have access to a huge amount of data and many indicators. Keeping your ecommerce research focused on a few key measures will assist guarantee you stay on course because it is simple to become overwhelmed with data.
It’s a good idea to have a concept of the ecommerce key performance indicators you want to optimize around before we analyze each ecommerce analytics tool. Here are some KPIs to get you started, but keep in mind that each online business is different and may want to measure various data.
Revenue per visitor (RPV) – The amount of money made each time someone visits your website.
Average conversion rate – The percentage of visitors who make a purchase on your site divided by the volume of traffic.
Average order value (AOV) – The average amount a customer spends while placing an order on your website.
5 Best eCommerce Analytics Tools
The use of ecommerce analytics tools might help you grow your business. Here, we’ll share the best tools for 2023 that can be used to monitor and improve your online store. They can also give you the saturation level of the products on your store.
1. Google Analytics
Google Analytics is free and can be used as eCommerce analytics tools for your business. It is used by 70% of eCommerce businesses. You can extract a lot of data from Google Analytics, which is free to use and comparatively simple to set up.
You may use Google Analytics, for instance, to determine which channels are generating the most traffic and sales, the most popular web pages on your site, and the effectiveness of your paid marketing initiatives.
- The exceptional on-site sales success of your products (hint: which in turn helps you determine your customer lifetime value)
- Where (desktop, mobile, and tablet) and how those visitors are converting your traffic
- Which pages are getting the most time from your visitors and which are making them leave immediate
Optimizely is a fantastic tool for business owners to increase conversions and provide customers with a better purchasing experience. They provide features targeted to eCommerce businesses, such as A/B testing, which may be used to create customized landing pages or make minor adjustments to your website. The tool is data-driven and uses user behavior to extract useful insights.
- Trying out various checkout alternatives can help in lowering cart abandonment.
- Utilizing Optimizely, evaluate the use of chatbots to automate and enhance your customer support.
- You may impact site optimization to give your users a better experience by gathering useful customer-focused data.
3. Crazy Egg
With the help of this innovative eCommerce analytics tool, you can evaluate and use information about your eCommerce traffic to enhance consumer satisfaction. In order for organizations to make better decisions, it enables simple access to data on user-friendly analytics dashboards.
The Crazy Egg also enables you to comprehend how your eCommerce storefront works and behaves across various gadgets. It can be used for advanced segmentation analytics by businesses of any size.
Ecommerce businesses can learn more about their customer base and gather vital information to develop an engaging online environment for each visitor in a particular niche. Talk about being modern!
- Site recordings and heatmaps let you examine how visitors interact with your website and which pages are getting the most attention.
- Checking that all Call-To-Action (CTA) buttons are located correctly is made easier using the “Scroll Maps” feature.
- With the A/B testing function, you can build websites with various content displays and test which is most effective.
This is a product analytics tool with features for examining entire user journeys. To lower the likelihood of orders being abandoned, Woopra assists in identifying drop-off spots. As a result of user behavior, the software also enables you to employ triggers to perform immediate actions. Through pertinent offers or communications, you may tailor your message and engage with the correct audience.
- Determine which areas of your e-commerce website require the most improvement.
- Examine abandonment rates to find out why clients leave.
- It helps in calculating the typical length of time buyers take to decide whether to buy something.
Supermetrics gathers information from a variety of sources to determine which campaigns and channels are increasing your conversions and income, making it more of a eCommerce analytics tools.
Supermetrics efficiently reduces the time spent pulling data so you may concentrate on data analysis, improving current projects, and developing new marketing campaigns.
- Take data from Shopify Analytics, Facebook Ads, Google Adwords, and other platforms and enter it into a spreadsheet or data visualization tool.
- Set up automatic data refreshes and scheduled emails to ensure that the information you are reviewing and analyzing is always updated.
You may use ecommerce analytics tools to help you find answers to problems in every area of your business, from continuous marketing initiatives to customer experience.
You now know which tools offer the information you’re looking for if you’re an eCommerce store owner.
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.
Create a growth strategy for your business using the information from the aforementioned eCommerce analytics tools. In order to ascertain whether you achieve these business 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.
Retailers can analyze user activity with the use of ecommerce analytics to decide how the site should be organized in light of user preferences, as well as which product landing page is most likely to engage visitors and convert them into buyers.
Since Google Analytics is free and contains ecommerce-specific reports, features, and analytics, it is simple to suggest it to new ecommerce businesses.
- Shopping cart abandonment rate.
- Conversion rate.
- Cost of customer acquisition.
- Customer lifetime value.
- Average order value.
- Gross profit margin.
Data analytics can assist by helping management gain better insights and make better decisions.