Unlock the Power of Data: Revolutionize Your eCommerce Business with CloudCart Analytics

In the ever-evolving world of eCommerce, success is no longer just about having a great product and a visually appealing website. Today’s eCommerce success revolves around understanding your customers, their behaviors, and the ever-changing market dynamics. But here's the challenge: eCommerce generates an overwhelming amount of data, and deciphering its complexity can feel like navigating a labyrinth in the dark.

Also, it won’t be wrong to say that we’ve already entered the age of eCommerce analytics, where data holds the key to unlocking growth and propelling businesses to new heights. 

But don’t feel stressed, you are not alone in this challenging adventure.

Actually, picture this: three out of every four marketing leaders are already leveraging data analytics to make informed decisions. But despite the rapid adoption of Data-driven decision-making, the truth is that there's still a knowledge gap that leaves many of those businesses without access to the quantitative metrics that prove the value of their marketing efforts.

We believe that the existence of such a large gap in the effective processing of eCommerce data is unacceptable. And as our customers already know, CloudCart has always made the success of our merchants a top priority. That’s why we’ve created CloudCart Analytics - an eCommerce analytical tool that allows our merchants to have all of the information they need. And the best part is that the data is structured and visualized in a comprehensive way that doesn’t require you to be a data scientist in order to analyze it and make the #right decisions.

Before we continue, let’s go back to the challenge with data and eCommerce analytics. 

Let’s start with what eCommerce Analytics is.

eCommerce analytics is the practice of analyzing and interpreting large volumes of data accumulated by all of the fields that can impact your eCommerce performance. By analyzing this data you can gain insights that drive business growth and improve decision-making.

So, if eCommerce analytics is impacting your business directly, then why are the statistics about the usage of analytical eCommerce tools and the data they provide looking so grim? 

According to а recent research

67% of marketers agree that eCommerce analytics is crucial, and over half of them admit to having teams with subpar skill sets. For us, this discrepancy stems from two sources - the first is that many eCommerce professionals don’t really comprehend how making Data-driven decisions can impact their business, and the second is that they rarely have the right tools.

Until the end of the article, we will take a look at both of those challenges because it's time to bridge that gap and harness the true potential of analytics to drive your eCommerce success.

Why leveraging eCommerce Analytics is the new standard

Until recently, the online commerce industry wasn’t so complex and competitive. But the current stage of the eCommerce world is anything but easy to navigate. There are so many new dynamics emerging on a daily basis. Couple that with a lack of understanding of data analysis itself and we have a pretty clear explanation of why so few marketers or even business owners are leveraging their store’s data the right way.

But we are sure that this will change pretty quickly, it’s inevitable for the businesses that really want to grow. Sooner or later, the proactive business owners will appreciate the potential of the tools that enable them to delve into the intricacies of their customers' actions and as a consequence better serve their needs, and boost their sales. 

The truth is that by harnessing the power of analytics, you can gain invaluable insights into your audience, identify trends, and make data-driven decisions that propel your business forward. 

But where do you start?

A good idea is to sign up for a free CloudCart store if you don’t have one, but if you do, then check your dashboard for the new CloudCart analytics.

Of course, also continue reading our comprehensive guide, designed to equip you with the language of analytics and set you on the path to tracking the right eCommerce metrics. We'll navigate the complexities of the virtual space together, ensuring you have the tools and strategies necessary to analyze vast amounts of data and produce actionable insights.

What are the important metrics, reports, and KPIs that you should track for your eCommerce store?

eCommerce analytics are providing detailed insights for each step of your buyer’s journey. By analyzing the corresponding metrics and KPIs, you can optimize marketing efforts, improve customer experiences, and drive business growth.

But the fascinating thing about eCommerce analytics is that by using the appropriate reports you can gain detailed insights for each step of your buyer’s journey. This is a total game changer because you can carefully navigate the information and find the exact areas that are causing your store to underperform and lose sales.

Let’s take a look at a more detailed description of the main phases of the buyer's journey through the prism of eCommerce analytics, along with key metrics and key performance indicators (KPIs) important for each phase:

The buyer’s journey has 5 phases:

• Awareness
• Consideration
• Conversion
• Retention
• Advocacy

Key metrics and KPIs important for each phase are:

• Awareness: Website Traffic, Impressions, Reach, Organic Traffic Growth Rate, Social Media Engagement.
• Consideration: Time on Page, Click-through Rate (CTR), Product Reviews, Conversion Rate, Bounce Rate.
• Conversion: Conversion Rate, Average Order Value (AOV), Shopping Cart Abandonment Rate, Revenue, Customer Acquisition Cost (CAC).
• Retention: Customer Lifetime Value (CLTV), Repeat Purchase Rate, Churn Rate, and Customer Retention Rate.
• Advocacy: Net Promoter Score (NPS), Referral Traffic, Social Media Mentions, Customer Satisfaction Score (CSAT), Referral Rate.

By tracking each of the specific phases of the buyer’s journey and analyzing the corresponding metrics and KPIs, you can create an eCommerce analytics strategy that can provide valuable insights to optimize marketing efforts, improve customer experiences, and drive business growth.

But don’t be hesitant, creating a strategy that will leverage the power of analytics and Data-Driven Decisions can be easy with the right instruments.

Let us introduce you to CloudCart Analytics - a tool that allows you to track every important metric within a user-friendly dashboard

We are well aware that technology evolves at lightning speed and shopping trends shift on a daily basis. This makes it hard for your eCommerce business to stay ahead of the curve. It’s obvious that to navigate this ever-changing landscape, you’ll need more than just guesswork and intuition - you need effective eCommerce analytics. You need to be armed with the right tools, so you can anticipate market changes, optimize customer experiences, and outshine your competition.

To support you along this data-driven journey we condensed the vast potential of eCommerce analytics into a single dashboard, directly accessible through your CloudCart store. We believe that by using it proactively you'll transform your business and unlock growth opportunities you never thought possible. 

Get ready to revolutionize your eCommerce strategy and embark on a new era of success. 

Let's dive right into the reports you can find in your dashboard.

Segment and analyze based on orders in your store

In order to make the most effective and data-driven decisions that support the growth of your store, it is important to monitor the metrics related to orders in it. Thanks to CloudCart Analytics, you can always be aware of the data related to your orders.

🛒 Total Sales

With a few clicks, you can visualize the total number of sales for a given period. And then compare, filter, or export the results.

🛒 Total Orders

Visualize the total number of orders for a given period that interests you. Regardless of whether it is an hour, day, month, or year.

🛒 Average Order Value

The average order value is calculated from the total value of all orders divided by the number of orders. And the results will be visualized in a convenient graph showing the value of the metric in the time range set by you.

🛒 Sales Distribution

Using this analysis, you can see the volume of orders made for a selected period and grouped into different price ranges (11 steps). You can get information about each step (distribution) and how many percent (or pieces) of the total orders fall into this range. With this analysis, you can optimize your pricing and try to stimulate sales in priority price ranges.

🛒 Product & Order Discounts

This metric visualizes data for the top 5 most used discounts for products in orders. This is an excellent way to measure the effectiveness of different types of promotions and based on this information optimize future marketing campaigns.

Track where sales come from to create even better marketing campaigns

The success of a campaign or sales source can be measured and accordingly optimized using the analytical tools built into your store. Use them to discover effective channels, locations, or campaigns that generate significant sales and invest even more in them.

🛒 Sales & Sessions by Location

Visualize top locations that have brought in revenue as a sum as well as information about each location and type of order made from it - desktop or mobile version.

🛒 Sales & Traffic by Source/Medium

Through this tool, you can get complete information about an external source, traffic type, and specific campaign that has brought a specific number of sales. Of course, many other metrics can be tracked through this type of analysis. For example, the total number of customer views on a campaign (device sessions), total number of created orders, conversion rate - percentage of visits leading to orders from total visits, and total amount from orders.

🛒 Sales & Sessions by Traffic Source (referral)

Here you can find out about top traffic sources that have brought in revenue as a sum, information about each source in percentages, as well as a number of visits for each version - desktop or mobile - for customers who have made an order. This type of segmentation is yet another key marketing tool.

🛒 Landing Pages by Sessions & by Sales

This metric visualizes data for the most popular landing pages visited in your online store based on data from visits for a given period. You can set a specific period as well as compare it with the previous period/year.

🛒 Categories by Sales & Traffic

Use this type of analysis to visualize the best-selling categories according to the total revenue from products to that particular category compared to all orders for a given period.

🛒 Vendors by Sales & Traffic

With this analytical tool, you can find out which vendors are best-selling and have generated the highest revenue from their products. An excellent tool that allows prioritization of vendors generating the highest turnover.

🛒 Products by Units Sold, by Sales, by Traffic

With this metric, you can visualize the best-selling products according to quantity sold for a given period. You can set a specific period to compare with the previous period/year and adapt your development strategy according to the data.

The most important marketing metrics - collected and visualized in one dashboard

Manage your online business based on data on key indicators that affect your store’s progress. Everything important can be found in your management dashboard presented in a convenient and understandable way.

🛒 Abandoned Carts & Checkout Rates

Use this tool to visualize the percentage ratio of abandoned carts for a given period. Every experienced marketer knows how important it is to monitor this metric and work to improve it, and with our analytical tools, you get all the data ready-made.

🛒 Conversion Funnel

Careful analysis of the sales funnel will allow you to identify potential areas that you can optimize to speed up your store’s progress. With our tool, you will be able to track how many customers have reached their cart, how many have reached checkout, and how many have completed it. As well as many other valuable metrics.

🛒 Conversion Rate

The percentage of conversions is one of the most monitored metrics in the eCommerce world. And this is justified because this metric visualizes the ratio visits that led to orders from the total number of visits for a given period. The higher the percentage, the more effective the marketing efforts are, and as a whole, the conversion rate is a good indicator of business level.

🛒 Customer Value

Another important parameter that you need to follow to make sure your business is progressing. The average customer value visualizes the average order value for an average customer that he makes for a given period. The average order value for a customer is calculated from the total value of all orders divided by unique customers.

🛒 Total Visits

This analysis visualizes the total number of visitors for a given period. Thanks to it, various optimizations can be made. 

🛒 Total Customers

With CloudCart Analytics you can track the total number of customers for a given period, and you can see a clear graph showing the number of returning customers - those who have made more than one purchase in the store. As well as new customers - visualization of data on the percentage and number of customers who have made only one order within the selected period.

It’s time to turn data from a burden into your most valuable asset

In the dynamic universe of eCommerce, success hinges on understanding customer behaviors and leveraging data-driven insights. eCommerce analytics empowers businesses to unlock the full potential of their data, enabling informed decision-making and fueling growth. 

However, in this data-driven landscape, choosing the right analytics platform is paramount. Enter CloudCart Analytics – a game-changer for businesses seeking an edge. With CloudCart's powerful analytics capabilities, you can effortlessly navigate the complexity of eCommerce data, track key metrics across the buyer's journey, and gain actionable insights to optimize marketing strategies, improve customer experiences, and drive revenue. 

By harnessing the agility, scalability, and intelligence of CloudCart's Analytics platform, you can propel your eCommerce business forward, stay ahead of the competition, and make data your most valuable asset. Build your store on our platform and watch how CloudCart Analytics unlocks the true potential of your eCommerce venture.

‍