Ecommerce dashboard example
Ecommerce Dashboard Purpose: Monitor audience growth and revenue generation for an Ecommerce company.
Who is an Ecommerce Dashboard for? Founder or CEO of an ecommerce business.
Why is an Ecommerce Dashboard useful? Ecommerce companies are perhaps one of the most common types of online businesses. The monetization model is relatively simple–users get to the website, browse for the desired product and purchase it.
In more recent years, online retailers have been able to segment the model further based on the type of relationship they develop with their customers. There are online businesses which rely solely on acquiring new customers, others who keep a 40-60% ratio between new and returning users, and those who rely solely on loyalty.
Irrespective of the model, the one metrics that matters is revenue. When putting together your ecommerce dashboard, also include audience size and profit, as they are directly connected to revenue. This dashboard brings together key metrics across revenue, virality and customer acquisition so you can set the right objectives to grow your business.
If your company makes money when a buyer and seller come together to complete a transaction, this online marketplace dashboard will be more useful for you.
What Ecommerce metrics does it contain? For ecommerce businesses to prosper it’s critical to understand the buying pattern of their customers as that impacts customer acquisition strategy directly. On a high level, founders need to find the right balance between revenue, marketing costs and a seamless user experience. For example:
Scenario 1: Has your revenue decreased and the cart abandonment rate has increased?
Action 1: Investigate which steps of your purchasing funnel are causing buyers to abandon the checkout process. Look into optimizing your checkout process and removing unnecessary steps. You can dig as deep as understanding cart abandonment rate per product or funnel stage.
Action 2: Consider setting up a cart abandonment email campaign to remind buyers to complete purchases.
A big part of your success depends on attracting the right customers who are interested in the products you are selling. Most people find products by searching for them either in a web browser or within a website. Either way, you want to know which keywords drive traffic and generate revenue. For example:
Scenario 2: Has the volume of users increased but the conversion rate decreased?
Action 1: Investigate search queries to make sure you have what people are after as this may be the cause of the drop in conversion rate. Understanding search queries is useful for updating your product descriptions. It should help users find products quicker. You need to make your website as easy to navigate as possible. Equally, if the majority of the search queries fall within one category, makes sure you surface that on the homepage.
Action 2: Investigate your users’ behaviour on the website. If your bounce rate is high, you may be attracting the wrong audience. You can either rethink your paid campaign strategy or look into increasing virality.
Lastly, you want to keep an eye on your paid marketing efforts. For example:
Scenario 3: Has the cost per conversion increased whilst paid conversions have decreased?
Action 1: Revise the keywords you are bidding for. Start with the search queries on your website and start building from there. You want to find the keywords which are relatively good value in that they are not too expensive and bring enough relevant traffics to your website.
Action 2: Look into implementing a marketing campaign that encourages past buyers to refer new buyers– this should reduce your cost per acquisition and increase the quality of leads. Track your viral coefficient to measure the efficiency of this activity.
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