CROSS-BORDER ECOMMERCE

KEY METRICS

Before clients decide on the key metrics to focus on, we believe they should have a basic understanding of all metrics and we guide them to select the most relevant ones. If you are concerned with the profitability of your ecommerce business, it is important that you develop interest or hire an expert to help you monitor the right metrics to measure the performance of your online store.

Also, we help our clients to gather this data via multiple platforms. If the client does not have that data, we can research the competitors for industry standards.

Key metrics are:

• SALES REVENUE
• CUSTOMER RETENTION RATE
• SOCIAL MEDIA ENGAGEMENT
• COST PER CLICK (CPC)
• SITE TRAFFIC
• RETURN ON ADVERTISING SPEND (ROAS)

SALES REVENUE

This is the first key metric to measure as a CBE seller and this may seem like an obvious logic but most people, even some of the smartest marketers underestimate using this metric. Closely monitoring your sales revenue, whether it’s weekly or monthly can tell you a lot about your business especially if your digital marketing is profitable.

How do you measure your sales revenue? Using software programs that are specialized in measuring sales data and other key performance indicators (KPI) is a good start. The main objective is to see profitable progress between your present and past digital marketing campaigns.

CUSTOMER RETENTION RATE

Statistics show that current or previous customers are more likely to buy from you than new prospects, therefore, your current customers are one of your most valuable assets and retaining them is critical to increasing your profit margin. You can easily track this metric by checking in your customers’ accounts to see how much you’ve sold to every one of them and track those who keep coming back to your store through return coupons. You can even further optimise through customer retargeting.

SOCIAL MEDIA ENGAGEMENT

Social media is an important factor in your digital marketing, whether you want to use it for marketing or brand-building. It’s one of the most accessible ways to connect and interact with your customers. To have an idea if your brand is succeeding with your customers on social media, you need to measure their engagement rates and you can easily do this by integrating your brand’s social media account with a social media scheduling app because a lot of them can track engagement analytics for you.

COST PER CLICK

Just as the name implies, it is simply the amount of money you’ve spent to gain clicks to your website through digital advertisements. Measuring this metric can easily give you insights into the ads that are performing excellently and those that need to be fixed or removed.

You can measure your CPC in all of your digital marketing channels including social media, Google Ads, and link-building campaigns. Google Analytics for one helps you measure your CPC for Google Ads and there are inbuilt metrics tools to measure your social media marketing also. What you can do with this metric is to compare your budget to the number of clicks you’re getting and see if you are making a good ROAS.

SITE TRAFFIC

It is important to have an estimated idea of the amount of traffic on your site because it shows you how well your site is performing and what you can optimise to drive more traffic to it. Google Analytics alone already shows you this metric but you can further optimise by integrating your site with traffic data plugins – giving you a sense of the direction your brand is taking in terms of expansion. Furthermore, analysing site traffic and choosing to collect the right data from your website visitors can actually help grow awareness, know who to target in the future, and better hone your buyer personas over time.

RETURN ON ADVERTISING SPEND (ROAS)

ROAS refers to the percentage profit or loss made on the amount of money spent on advertising your brand. Ideally, your objective should be to achieve profitable ROAS on your digital marketing campaign. To measure your ROAS, compare your sales revenue linked directly to the ad and compare the amount generated to the amount spent on advertising for that particular ad.  Just like ROI, this gives you measurable data to determine if your advertising is profitable and by how much.

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